What is a Canara Bank NRE Account?
A Canara Bank NRE (Non-Resident External) Account is a banking solution designed for Non-Resident Indians (NRIs), including Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO). It enables you to deposit and manage your foreign earnings in Indian Rupees, offering benefits like tax-free interest income and full repatriability of funds to your overseas accounts.
Features of Canara Bank NRE Account
Below are the features of Canara Bank NRE Account:
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Open to NRIs, OCIs, and PIOs.
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Receive foreign currency remittances in INR.
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Full repatriability of funds outside India.
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Tax-free interest income.
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Easy access to Indian investment instruments.
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Conversion to RFC Account upon returning to India.
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Services like Internet Banking, Mobile Banking, lockers, and nomination.
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Loans permitted for investments in India.
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As of June 1, 2025, Canara Bank introduces a 'No Minimum Balance Penalty' policy for all NRE savings accounts. You won't face any penalties for not maintaining the Monthly Average Balance (MAB).
Benefits of Canara Bank NRE Account
Below are the benefits of the Canara Bank NRE Account
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Easy Repatriation: Seamless transfer of principal and interest to overseas accounts.
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Tax-Free Interest: Earn interest without paying Indian income tax.
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Mandate Registration: Appoint a resident relative for local transactions.
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Investment Access: Invest in Indian mutual funds, bonds, and more.
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International Debit Card: Withdraw funds globally with ease.
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For Indian Crew Members: Open an account according to your financial needs.
Documents Required to Open Canara Bank NRE Account
Below is the list of documents required to open Canara Bank NRE account:
| Category |
Required Documents |
| Proof of NRI Status |
|
| A. For NRIs |
- Indian Passport with all relevant details, along with one of the following:
- Valid Visa
- Work Permit
- Proof/Certificate of Residence
- Employment Contract
- Residence Permit
- E-visa |
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| B. For PIOs/OCIs |
- Foreign Passport with all relevant details, along with one of the following:
- OCI Card
- PIO Card
- Indian Ration Card (Self or Close Relative)
- Indian Voter ID Card (Self or Close Relative)
- Expired Indian Passport (Self or Close Relative)
- Marriage Certificate with spouse’s NRI/PIO proof
- Certificate from the Indian Embassy
- Relevant pages of Parents' or Grandparents' Passports to establish Indian origin |
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| C. For Seafarers |
- Indian Passport with all relevant details, along with:
- Valid Visa or Work Permit
- Valid Job Contract
- Continuous Discharge Certificate (CDC) with disembarkation stamp not older than 180 days
- Pay slips (not older than six months) evidencing employment with a shipping company |
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| D. For Students in India (NRO Account Only) |
- Abroad Passport with identity and home country address, along with:
- Valid Visa
- Immigration Endorsement
- Admission Letter from an educational institution
- Current proof of address (within one month of account opening)
- RBI permission for continuation beyond six months (FRRO Registration) |
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| E. For Tourists (NRO Account Only) |
- Abroad Passport with identity and home country address, along with:
- Tourist Visa
- Immigration Endorsement
- Current proof of address
- RBI permission for continuation beyond six months (FRRO Registration) |
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| Proof of Identity |
Passport |
| Proof of Address |
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| A. Indian Address Proof |
- Indian Passport
- Aadhaar Card
- Driving License
- Voter ID Card
- NREGA Job Card signed by a government officer |
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| B. Overseas Address Proof |
- Abroad Passport
- Sale Deed/Lease Deed/Rent Receipt (not older than three months)
- Overseas Driving License
- Company ID with address
- Utility Bills (mobile, water, electricity, gas) not older than two months
- Employer Certificate or Employment Letter
- Overseas Bank Account Statement (not older than two months)
- Government-issued letter mentioning overseas address
- OCI/PIO Card mentioning overseas address
- Permanent Resident Permit (e.g., UAE Resident Card, Saudi Arabia Iqama) |
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| Additional Proof for Non-Face-to-Face Applicants |
- Indian Passport
- Proof of Income (ITR/Salary Slip)
- Cancelled cheque or cheque drawn on an overseas bank account |
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| For Joint Accounts with Close Relatives |
- Document establishing the relationship (e.g., birth or marriage certificate) |
Conclusion
The Canara Bank NRE Account is a comprehensive solution for Non-Resident Indians, offering unparalleled benefits such as full repatriability, premium banking features, and zero charges on essential services. It ensures hassle-free management of your finances while providing exceptional value and convenience.
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