Merged with Syndicate Bank on April 1, 2020, Canara Bank became the fourth largest public sector bank in India. It is also amongst the largest state-owned commercial banks in the country. Canara Bank offers various financial products, including NRI fixed deposits which are highly popular among foreign investors. Learn the latest Canara Bank NRI fixed deposit rates and other relevant details for wise investment decisions.
What is Canara Bank NRI Fixed Deposit?
Canara Bank offers several NRI fixed deposit schemes to residents living abroad to park their foreign earnings and earn stable interest. Under these schemes, the bank allows individuals to fully or partially withdraw their FD investment at their convenience. However, a penalty of 1% is applicable for the same, except if the deposit is worth ₹1 crore and above.
Canara Bank NRI FD Rates
In Canara Bank, NRIs can choose from four types of fixed deposit schemes – NRE, NRO, FCNR, and RFC. Explore more about Canara Bank NRI fixed deposit rates in the tables given below.
Canara Bank NRE Fixed Deposit Rates under ₹2 Crores
The following table lays down the latest Canara Bank NRE FD interest rates for deposit amounting less than ₹2 crores:
| FD Tenure | Interest Rate |
| 1 year | 6.90% |
| 444 Days | 7.25% |
| Above 1 year to less than 2 years | 6.85% |
| 2 years & above to less than 3 years | 6.85% |
| 3 years & above to less than 5 years | 6.80% |
| 5 years & above to 10 years | 6.70% |
Canara Bank NRE Fixed Deposit Rates above ₹2 crores
The following table lays down the latest Canara Bank NRE FD interest rates for deposits amounting more than ₹2 crores:
| FD Tenure | Interest Rate |
| 1 year | 6.15% |
| 444 Days | NA |
| Above 1 year to less than 2 years | 6.25% |
| 2 years & above to less than 3 years | 6.25% |
| 3 years & above to less than 5 years | 6.25% |
| 5 years & above to 10 years | 3.65% |
Canara Bank NRO Fixed Deposit Rates under ₹2 crores
The following table lays down the latest Canara Bank NRO FD interest rates for amounts less than ₹2 crores:
| FD Tenure | Interest Rate |
| 7 Days to 45 Days | 4.00% |
| 46 Days to 90 Days | 5.25% |
| 91 Days to 179 Days | 5.50% |
| 180 Days to 269 Days | 6.15% |
| 270 Days to less than 1 Year | 6.25% |
| 1 Year | 6.90% |
| 444 days | 7.25% |
| Above 1 Year to less than 2 Years | 6.85% |
| 2 Years & above to less than 3 Years | 6.85% |
| 3 Years & above to less than 5 Years | 6.80% |
| 5 Years & above to 10 Years | 6.70% |
Canara Bank NRO Fixed Deposit Rates above ₹2 crores
The following table lays down the latest Canara Bank NRO FD interest rates for deposits above ₹2 crores:
| FD Tenure | Interest Rate |
| 7 Days to 45 Days | 2.90% |
| 46 Days to 90 Days | 3.10% |
| 91 Days to 179 Days | 3.35% |
| 180 Days to 269 Days | 3.35% |
| 270 Days to less than 1 Year | 5.75% |
| 1 Year | 6.00% |
| 444 days | 6.00% |
| Above 1 Year to less than 2 Years | 6.00% |
| 2 Years & above to less than 3 Years | 6.00% |
| 3 Years & above to less than 5 Years | 6.00% |
| 5 Years & above to 10 Years | 3.40% |
Canara Bank FCNR Fixed Deposit Rates
The following table lays down the latest Canara Bank FCNR rates for fixed deposits in 5 different currencies for deposit amounts less than USD 1 million :
| FD Tenure | Interest Rate | ||||
| USD | GBP | EURO | CAD | AUD | |
| 1 year to less than 2 years | 5.50% | 4.75% | 2.50% | 4.50% | 3.60% |
| 2 years to less than 3 years | 4.30% | 3.50% | 2.00% | 4.00% | 3.50% |
| 3 years to less than 4 years | 4.00% | 3.00% | 1.50% | 3.85% | 3.00% |
| 4 years to less than 5 years | 4.00% | 3.00% | 1.50% | 3.50% | 3.00% |
| 5 years | 4.00% | 3.00% | 1.50% | 3.50% | 3.00% |
Canara Bank RFC Fixed Deposit Rates
The following table lays down the latest Canara Bank RFC rates for fixed deposits below USD 1 million:
| Tenure | Interest Rate | ||||
| USD | GBP | EURO | CAD | AUD | |
| 1 month & above but less than 3 months | 0.10% | NA | NA | 0.10% | 0.10% |
| 3 months & above but less than 6 months | 0.10% | NA | NA | 0.10% | 0.10% |
| 6 months & above but less than 1 year | 0.10% | NA | NA | 0.10% | 0.10% |
| 1 year & above but less than 2 years | 5.50% | 4.75% | 2.50% | 4.50% | 3.60% |
| 2 years & above but less than 3 years | 4.30% | 3.50% | 2.00% | 4.00% | 3.50% |
| 3 years | 4.00% | 3.00% | 1.50% | 3.85% | 3.00% |
Features and Benefits of Canara Bank NRI Fixed Deposit
Here are some exclusive features and benefits of Canara Bank NRI Fixed Deposit:
- You can start investing in Canara Bank NRI Fixed Deposits with a minimum of ₹1,000. Moreover, there is no cap on the maximum limit.
- The bank offers flexible tenure for all NRI FDs. While the tenure of NRE deposits ranges between 1 year to 10 years, NRO deposits have a tenure starting from 7 days to 10 years.
- NRIs can opt for auto-renewal facilities by investing in such FD schemes.
Conclusion
Currently, all Canara Bank NRI fixed deposit rates vary between 0.10% and 7.25% depending upon the tenure, deposit amount and the type of FD account. Before making a decision, it is in your best interest to contact the nearest branch and verify the latest interest rates and other details as these are subject to regulatory changes.
FAQs
No, the auto-renewal facility is not available for Canara Tax Saver Deposits, Canara Samriddhi deposits, Non-callable deposits, and Canara Khazana and Shikhar Deposits.
The maximum deposit period of Canara Bank’s fixed deposit is 120 months/10 years.
No, senior citizens do not enjoy any additional benefits from Canara Bank NRE fixed deposit.
Yes, NRIs can open a joint FD at Canara Bank with a resident close relative on a former or survivor basis.
A maximum of 4 individuals can operate a joint Canara NRE FD account.
