Canara Bank launches special deposit scheme for NRIs to boost savings

Canara Bank has unveiled its FCNR (B) Special Deposit Scheme, aimed at helping Non-Resident Indians (NRIs) grow their savings while investing in India. This initiative aligns with recent measures announced by the Reserve Bank of India (RBI) to boost foreign currency inflows into the country, the bank stated in its announcement.

The scheme allows customers to earn interest on deposits in foreign currencies, offering competitive interest rates and capital protection. It is available in major currencies, including the U.S. Dollar, British Pound Sterling, Euro, Canadian Dollar, and Australian Dollar. For U.S. Dollar deposits, customers can earn interest rates of up to 6.50% per annum, with flexible tenures ranging from three to five years.

Effective from June 11, 2026, the scheme provides NRIs with the flexibility to transfer both the principal amount and the accrued interest abroad without any restrictions. Additionally, the interest earned on these deposits is exempt from tax in India. Customers can also avail themselves of a loan facility against their FCNR (B) deposits.

Bhavendra Kumar, Executive Director of Canara Bank, described the scheme as a tailored solution for the bank’s NRI customers, enabling them to earn competitive returns on their foreign currency deposits.