Canara Bank Launches new FCNR (B) Special Deposit Scheme for NRIs, offers up to 6.50% p.a. on US Dollar deposits

Bengaluru : Canara Bank announces its FCNR (B) Special Deposit Scheme, designed to help Non-Resident Indians (NRIs) grow their savings while investing securely in India. This announcement comes in line with the recent measures announced by the Reserve Bank of India (RBI) to encourage foreign currency inflows into the nation.

Under the Special Deposit Scheme, customers can earn interest on deposits denominated in foreign currencies, with high interest rates and capital protection features. This scheme is offered in leading foreign currencies such as US Dollar (USD), British Pound Sterling (GBP), Euro (EUR), Canadian Dollar (CAD) and Australian Dollar (AUD)

Customers can now earn an attractive interest rate of up to 6.50% p.a. on USD deposits, with a flexible tenure ranging from 3 years to 5 years. The deposit carries a lock-in period of one year.

The rate is effective from June 11, 2026.

Another important benefit of FCNR (B) deposits is that both the invested sum and the earned interest amount can be transferred abroad without any restrictions, offering total freedom to the NRIs managing their financial affairs overseas. Besides, the interest earned from the FCNR (B) deposits is exempted from tax in India, which makes for an ideal investment choice for the NRIs. Under this scheme, Canara Bank is also providing the facility of a loan against the FCNR (B) deposits.

Speaking about this scheme, Shri. Bhavendra Kumar, Executive Director, Canara Bank, said, “The FCNR(B) Special Deposit Scheme is tailor-made to provide our NRI customers with the benefit of earning competitive interest on their foreign currency deposits. This scheme is very convenient, tax-efficient, and easy to withdraw funds, making an excellent investment option for our customers abroad.”

This scheme reflects Canara Bank’s dedication to developing creative, customer-oriented banking facilities for its customers worldwide.