Canara Bank NRI Account

The exclusive Canara Bank NRI Services ensures a seamless investment experience beyond geographies. Open a customized Canara Bank NRI Account to explore the various options in the vibrant Indian stock market through their authorized branches across India.

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Generate wealth Earn 1 Cr^# in maturity with Zero LTCG tax^¶
Double tax savings^ On premiums (under 80C) and on maturity (under 10(10D))
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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Why Do You Need a Canara Bank NRI Account?

Canara Bank NRI account introduces you to the world of a paperless online trading (OLT) facility for NRIs. However, US NRIs and countries where the local law restricts or prohibits OLT are barred from the facility.

Let us check what you must do to open an NRI account Canara Bank in their authorized branches enabled for the Portfolio Investment Scheme (PIS) services.

What is Canara Bank NRI Account Portfolio Investment Scheme (PIS)?

The NRI must route stock and debenture purchases in Indian companies through the PIS. The scheme enables you to trade in shares through an authorized dealer bank branch on repatriation or non-repatriation basis. However, you must trade in recognized stock exchanges and registered brokers which report every transaction to the RBI.

Let us explore the conditions you must comply with as an NRI for the facility:

You must open an exclusive PIS-enabled Canara Bank NRI Account at the designated branch.
If you invest on a repatriation basis, you must open an NRE account, while for a non-repatriation basis, you need an NRO account.
You must compulsorily assign PIS to only one designated branch.
You can assign a Resident Power of Attorney holder to operate the PIS account on your behalf.
You have the liberty to gift or transfer the stocks acquired under PIS to your close relatives.
You must report the purchase or sale of shares/debentures to your PIS branch under form LEC.

What are the Facilities Under the Canara Bank NRI Account for OLT?

Canara Bank NRI Services provides you with a 3-in-1 account (PIS-enabled Demat and Trading account) to encourage your investments. Here is what you can expect from your account services:

PIS-enabled NRE or NRO account with any of their designated authorized branches
Demat Account at the Bank’s Depository Participant (DP)
A Trading Account at their Mumbai based Canara Bank Securities Ltd (CBSL)

How Do NRE and NRO Canara Bank NRI Account Differ?

As soon as your status changes to NRI, you must open an NRE or an NRO account in a bank. You can open Savings, Current, or Term Deposit accounts under both categories. Let us find out their fundamental distinguishing features and relate them to the PIS.

NRE (Non-Resident External) Account: You open the Canara Bank NRI Account using your earnings abroad through inward remittances. Salient features of the account are:

The account is maintained in INR regardless of the inward remittance currency.
You do not pay any income or wealth tax on the account balance.
You can freely repatriate funds from the account comprising the principal and returns on investment.
Accordingly, you must assign the account for share trading through the PIS route on a repatriation basis.

NRO (Non-Resident Ordinary) Account: You must open the Canara Bank NRI Account if you have Indian assets with returns, like shares, dividends, and rental income. The NRO account’s salient features are:

The account is maintained in INR only, both for deposits and withdrawal.
You can repatriate the funds in the account comprising your principal and earnings after paying appropriate taxes.
Your share trading in the Indian capital market need not be PIS-enabled as reporting is not required.
Therefore, the NRO account is helpful if your investment in the Indian capital market is on a non-repatriation basis.

How to Open a 3-in1 NRI Account Canara Bank?

You can open an account online regardless of your geographical location. The procedure is detailed below sequentially.

Visit the official portal of Canara Bank and find the NRI Service option.
Download and print all the requisite forms as per the list

PIS enabled account opening form
RPI Form (Repatriation)
NRI form (Non-repatriation)
Demat and Trading account opening form
FEMA, PIS, and FATCA declaration forms

Fix your photograph in the provided space while filling up all the forms
Get the relevant documents attested by the appropriate authorities, depending on your current location.
Send all the duly attested filled-up forms to the designated Canara Bank Branch for PIS services with the listed documents attached.

Three attested copies each of your Passport/ Visa. Work Permit
Three attested copies of your PAN card
Three attested copies of your proof of address – Overseas and Local
Rs. 1100/ remittance, including Rs.200 for opening Trading Account charges favoring Canara Bank Securities Ltd

Courier the completed forms and the documents to the Canara Bank PIS authorized branch.
Your accounts are opened based on the furnished information in the relevant forms.
Subsequently, the bank sends you your Client ID and Password as your operation credentials.
Your accounts are activated after you acknowledge receipt of the ID and Password.
You are now fully equipped to begin your Online Trading (OLT), making the best use of the Canara Bank NRI Account.

Points to Remember

You must be careful while filling in the requisite forms. You have a choice of attesting officials depending on whether you are opening the Canara Bank NRI Account while abroad or on your visit to India. The following cardinal points will hold you in good stead.

Authenticate all the amendments made while filling up the forms.
Your details like Name and Date of Birth must match with your PAN card.
Do not miss mentioning your contact details.
Properly witness all the signatures.
Attestation of forms and documents must contain seen and verified stamps.
Do not forget to self-attest all the supporting documents and forms.

Where to Invest Through the Canara Bank NRI Account?

Your PIS account type determines whether you have opted to invest for repatriation or non-repatriation. Accordingly, your scope of investment is determined. Let us find out how:

Repatriation Basis:

Government Securities and Treasury Bills
Domestic Funds
Indian PSU Bonds
Non-convertible debentures of Indian companies
Bank’s debt capital and perpetual debt instruments
Government divested PSE shares complying with the underlying conditions
Indian company shares and convertible debentures under the FDI and FIPB scheme
Indian company shares and convertible debentures through stock exchanges under PIS

Non-Repatriation Basis:

Government Securities and Treasury Bills
Domestic Funds
Money market funds
National Savings Certificates
Non-convertible debentures issued by Indian companies
Indian company shares and convertible debentures through stock exchanges under PIS
SEBI approved exchange-traded derivative contracts, subject to specified limits

Things to Know About PIS-Enabled Canara Bank NRI Account

Although you have complied with all the conditions for OLT, you must remember a few points as an NRI:

You must not engage in intraday trading.
You can trade in the stock market only on a delivery basis.
You must adhere to RBI specified ceilings while acquiring stocks and debentures of Indian companies.
As an NRI, you are barred from trading in commodities and currency derivatives.

In Conclusion

You are considered a global investor as an NRI to tap the ample potential in the Indian capital market. Fancy your foray into the world of share trading and open an NRI account Canara Bank with tailored solutions to facilitate your investments. You need not bother about mandatory compliances as your Canara Bank 3-in-1 account is designed for your seamless experience while harvesting returns from Indian stocks.

FAQ's

Q. Where do you get your forms and documents attested when opening the PIS-enabled Canara Bank NRI Account abroad?

A. You must get your forms and documents attested with the “seen and verified” stamp from the Indian Embassy/ Consulate in your resident country.
Q. How does your 3-in-1 PIS-enabled Canara Bank NRI Account function?

A. When you purchase some shares through your trading account, the cost is recovered from your PIS-enabled account while you get credit for the shares in your Demat account.
Q. What is the NRI ceiling for share purchases in Indian companies?

A. As an NRI, you can invest up to 10% of the paid-up capital in Indian companies as per RBI guidelines.
Q. Do you have an alternative to the internet-based OLT?

A. You can procure a TPIN and call their toll-free number for share trading when your internet connectivity is down during trade hours.
Q. Is the 3-in-1 Canara Bank NRI Account interlinked?

A. Yes, your PIS-enabled Canara Bank NRI Account holds your investment funds while it is linked with the Demat and Trading account.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Past 10 Years' annualised returns as on 01-12-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).