Canara Bank rolls out new deposit scheme targeting Non-Resident Indians (NRIs), letting them boost savings while investing back home. FCNR (B) Special Deposit Scheme ties into Reserve Bank of India (RBI) moves to increase foreign currency inflows .
Depositors can earn interest in major currencies like U.S. Dollar,British Pound Sterling,Euro,Canadian Dollar,Australian Dollar. Scheme offers an enticing rate — up to 6.50% annually for U.S. dollar deposits . Flexible tenures: 3 to 5 years. Starts June 11,2026.
NRIs can transfer both principal,interest earned abroad without hassle, making managing overseas finances easier. And interest from these deposits avoids Indian taxes, luring investors. Loan facility against FCNR (B) deposits? Also available.
“The FCNR(B) Special Deposit Scheme was tailor-made to provide the bank’s NRI customers with the benefit of earning competitive interest on their foreign currency deposits,”said Bhavendra Kumar, Executive Director of Canara Bank . This move seeks to draw more NRIs into investing in India,while safeguarding their financial interests. But will it catch on…?
