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- Canara
- FCNR B Account
- Income tax exempted.
- Freely convertible.
- No exchange loss.
- Flexible tenure from 1 year to 5 year.
- Available in USD, GBP, EUR, CAD & AUD.
- Loan against deposit available.
- Nomination available.
- Joint Account available.
Therefore, if you are looking for an option to save your money in foreign denominations, FCNR Accounts are an excellent choice.
- Compounding of interest in FCNR Term Deposit at half yearly interval.
- FCNR Accounts are Term Deposit Accounts and not a Savings Account. Premature withdrawal is allowed but Interest is paid only post completion of 1 year.
- You can open an FCNR Account by transferring money from your existing Non-Resident External NRE A/C or remittance from abroad.
- The interest you earn on your deposits on FCNR Accounts is tax-free, e., it is not taxable in India.
- The Principal amount of your FCNR deposit and the interest you earn thereon is fully repatriable, e., it is completely transferable.
- You can also avail loan over your FCNR Term Deposit Account.
- Account opening form - IF (GEN) 1845
(.pdf - 244.17 KB)
- ID Proof - Photocopy of Valid Passport/ OCI-PIO Card.
- ID Proof – PAN Card/ Form 60 (in absence of PAN).
- Proof of NRI Status - Copy of valid visa/ work permit / OCI/PIO.
- Address Proof.
- photographs.
- FATCA declaration.
DEPOSIT ACCOUNTS - RATES AT A QUICK GLANCE – as per RBI format
DOMESTIC/NRO/NRE SAVINGS BANK DEPOSITS - W.E.F. 01.07.2025
|
S.No. |
Slabs |
ROI(%) |
|
1 |
For outstanding Balance of less than Rs. 50 Lakh |
2.55% |
|
2 |
For outstanding Balance of Rs. 50 Lakh to less than Rs 5 Cr |
2.55% |
|
3 |
For outstanding Balance of Rs. 5 Cr to less than Rs 10 Cr |
2.55% |
|
4 |
For outstanding Balance of Rs. 10 Cr to less than Rs 100 Cr |
2.55% |
|
5 |
For outstanding Balance of Rs. 100 Cr to less than Rs 200 Cr |
2.65% |
|
6 |
For outstanding Balance of Rs. 200 Cr to less than Rs 300 Cr |
2.65% |
|
7 |
For outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr |
3.10% |
|
8 |
For outstanding Balance of Rs. 500 Cr to less than Rs 1000 Cr |
3.40% |
|
9 |
For outstanding Balance of Rs. 1000 Cr & less than Rs. 2000 Cr |
3.55% |
|
10 |
For outstanding Balance of Rs. 2000 Cr & above |
4.00% |
|
|
|
2. TERM DEPOSITS Rate of Interest (%) p.a. For Deposits less than Rs.3 Crore |
||||||
|
A. Domestic |
||||||||
|
|
Less than Rs.3 Crore |
|||||||
|
|
Callable |
Non Callable ( Above Rs.1 Crore ) $ |
||||||
|
Term Deposits (All Maturities) |
General Public |
Senior Citizen |
General Public |
Senior Citizen |
||||
|
Rate of Interest (% p.a.) |
Annualised Interest yield (% p.a.) ** |
Rate of Interest (% p.a.) # |
