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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

Canara Bank NRE Account

The Canara Bank NRE Account is a banking solution for Non-Resident Indians (NRIs), Overseas Citizens of India (OCI), and Persons of Indian Origin (PIO). It offers a seamless way to manage foreign earnings in Indian Rupees, with benefits like tax-free interest income, full fund repatriability, and convenient access to Indian investment opportunities.

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What is a Canara Bank NRE Account?

A Canara Bank NRE (Non-Resident External) Account is a banking solution designed for Non-Resident Indians (NRIs), including Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO). It enables you to deposit and manage your foreign earnings in Indian Rupees, offering benefits like tax-free interest income and full repatriability of funds to your overseas accounts.

Interest Rates of Canara Bank NRE Account w.e.f. 01.12.2024

Term Deposits (All Maturities)	Rate of Interest (% p.a.)
Term Deposits (All Maturities)	General Public	Senior Citizen
7 Days to 45 Days	4.00	4.00
46 Days to 90 Days	5.25	5.25
91 Days to 179 Days	5.50	5.50
180 Days to 269 Days	6.15	6.65
270 Days to less than 1 Year	6.25	6.75
1 Year Only	6.85	7.35
444 Days	7.25	7.75
Above 1 Year to less than 2 Years	6.85	7.35
2 Years & above to less than 3 Years	7.30	7.80
3 Years & above to less than 5 Years	7.40	7.90
5 Years & above to 10 Years	6.70	7.20

Features of Canara Bank NRE Account

Below are the features of Canara Bank NRE Account:

Open to NRIs, OCIs, and PIOs.
Receive foreign currency remittances in INR.
Full repatriability of funds outside India.
Tax-free interest income.
Easy access to Indian investment instruments.
Conversion to RFC Account upon returning to India.
Services like Internet Banking, Mobile Banking, lockers, and nomination.
Loans permitted for investments in India.

Benefits of Canara Bank NRE Account

Below are the benefits of the Canara Bank NRE Account

Easy Repatriation: Seamless transfer of principal and interest to overseas accounts.
Tax-Free Interest: Earn interest without paying Indian income tax.
Mandate Registration: Appoint a resident relative for local transactions.
Investment Access: Invest in Indian mutual funds, bonds, and more.
International Debit Card: Withdraw funds globally with ease.
For Indian Crew Members: Open an account according to your financial needs.

Documents Required to Open Canara Bank NRE Account

Below is the list of documents required to open Canara Bank NRE account:

Category	Required Documents
Proof of NRI Status
A. For NRIs	- Indian Passport with all relevant details, along with one of the following: - Valid Visa - Work Permit - Proof/Certificate of Residence - Employment Contract - Residence Permit - E-visa






B. For PIOs/OCIs	- Foreign Passport with all relevant details, along with one of the following: - OCI Card - PIO Card - Indian Ration Card (Self or Close Relative) - Indian Voter ID Card (Self or Close Relative) - Expired Indian Passport (Self or Close Relative) - Marriage Certificate with spouse’s NRI/PIO proof - Certificate from the Indian Embassy - Relevant pages of Parents' or Grandparents' Passports to establish Indian origin








C. For Seafarers	- Indian Passport with all relevant details, along with: - Valid Visa or Work Permit - Valid Job Contract - Continuous Discharge Certificate (CDC) with disembarkation stamp not older than 180 days - Pay slips (not older than six months) evidencing employment with a shipping company




D. For Students in India (NRO Account Only)	- Abroad Passport with identity and home country address, along with: - Valid Visa - Immigration Endorsement - Admission Letter from an educational institution - Current proof of address (within one month of account opening) - RBI permission for continuation beyond six months (FRRO Registration)





E. For Tourists (NRO Account Only)	- Abroad Passport with identity and home country address, along with: - Tourist Visa - Immigration Endorsement - Current proof of address - RBI permission for continuation beyond six months (FRRO Registration)




Proof of Identity	Passport
Proof of Address
A. Indian Address Proof	- Indian Passport - Aadhaar Card - Driving License - Voter ID Card - NREGA Job Card signed by a government officer




