One of the largest public sector Indian banks, Canara Bank offers an array of banking and investment services for overseas Indians. NRIs and OCIs can apply for a Canara Bank NRE account to maintain their foreign earnings in India without paying any income tax on the same.
Here are the features and benefits of Canara NRE savings account, including minimum balance to be maintained, interest rate and application process.
Interest rates applicable on Canara Bank NRE savings accounts vary depending on the outstanding balance. The following table contains the latest interest rates offered on Canara Bank NRE savings accounts effective from December 21, 2022:
| Outstanding Balance in the Account | Rate of Interest (p.a.) |
|---|---|
| Less than Rs. 50 Lakh | 2.90% |
| Rs. 50 Lakh to less than Rs 5 Cr | 2.90% |
| Rs. 5 Cr to less than Rs 10 Cr | 2.95% |
| Rs. 10 Cr to less than Rs 100 Cr | 3.05% |
| Rs. 100 Cr to less than Rs 200 Cr | 3.50% |
| Rs. 200 Cr to less than Rs 300 Cr | 3.10% |
| Rs. 300 Cr to less than Rs 500 Cr | 3.10% |
| Rs. 500 Cr to less than Rs 1000 Cr | 3.40% |
| Rs. 1000 Cr & less than Rs. 2000 Cr | 3.55% |
| Rs. 2000 Cr & above | 4.00% |
NRIs need to maintain average quarterly balance in their Canara Bank NRE savings account as under:
| Canara Bank NRE Savings Account | AQB/ Minimum Deposit |
|---|---|
| Average Quarterly Balance | Rs. 1 lakh |
| Initial deposit | Account can be opened with zero balance |
You can apply for a Canara Bank NRI account online as well as offline.
You can apply for NRO and NRE account opening online. Click on ‘Open NRI Account‘ button on this blog or download SBNRI App.
Here is the checklist of documents required to apply for an NRE account:
Note: The above list is not exhaustive and the actual requirements may vary depending on the applicant. Copies of all documents must be self attested and the bank may ask you to get some documents attested by the Indian embassy or notary in your country of residence.
For their NRE account and other banking related queries, NRIs can contact Canara Bank NRI customer care team. Canara Bank has overseas branches, subsidiaries and representative offices in many countries, including the USA, UK, UAE, Tanzania, etc. In addition, Canara Bank has NRI service centers in many Indian cities.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
NRIs are required to maintain an average quarterly balance of Rs. 1 lakh in an NRE savings account in Canara Bank. However, you can open the account with zero balance.
Can I open NRI account in Canara Bank online?Yes, you can apply for an NRE account online on the bank’s website. However, you need to self-attest and get your documents attested by any authorized entity and send them to a Canara Bank branch in India.
What is the eligibility for NRE account?All NRIs, OCIs and seafarers of Indian nationality / origin hired by foreign shipping companies can apply for an NRE account at Canara Bank.
What are the interest rates offered by Canara Bank on NRE accounts?Canara Bank NRE account interest rates vary based on the amount deposited, ranging from 2.90% to 4.00% p.a.
