What is a Canara Bank NRE Fixed Deposit?
The Canara Bank NRE FD is a financial asset through which Non-Resident Indians keep their smartly earned money with the bank for a predetermined time to increase its value by the end of the term. It is a low-risk investment. The returns are disclosed at the beginning of the tenure, making it a reliable source of income generation. Canara Bank NRE FD funds are fully repatriable, ensuring a smooth transfer of your money from India back to your home country.
Canara Bank NRE Fixed Deposit Interest Rates (Callable and Non-Callable)
The interest rates received on Canara Bank NRE fixed deposit accounts amounting to below ₹3 crore to 10 crore are as follows:
| Period of Deposit |
Less than Rs 3 Crore |
Rs. 3 Crore & above to less than Rs. 10 Crore |
Above Rs 1.00 Crore to Less than Rs 3.00 Crore |
Rs. 3 Crore & above to less than Rs. 10 Crore |
|
| Rate of Interest(% per annum) |
Annualised Interest Yield (% per annum) |
Rate of Interest(% per annum) |
Annualised Interest Yield (% per annum) |
Rate of Interest (% per annum) |
Annualised Interest Yield (% per annum) |
Rate of Interest(% per annum) |
Interest Yield (% per annum) * |
| Above 1 Year, 3 months to less than 2 Years. |
6.25% |
6.40% |
NA |
NA |
6.35% |
6.50% |
NA |
NA |
| Above 1 year to less than 2 years |
NA |
NA |
6.25% |
6.40% |
NA |
NA |
6.28% |
6.43% |
| 2 years & above to less than 3 years |
6.25% |
6.40% |
5.50% |
5.61% |
6.35% |
6.50% |
5.53% |
5.65% |
| 3 years & above to less than 5 years |
6.25% |
6.40% |
5.00% |
5.09% |
NA |
NA |
5.03% |
5.13% |
| 5 years & above to 10 years |
6.25% |
6.40% |
5.00% |
5.09% |
NA |
NA |
5.03% |
5.13% |
Note:
- Callable Less than 3 crore w.e.f 07 Aug 2025
- 2.Rs 3 crore and above w.e.f. 10 July 2025
- Non-Callable above 1 crore w.e.f 07 Aug 2025
- Rs. 3 Crore & above w.e.f 10 July 2025
Why Choose a Canara Bank NRE FD Account?
The Canara Bank NRE FD account offers its customers various benefits, including:
-
The fixed deposit in Canara Bank NRE FD offers a higher interest rate than that of a savings account.
-
The account offers tax benefits on interest earned over time.
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Canara Bank offers the provision of an international debit card to withdraw funds easily.
-
The account comes with a smooth repatriation and remittance facility.
-
Upon returning to India, the facility of conversion into an RFC Account is provided.
What Are the Eligibility Criteria for a Canara Bank NRE FD Account?
In order to invest in the Canara Bank NRE FD account, the following conditions must be fulfilled:
-
The customer must fall under one of the following categories: NRI, PIO, OCI, Indian seafarer, Indian government employees with a diplomat’s passport, or student studying abroad.
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Must have valid ID proof, including an Indian passport and a PIO card.
-
Required to show authentic overseas address proof.
-
Must present valid proof, including a student visa or employment visa.
Documents Required to Open a Canara NRE FD Account
The general documents required for opening a Canara Bank NRE FD account are:
-
Documents to be Submitted by NRIs
At the time of submitting an application to open an NRE FD account at Canara Bank, the following duly signed documents are to be submitted:
-
Documents to be Submitted by OCIs/PIOs
While submitting an application to open an NRE FD account at Canara Bank, the following duly signed documents are to be submitted:
-
Documents to be Submitted by Students
Students, while submitting an application to open an NRE FD account at Canara Bank, have to submit the following duly signed documents:
-
Documents for Seafarers
Seafarers, while submitting an application to open an NRE FD account at Canara Bank, have to submit the following duly signed documents:
Conclusion
A secure way for NRIs to invest their money and grow it is through an NRE FD account. Canara Bank NRE FD rates are competitive and hence can be considered as a good option. Through NRE FDs, funds can be easily managed in India. If you are an NRI looking to invest your hard-earned money in India to get good returns, an NRE FD account is your go-to.
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