Canara Bank NRE FD Scheme

What is a Canara Bank NRE FD Scheme?

The Canara Bank NRE FD scheme is an investment platform that allows non-resident Indians to allocate their funds to a fixed deposit account in India. This investment instrument allows the depositors to stimulate their savings as it offers assured returns to the investors. It is to be noted that the amount in the deposits is denominated in Indian Rupees.

The Canara Bank is one of the most renowned banks in the Indian Banking sector, offering a diverse assortment of investment and financial products to cater to the varying needs of customers in India and abroad.

Eligibility Criteria

The following individuals can park their savings in the Canara Bank NRE FD scheme:

• Non-Resident Indians (NRIs)
• Persons of Indian Origin (PIOs)

Non-Resident Indians

The NRIs are Indian citizens who live outside India due to the following reasons:

• Employment or business
• Deputed officials and public sector employees from the government of India
• Citizens based overseas for an extended period

Person of Indian Origin

The person of Indian origin are individuals who:

• Maintain or holds an Indian Passport
• Are descendants of Indian Citizens
• PIO/Indian citizen’s spouses

Documents Required

The NRIs/PIOs are required to produce the following documents to establish a Canara Bank NRE FD:

• Name
• Address
• Date of Issue
• Date of Birth
• The expiration date of the passport
• Applicant’s VISA photocopy
• Photocopy of PIO’s Card (For PIOs only)

KEY ATTRACTIONS

The Canara Bank NRE FD scheme entails the following attractions to the depositors:

• The Canara Bank NRE FD provides an option for depositors to open a joint account with a resident relative. (The definition of relative is as per the Companies Act, 2013). It is to be noted that the resident relative must fulfil the eligibility to operate the deposit account as a Power of Attorney holder.
• The Cara Bank NRE FD are repatriable in nature.
• The account holder can also avail of a loan against the Canara Bank NRE FD.

Features & Benefits

The Canara Bank NRE FD offers its depositors outside India the following features and benefits.

• The Rate of Interest is with respect to the balance amount in the deposit.
• The interest earned on the deposit is exempted from taxes.
• The Canara Bank NRE FD offers premature extension on deposits valued at less than Rs 2 crores.
• The bank would levy a penalty of 1% in case of a premature withdrawal.

How to Apply for Canara Bank NRE FD and Download Form

The applicant who is inclined to deposit their amount in the Canara Bank NRE FD can perform it conveniently by downloading the application form for the same by implementing the following steps:

STEP 1:  Visit the official website of the Canara Bank.

STEP 2: Navigate to the ‘NRI Banking’ tab on the homepage.

STEP 3: Select the ‘Deposit Product’ option from the tab.

STEP 4: The user will be redirected to a new page where they can select the ‘Download Account Opening Form From Here.’

STEP 5: The user can download the application form in diverse languages.