Annualised Interest yield (% p.a.) ** |
Rate of Interest (% p.a.) |
Annualised Interest yield (% p.a.) ** |
Rate of Interest (% p.a.) # |
Annualised Interest yield (% p.a.) ** |
|
|
7 Days to 45 Days* |
3.00 |
3.03 |
3.00 |
3.03 |
NA |
NA |
NA |
NA |
|
46 Days to 90 Days |
4.00 |
4.06 |
4.00 |
4.06 |
4.10 |
4.16 |
4.10 |
4.16 |
|
91 Days to 179 Days |
4.25 |
4.32 |
4.25 |
4.32 |
4.35 |
4.42 |
4.35 |
4.42 |
|
180 Days to 269 Days |
5.25 |
5.35 |
5.75 |
5.87 |
5.35 |
5.46 |
5.85 |
5.98 |
|
270 Days to less than 1 Year |
5.50 |
5.61 |
6.00 |
6.14 |
5.60 |
5.72 |
6.10 |
6.24 |
|
1 Year & above to 1 year 3 months Only (Expect 444 days) |
6.25 |
6.40 |
6.75 |
6.92 |
6.35 |
6.50 |
6.85 |
7.03 |
|
444 Days* |
6.45 |
6.60 |
6.95 |
7.13 |
6.55 |
6.71 |
7.05 |
7.24 |
|
555 Days* |
6.50 |
6.66 |
7.00 |
7.19 |
6.60 |
6.76 |
7.10 |
7.29 |
|
Above 1 Year 3 months to less than 2 Years (Expect 555 days) |
6.25 |
6.40 |
6.75 |
6.92 |
6.35 |
6.50 |
6.85 |
7.03 |
|
2 Years & above to less than 3 Years |
6.25 |
6.40 |
6.75 |
6.92 |
6.35 |
6.50 |
6.85 |
7.03 |
|
3 Years & above to less than 5 Years |
6.25 |
6.40 |
6.75 |
6.92 |
NA |
NA |
NA |
NA |
|
5 Years & above to 10 Years |
6.25 |
6.40 |
6.75 |
6.92 |
NA |
NA |
NA |
NA |
|
$-Non-callable term deposits are deposits where PREMATURE WITHDRAWAL IS NOT PERMITTED.
* Rates are applicable only for single deposit of Rs.5 Lakh & above. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days.
# Additional interest of 0.50% for Senior Citizens (General Public) is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 3 Cr and with tenor of 180 Days and above.
** Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.
# Additional rate of interest 0.60% for Super Senior Citizen (80 years & above) is extended under Canara 444 & Canara 555 products only, for both Callable & Non- Callable deposits. The above Rate of interest is applicable to Recurring deposits also. AUTO RENEWAL FACILITY: The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the original period of deposit. (except for Canara Tax Saver Deposits, Capital Gains Accounts, Court Deposits, Non-KYC Complied Term Deposits, Canara Samriddhi deposits (discontinued w.e.f. 01.10.2015),CanaraKhazana, CanaraShikhar Deposits (discontinued w.e.f. 26.03.2020),Canara Unique Deposits(discontinued w.e.f. 31.03.2022), CanaraAmrit (discontinued w.e.f. 26.01.2022), Non-callable deposits etc.)
“For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower.” However, no interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.
Penalty is waived for premature extension of Domestic / NRO term deposits of less than Rs.3 Crore during the tenure, where extension is for a period longer than the period originally agreed to.
