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Canara Bank has announced its FCNR (B) Special Deposit Scheme, designed to assistance Non-Resident Indians (NRIs) turn their savings portion investing successful India.
This announcement comes successful enactment with the caller measures announced by the Reserve Bank of India (RBI) to promote overseas currency inflows into the nation, according to the lender’s communique.
Under the Special Deposit Scheme, customers could gain involvement connected deposits denominated successful overseas currencies, with precocious involvement rates and superior extortion features, it further said. This strategy is being offered successful starring overseas currencies specified arsenic U.S. Dollar, British Pound Sterling, Euro, Canadian Dollar (CAD) and Australian Dollar. Under the plans, customers could gain involvement complaint of up to 6.50% p.a. connected U.S. dollar deposits, with a flexible tenure ranging from 3 years to 5 years. The complaint is effectual from June 11, 2026.
Also, some the invested sum and the earned involvement magnitude could beryllium transferred overseas without immoderate restrictions, offering full state to the NRIs managing their fiscal affairs overseas. Besides, the involvement earned from the FCNR (B) deposits would beryllium exempted from taxation successful India. Loan installation against the FCNR (B) deposits would besides beryllium available.
Bhavendra Kumar, Executive Director, Canara Bank, said, the FCNR(B) Special Deposit Scheme was tailor-made to supply bank’s NRI customers with the payment of earning competitory involvement connected their overseas currency deposits.
