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.
Rate of Interest on Canara Bank Non-Resident External (NRE) FD Account Deposits
The interest rates received on Canara Bank NRE fixed deposit accounts amounting to below ₹3 crore to 10 crore are as follows:
| S.No. |
Without Premature Withdrawal |
| Tenor |
Above Rs.1.00Crore to Less than Rs. 3.00 Crore |
Rs. 3 Crore &above to lessthan Rs. 10 Crore |
| Rate of Interest |
Annualised |
Rate of
Interest |
Annualised |
| (% p.a.) |
Interest Yield (% p.a.) |
(% p.a.) |
Interest Yield (% p.a.) |
| 1 |
1 year only |
7.00 |
7.19% |
7.13 |
7.32% |
| 2 |
444 days |
7.30 |
7.50% |
NA |
NA |
| 3 |
Above
1 year to less than 2 years |
7.00 |
7.19% |
6.53 |
6.69% |
| 4 |
2 years & above to less
than 3 years |
7.20 |
7.39% |
6.03 |
6.17% |
| 5 |
3 years & above to less
than 5 years |
NA @ |
NA @ |
5.03 |
5.13% |
| 6 |
5 years
& above to 10 years |
NA @ |
NA @ |
5.03 |
5.13 |
Note: *Interest rates are effective from April 2025. Canara Bank NRE FD rates are subject to change without prior notice. The minimum tenor is 1 year. Kamadhenu Deposit interest compounds quarterly.
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.
-
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.
-
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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