OVERDUE DEPOSITS:
Bank is not accepting term deposits under Non-Callable segment for maturities of below 46 Days for Domestic/NRO, maturities of below 1 year for NRE and 3 years and above for deposit Above Rs.1 Crore to less than Rs.3 Crore. |
||||||||
The revised Rates of Interest for Bulk Deposits (Callable) w.e.f 14.01.2026 are as under:
|
SLABS |
PERIOD OF DEPOSIT |
RATE OF INTEREST ( % P.A.) |
||||||||
|
Callable Deposits w.e.f 14.01.2026 |
||||||||||
|
3 Crore - |
10 Crore & Above - upto 25 Crore |
Above 25 Crore - |
Above 50 Crore - upto 100 Crore |
Above 100 Crore - upto 150 Crore |
Above 150 Crore - upto 250 Crore |
Above 250 Crore - upto 500 Crore |
Above 500 Crore - upto 1000 Crore |
Above 1000 Crore |
||
|
less than 10 Crore # |
upto 50 Crore |
|||||||||
|
1 |
7 Days to 14 Days |
3.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
|
2 |
15 Days to 30 Days |
3.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
|
3 |
31 Days to 45 Days |
3.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
|
4 |
46 Days to 90 Days |
4.00 |
5.15 |
5.15 |
5.15 |
5.15 |
5.15 |
5.15 |
5.15 |
5.15 |
|
5 |
91 Days to 120 Days |
4.25 |
6.35 |
6.35 |
6.35 |
6.35 |
6.35 |
6.35 |
6.35 |
6.35 |
|
6 |
121 Days to 179 Days |
4.25 |
6.10 |
6.10 |
6.10 |
6.10 |
6.10 |
6.10 |
6.10 |
6.10 |
|
7 |
180 Days to 269 Days |
5.25 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
|
8 |
270 Days to less than 1 Year |
5.50 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
|
9 |
1 Year Only |
6.20 |
6.50 |
6.50 |
6.50 |
6.50 |
6.50 |
6.50 |
6.50 |
6.50 |
|
10 |
Above 1 Year to 1 Year 3 Months |
6.20 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
|
11 |
Above 1 Year 3 Months to less than 2 Years |
6.20 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
6.05 |
|
12 |
2 Years &above to less than 3 Years |
5.50 |
5.50 |
5.50 |
5.50 |
5.50 |
5.50 |
5.50 |
5.50 |
5.50 |
|
13 |
3 Years &above to less than 5 Years |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
|
14 |
5 Years &above to 10 Years |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
The revised Rates of Interest for Bulk Deposits (Non-Callable) w.e.f 14.01.2026 are as under:
|
SLABS |
PERIOD OF DEPOSIT |
RATE OF INTEREST (% P.A.) |
||||||||
|
Non -Callable Deposits w.e.f 14.01.2026 |
||||||||||
|
3 Crore - |
10 Crore & Above - upto 25 Crore |
Above 25 Crore - |
Above 50 Crore - upto 100 Crore |
Above 100 Crore - upto 150 Crore |
Above 150 Crore - upto 250 Crore |
Above 250 Crore - upto 500 Crore |
Above 500 Crore - upto 1000 Crore |
Above 1000 Crore |
||
|
less than 10 Crore # |
upto 50 Crore |
|||||||||
|
1 |
7 Days to 14 Days |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
|
2 |
15 Days to 30 Days |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
|
3 |
31 Days to 45 Days |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
|
4 |
46 Days to 90 Days |
4.03 |
5.18 |
5.18 |
5.18 |
5.18 |
5.18 |
5.18 |
5.18 |
5.18 |
|
5 |
91 Days to 120 Days |
4.28 |
6.38 |
6.38 |
6.38 |
6.38 |
6.38 |
6.38 |
6.38 |
6.38 |
|
6 |
121 Days to 179 Days |
4.28 |
6.13 |
6.13 |
6.13 |
6.13 |
6.13 |
6.13 |
6.13 |
6.13 |
|
7 |
180 Days to 269 Days |
5.28 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
|
8 |
270 Days to less than 1 Year |
5.53 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
|
9 |
1 Year Only |
6.23 |
6.53 |
6.53 |
6.53 |
6.53 |
6.53 |
6.53 |
6.53 |
6.53 |
|
10 |
Above 1 Year to 1 Year 3 Months |
6.23 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
|
11 |
Above 1 Year 3 Months to less than 2 Years |
6.23 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
6.08 |
|
12 |
2 Years &above to less than 3 Years |
5.53 |
5.53 |
5.53 |
5.53 |
5.53 |
5.53 |
5.53 |
5.53 |
5.53 |
|
13 |
3 Years &above to less than 5 Years |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
|
14 |
5 Years &above to 10 Years |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
5.03 |
Green Deposits (Retail Term Deposits)
| ROI on Canara Retail Green Deposits w.e.f. 05.01.2026 | ||
|---|---|---|
| CALLABLE DEPOSITS (Less than Rs. 3 Crore) | ||
| Sl. No. | Period of Deposit | ROI (%) |
| 1 | 1111 days | 6.10 |
| 2 | 2222 days | 6.05 |
| 3 | 3333 days | 6.05 |
Green Deposits (Bulk Term Deposits)
| SLABS | PERIOD OF DEPOSIT | RATE OF INTEREST ( % P.A.) | |
| Callable Deposits | Non-Callable Deposits | ||
| Rs. 3 Crore & above (w.e.f 14.01.2026) | Rs. 3 Crore & above (w.e.f 14.01.2026) | ||
| 1 | 1111 days | 4.95 | 5.00 |
| 2 | 2222 days | 4.95 | 5.00 |
| 3 | 3333 days | 4.95 | 5.00 |
* For interest rates of single domestic bulk term deposit of Rs.10 Crore and above, Kindly Contact the nearest Branch.
** Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.
++ Non-callable term deposits are Bulk deposits where PREMATURE WITHDRAWAL IS NOT PERMITTED. Auto Renewal facility is not available for Non-callable deposits.
@Bank is not accepting Term Deposits under Non-callable segment for maturities of below 46 Days and 3 Years and above.
Penalty Clause for Bulk Deposits (Rs. 3 Crore & Above)
A penalty of 1.00% is waived in case of premature closure/part withdrawal/ premature extension of Domestic/NRO CALLABLE term deposit of Rs. 3 Crore & above that are accepted/renewed on or after 12.03.2019.
Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at the rate as applicable for the amount slab of Rs.3 Crore & above as ruling on the date of deposit and as applicable for the period run OR the rate at which the deposit has been accepted, whichever is lower.
However, a penalty of 1.00% shall be levied for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of Rs.1 Crore & above that are accepted /renewed from 04.02.2011 to 12.10.2012.
Further, no interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.
REVISED ROI FOR NON-RESIDENT ACCOUNTS W.E.F 14.01.2026
|
a.NRO- All maturities |
Same as applicable to Domestic Term Deposits |
||||
|
b.NRE- Term deposits |
Rate of interest (%) per annum |
||||
|
S.no |
PERIOD OF DEPOSIT |
RATE OF INTEREST ( % P.A.) |
|||
|
Callable Deposits |
Non-Callable Deposits |
||||
|
Less than Rs.3 Crore (w.e.f.05.01.2026) |
Above Rs.1.00 Crore to Less than RS.3.00 Crore |
||||
|
Rate of interest |
Annualised |
Rate of interest |
Annualised |
||
|
(% per annum) |
Interest yield (% per annum) |
(% per annum) |
Interest yield (% per annum) |
||
|
1 |
1 Year & above to 1 year 3 months Only (Expect 444 Days) |
6.25 |
6.40 |
6.35 |
6.50 |
|
2 |
444 Days |
6.45 |
6.60 |
6.55 |
6.71 |
|
3 |
555 Days |
6.50 |
6.66 |
6.60 |
6.76 |
|
4 |
Above 1 Year 3 months to less than 2 Years (Expect 555 days) |
6.25 |
6.40 |
6.35 |
6.50 |
|
5 |
2 years & above to less than 3 years |
6.25 |
6.40 |
6.35 |
6.50 |
|
6 |
3 years & above to less than 5 years |
6.25 |
6.40 |
NA |
NA |
|
7 |
5 years & above to 10 years |
6.25 |
6.40 |
NA |
NA |
|
a.NRO- All maturities |
Same as applicable to Domestic Term Deposits |
||||
|
b.NRE- Term deposits |
Rate of interest (%) per annum |
||||
|
S.no |
PERIOD OF DEPOSIT |
RATE OF INTEREST ( % P.A.) |
|||
|
Callable Deposits |
Non-Callable Deposits |
||||
|
Rs. 3 Crore to less than Rs.10 Crore (w.e.f.14.01.2026) |
Rs. 3 Crore to less than Rs.10 Crore (w.e.f.14.01.2026) |
||||
|
Rate of interest |
Annualised |
Rate of interest |
Annualised |
||
|
(% per annum) |
Interest yield (% per annum) |
(% per annum) |
Interest yield (% per annum) |
||
|
1 |
1 Year Only |
6.20 |
6.35 |
6.23 |
6.38 |
|
2 |
Above 1 year to less than 2 years |
6.20 |
6.35 |
6.23 |
6.38 |
|
3 |
2 years & above to less than 3 years |
5.50 |
5.61 |
5.53 |
5.65 |
|
4 |
3 years & above to less than 5 years |
5.00 |
5.09 |
5.03 |
5.13 |
|
5 |
5 years & above to 10 years |
5.00 |
5.09 |
5.03 |
5.13 |
Penalty is waived for premature extension of Domestic/NRO/NRE term deposits of less than Rs. 3 Crore during the tenure, where extension is for a longer than the period originally agreed to. However, No interest will be payable on NRE term deposits prematurely closed/prematurely extended before completion of 1 year.
* Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rates of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.
No interest will be payable for the period run on NRE term deposits prematurely closed/ prematurely extended before completion of one year from the effective date of the deposit
NRE Term deposits are auto renewed only once as the Non-resident status is to be confirmed. Overdue NRE deposits will be paid interest as applicable to Savings account from the date of maturity till the date of payment/ re-investment.
PENALTY:
A penalty of 1.00% will be levied for premature closure of NRE term deposits of less than Rs.3 Crore that are placed/renewed on or after 12.03.2019.
No penalty will be levied for premature closure/premature extension of NRE term deposits of Rs.3 Crore & above that are placed/renewed on or after 12.03.2019.
However, a penalty of 1.00% shall be levied for premature closure of NRE term deposits of Rs.1 Crore & above that are placed /renewed from 29.12.2011 to 12.10.2012.
Interest rates on FCNR (B) Deposits w.e.f. 19.12.2025 (Interest rate % per annum)
|
|
CURRENCY OF DEPOSIT |
|||||
|
PERIOD OF DEPOSIT |
USD <100000 |
USD>=100000 |
GBP |
EURO |
CAD |
AUD |
|
1 year to less than 2 years |
5.10 |
5.15 |
4.20 |
2.70 |
3.20 |
3.70 |
|
2 years to less than 3 years |
3.90 |
3.90 |
3.00 |
2.00 |
3.25 |
3.50 |
|
3 years to less than 4 years |
3.70 |
3.70 |
2.50 |
1.50 |
3.00 |
3.00 |
|
4 years to less than 5 years |
3.50 |
3.50 |
2.50 |
1.50 |
3.00 |
3.00 |
|
5 years |
3.50 |
3.50 |
2.50 |
1.50 |
3.00 |
3.00 |
APPENDIX
FCNR (B) Rate of Interest with Annualised Interest Yield Details (in % p.a.)
|
CURRENCY OF DEPOSIT |
USD < 100000 |
USD >= 100000 |
GBP |
EUR |
CAD |
AUD |
||||||
|
PERIOD OF DEPOSIT |
||||||||||||
|
RATE |
YIELD* |
RATE |
YIELD* |
RATE |
YIELD* |
RATE |
YIELD* |
RATE |
YIELD* |
RATE |
YIELD* |
|
|
12 months |
5.10 |
5.24 |
5.15 |
5.29 |
4.20 |
4.30 |
2.70 |
2.76 |
3.20 |
3.27 |
3.70 |
3.79 |
|
24 months |
3.90 |
4.07 |
3.90 |
4.07 |
3.00 |
3.11 |
2.00 |
2.06 |
3.25 |
3.38 |
3.50 |
3.65 |
|
36 months |
3.70 |
3.94 |
3.70 |
3.94 |
2.50 |
2.62 |
1.50 |
1.55 |
3.00 |
3.16 |
3.00 |
3.16 |
|
48 months |
3.50 |
3.78 |
3.50 |
3.78 |
2.50 |
2.65 |
1.50 |
1.56 |
3.00 |
3.21 |
3.00 |
3.21 |
|
60 months |
3.50 |
3.85 |
3.50 |
3.85 |
2.50 |
2.69 |
1.50 |
1.57 |
3.00 |
3.26 |
3.00 |
3.26 |
* Annualized yield at the end of the period.