B. Overseas Address Proof	- Abroad Passport - Sale Deed/Lease Deed/Rent Receipt (not older than three months) - Overseas Driving License - Company ID with address - Utility Bills (mobile, water, electricity, gas) not older than two months - Employer Certificate or Employment Letter - Overseas Bank Account Statement (not older than two months) - Government-issued letter mentioning overseas address - OCI/PIO Card mentioning overseas address - Permanent Resident Permit (e.g., UAE Resident Card, Saudi Arabia Iqama)









Additional Proof for Non-Face-to-Face Applicants	- Indian Passport - Proof of Income (ITR/Salary Slip) - Cancelled cheque or cheque drawn on an overseas bank account


For Joint Accounts with Close Relatives	- Document establishing the relationship (e.g., birth or marriage certificate)

Types of Canara Bank NRE Account

NRE Current Account

The Canara NRE Current Account is a specialised non-interest-bearing account designed to cater to the unique financial needs of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). It offers flexibility, convenience, and seamless banking solutions for managing foreign earnings in Indian Rupees.

Key Benefits and Features
- Non-Interest Bearing: Ideal for NRIs who prefer not to earn interest on their deposits.
- Nil Initial Balance: Open the account without the requirement of an initial deposit.
- Rupee-Denominated: Transactions are managed in Indian Rupees.
- Joint Account Facility: Can be opened jointly with eligible individuals.
- Repatriation Freedom: Funds in the account can be repatriated abroad without restrictions.
- Flexible Fund Transfers:
  - Transfer money from an existing NRE/FCNR account.
  - Deposit funds through wire transfers, FCY cheques, or drafts from abroad.
- Power of Attorney (POA): Authorise a local resident to operate the account for specific needs.
- Digital Banking Access: Enjoy internet and mobile banking for effortless account management.
- Value-Added Services:
  - Cheque books, debit cards, and standing instructions.
  - Nomination facility for added convenience.
Eligibility Criteria
- The account can be opened by:
  - Non-Resident Indians (NRIs).
  - Persons of Indian Origin (PIOs).
- Overseas Corporate Bodies (OCBs) are not eligible to open this account.
NRE Premium SB Account

The Canara NRE Premium SB Account is a specialized savings account tailored for Non-Resident Indians (NRIs), offering a range of premium benefits and services to meet modern banking needs. Here’s an overview of its exclusive features:

Minimum Balance Requirement
- Maintain a Monthly Average Balance (MAB) of ₹1,00,000.
Debit and Credit Card Privileges
- Debit Card:
  - Free issuance and annual maintenance.
  - No charges for PIN regeneration.
  - ATM withdrawal limit: ₹1,00,000/day.
  - POS limit: ₹5,00,000/day.
  - Unlimited free ATM transactions at Canara Bank and other bank ATMs in India.
- Credit Card:
  - No charges for issuance and annual maintenance.
Transaction and Banking Services
- Free NEFT, RTGS, and IMPS transactions.
- No charges for SMS/email alerts.
- Free modifications for mobile number, email, or address updates.
- Free issuance of certificates such as interest, balance, address confirmation, signature attestation, and more.
- Free cheque collection (local/outstation).
- Statement of account delivered via email without charges.
Insurance Coverage
- Personal Accident Insurance: ₹10 lakhs.
- Air Accident Insurance: ₹100 lakhs.
- Coverage applicable to primary cardholders, limited to two cards.
Premium Lounge Access
- International: 2 visits/year for self + 2 guest visits/year.
- Domestic: 2 visits/quarter for self + 1 guest visit/quarter.
Locker and Loan Benefits
- 50% concession on locker rent for all sizes with unlimited free operations.
- 50% concession on processing fees for housing, mortgage, and vehicle loans.
Additional Perks
- No charges for demand draft issuance, cancellation, duplicate DD, or revalidation.
- No fees for ECS/NACH mandate registration, stop payments, or ECS/cheque returns (except for insufficient funds).
- Preferential exchange margin of 5 paise on inward remittances (USD/INR).

Conclusion

The Canara Bank NRE Account is a comprehensive solution for Non-Resident Indians, offering unparalleled benefits such as full repatriability, premium banking features, and zero charges on essential services. It ensures hassle-free management of your finances while providing exceptional value and convenience.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).