Note: - • The above interest rates are applicable only for FCNR (B) deposits of amount less than USD 1 Million (or its equivalent in other currencies). For FCNR(B) deposit of USD 1 Million & above (or its equivalent in other currencies) please con-tact our branch.
• Compounding of interest in FCNR (B) Term Deposit at half yearly interval (for applicable products).
• Annualized yield calculated on the maximum period under the respective period bucket.
Interest rates on RFC Deposits w.e.f. 19.12.2025 (Interest rate % per annum)
|
PERIOD OF DEPOSIT |
CURRENCY OF DEPOSITS |
|||||
|
|
USD < 100000 |
USD >= 100000 |
GBP |
EUR |
CAD |
AUD |
|
SAVINGS BANK |
0.10 |
0.10 |
0.10 |
0.00 |
0.00 |
0.00 |
|
1 month & above but less than 3 months |
0.10 |
0.10 |
NA |
NA |
0.10 |
0.10 |
|
3 months & above but less than 6 months |
0.10 |
0.10 |
NA |
NA |
0.10 |
0.10 |
|
6 months & above but less than 1 year |
0.10 |
0.10 |
NA |
NA |
0.10 |
0.10 |
|
1 year & above but less than 2 years |
5.10 |
5.15 |
4.20 |
2.70 |
3.20 |
3.70 |
|
2 years & above but less than 3 years |
3.90 |
3.90 |
3.00 |
2.00 |
3.25 |
3.50 |
|
3 years only |
3.70 |
3.70 |
2.50 |
1.50 |
3.00 |
3.00 |
Note: -
• The above interest rates are applicable only for RFC deposits of amount less than USD 1 Million (or its equivalent in other currencies). For RFC deposit of USD 1 Million & above (or its equivalent in other currencies) please contact our branch.
• Compounding of interest in RFC Term Deposit at half yearly interval (for applicable products).
- Calculation of interest is on the basis of 360 days to a year.
- Only one-time automatic renewal facility of FCNR (B) deposits is available.
- Renewal of Overdue deposit will be done as per term and condition of the Bank.
- If overdue FCNR is not renewed with three year of maturity, the amount will be crystallised. (the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchange rate prevailing as on that date).
- Where the FCNR(B) deposit is to be closed before maturity before completion of the minimum period of deposit i.e. one year from the effective date of deposit, no interest is payable on such prematurely closed deposit.
- Other Terms and conditions of the Bank as applicable on FCNR Deposit. For more details, please visit your nearest branch.
FCNR (B) DEPOSITS - APPLICABLE RATE OF INTEREST FOR CLOSURE BEFORE MATURITY
| If the FCNR(B) deposit is closed before maturity prior to completion of the minimum period of deposit i.e., one year from the effective date of deposit, no interest is payable on such prematurely closed deposit. | |
| For FCNR (B) Deposits opened/renewed prior to 19.11.2021: |
if FCNR (B) deposit is closed before maturity on or after completion of the stipulated minimum period of deposit of 1 year, the rate of interest payable on such prematurely closed deposit shall be 1% less than the stipulated rate of interest applicable to FCNR (B) deposit for the period run, as ruling on the date of deposit. If FCNR (B) deposit is closed before maturity on or after completion of the stipulated minimum period of deposit of 1 year, for reinvestment in FCNR (B) deposit in other permitted currencies (i.e., USD, GBP, EUR, AUD, CAD), the rate of interest payable on such prematurely closed deposit shall be 0.50% less than the rate applicable for the period run, as ruling on the date of FCNR (B) deposit. |
| For FCNR (B) Deposits opened/renewed on or after 19.11.2021: | If FCNR (B) deposit is closed before maturity on or after completion of the stipulated minimum period of deposit of 1 year, the rate of interest payable on such prematurely closed deposit shall be the rate of interest applicable to FCNR (B) deposit for the period run, ruling as on the date of deposit or on the date of seeking premature withdrawal, whichever, is lower. |
| Contact Details | E- Mail: nrihub@canarabank.com |
Guidelines for calculation and payment of interest for the overdue period on FCNR (B)/RFC Term Deposits are as mentioned below:-
| Overdue period (from the date of maturity till the date of renewal, both days inclusive) | FCNR (B) Deposit | RFC Term Deposit |
|---|---|---|
| Not exceeding 14 days |
1. Overdue deposit or a portion thereof can be renewed from the date of maturity. 2. The rate of interest payable on the amount of the deposit so renewed shall be the appropriate rate of interest for the period of renewal as prevailing on the date of maturity or on the date of renewal, whichever is lower. |
1. Overdue RFC Term Deposit can be renewed from the date of maturity at the interest rate prevailing on the date of maturity, provided the deposit is renewed to fall due after a period of not less than one month from the date of renewal. 2. In case of renewal of individual RFC Term Deposits of value USD 250,000 and above or equivalent in other currencies, minimum period of renewal can be one week beyond date of renewal. 3. Wherever the depositor opts to renew the deposit from the date of presentation to take advantage of enhanced interest rate prevailing on the date of presentation, same can be acceded to without payment of interest for the overdue period. |
| More than 14 days | Simple interest at par with RFC SB rate for the respective currency prevailing on the date of renewal or the contracted rate of interest on the matured TD, whichever is lower. | |
In case a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the bank shall convert the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchange rate prevailing as on that date. Thereafter, the depositor shall be entitled to claim either the said Indian Rupee proceeds and interest thereon, if any, or the foreign currency equivalent (calculated at the rate prevalent as on the date of payment) of the Indian Rupee proceeds of the original deposit and interest, if any, on such Indian Rupee proceeds.
If customer submits request for placement of such INR proceeds in term deposit, guidelines for payment of simple interest for overdue period of FCNR (B)/RFC deposit for the pre crystallization period of 3 years from the date of maturity are as follows:-
- If the depositor is NRI on the date of renewal – Rate of Interest shall be simple interest at par with RFC SB rate for the respective currency prevailing on the date of renewal or the contracted rate of interest on the matured TD, whichever is lower.
- If the depositor is resident on the date of renewal – Rate of Interest shall be RFC SB rate prevailing on the date of maturity or on the date of renewal, whichever is lower.
- In cases where FCY deposits are crystallized, customer is entitled for the simple interest at ongoing SB rate on the INR component for the post crystallization period irrespective of the fact whether customer opts for renewal or withdrawal.
Important Points
- In cases where deposit is overdue for more than 14 days, renewal from date of maturity is not permitted. If customer requests the Bank for renewal of such overdue deposit, the same shall be acceded to by treating it as a fresh term deposit at the interest rate prevailing on the date of renewal for the period of fresh term deposit.
- In case where deposit is not renewed for minimum maturity period, no interest for the overdue period for which it remained in FCY shall be paid.
- In case, where only a portion of the overdue deposit is renewed, interest for the overdue period shall be paid on the amount so placed.
- If, after renewal, the deposit is withdrawn before completion of the minimum stipulated period, interest paid for the overdue period i.e. period beyond the original date of maturity of earlier deposit shall be recovered.
- In case where deposit is crystallized, for determining interest rate for overdue period (pre-crystallization), customer’s residential status as on the date of renewal shall be reckoned.
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