Canara Bank NRE / NRO / NRI / FCNR FD Rates
Canara Bank NRI FD rates for NRE and NRO term deposits currently range from 3.00% to 6.50% p.a., while FCNR (B) deposits offer fixed returns in foreign currencies such as USD, GBP and EUR. NRIs can choose the account type that matches their repatriation and tax needs. Compare the tables below for the latest tenure-wise rates before booking a deposit.
Canara Bank NRE Fixed Deposit Rates Below Rs.2 Crore
Tenure | Interest Rates (p.a.) |
1 year only | 6.25% |
444 Days | 6.50% |
Above 1 year to less than 2 years | 6.25% |
2 years and above to less than 3 years | 6.25% |
3 years and above to below 5 years | 6.25% |
5 years and above to 10 years | 6.25% |
Note: The interest rates are effective from 17 March 2026.
Interest earned on a Canara Bank NRE fixed deposit is exempt from tax in India, and both the principal and interest are freely repatriable abroad.
Canara Bank FCNR (B) Fixed Deposit Rates
Tenure | USD | GBP | EUR | CAD | AUD |
1 year to less than 2 years | 5.00% | 4.20% | 2.70% | 3.20% | 3.70% |
2 years to less than 3 years | 3.90% | 3.00 | 2.00 | 3.25% | 3.50 |
3 years to less than 4 years | 3.70% | 2.50 | 1.50 | 3.00% | 3.00 |
4 years to less than 5 years | 3.50% | 2.50 | 1.50 | 3.00% | 3.00 |
5 years | 3.50% | 2.50 | 1.50 | 3.00% | 3.00 |
Note: The interest rates are effective from 1 September 2026. The USD rate applies to deposits of USD 100,000 and above; a different rate applies below this threshold.
Interest on a Canara Bank FCNR (B) fixed deposit is also exempt from tax in India, and the deposit can be held in foreign currency to avoid exchange-rate risk until maturity.
Canara Bank NRO Term Deposit Rates Less than Rs.2 crore
Maturity Period | Interest Rate for General Citizens (p.a.) |
7 Days to 45 Days | 3.00% |
46 Days to 90 Days | 4.00% |
91 Days to 179 Days | 4.25% |
180 Days to 269 Days | 5.25% |
270 Days to less than 1 Year | 5.50% |
1 Year Only | 6.25% |
444 Days | 6.50% |
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 | 6.25% |
Note: The interest rates are effective from 17 March 2026.
Interest earned on a Canara Bank NRO fixed deposit is taxable in India and subject to TDS, and repatriation of NRO funds abroad is capped at USD 1 million per financial year, subject to RBI conditions.
Summary
Canara Bank offers NRE, NRO and FCNR (B) fixed deposits for NRIs, each with distinct currency, tax and repatriation rules. NRE and FCNR (B) deposits give tax-free, fully repatriable returns, while NRO deposits suit India-sourced income with taxable interest. Compare the rate tables above and check Canara Bank's official terms before booking an NRI fixed deposit.
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FAQs on Canara Bank NRI FD Rates
1.What is a Canara Bank NRI fixed deposit?
A Canara Bank NRI fixed deposit is a term deposit that Non-Resident Indians can open under the NRE, NRO or FCNR (B) route. Each route differs in currency, taxability and repatriability. NRIs can pick the option that best matches their savings and remittance needs.
2.What is a Canara Bank NRE fixed deposit?
A Canara Bank NRE fixed deposit lets NRIs place foreign earnings, converted into Indian rupees, in a term deposit held in India. It is fully repatriable and the interest earned is exempt from Indian income tax. Canara Bank offers NRE deposits across tenures of up to ten years.
3.What is a Canara Bank FCNR (B) fixed deposit?
A Canara Bank FCNR (B) fixed deposit lets NRIs hold a term deposit in a foreign currency, such as USD, GBP, EUR, CAD or AUD, instead of Indian rupees. This removes exchange-rate risk on the deposited amount until maturity. Like NRE deposits, FCNR (B) interest is exempt from tax in India.
4.What is a Canara Bank NRO fixed deposit?
A Canara Bank NRO fixed deposit is meant for income that NRIs earn within India, such as rent, dividends or pension. Unlike NRE and FCNR (B) deposits, interest on an NRO fixed deposit is taxable in India. NRO deposits also carry restrictions on how much can be repatriated abroad each year.
5.Is there a minimum deposit amount for Canara Bank NRI fixed deposit schemes?
Yes, Canara Bank fixed deposit schemes require a minimum deposit amount, which is listed on the official Canara Bank website and revised from time to time. NRIs should confirm the current minimum before opening a fixed deposit.
6.What is the maximum tenure for a Canara Bank NRE fixed deposit?
The maximum tenure for a Canara Bank NRE fixed deposit for NRE account holders is ten years. NRIs can choose shorter tenures depending on their investment horizon. Interest rates typically vary by the tenure selected.
7.Can NRI individuals open a joint Canara Bank fixed deposit account?
Yes, NRI individuals can open a joint Canara Bank fixed deposit account with other eligible individuals. Canara Bank permits up to four NRI individuals to hold a joint account together. Joint holders should confirm the account operating instructions at the time of opening.
8.Does Canara Bank allow premature withdrawal of NRI fixed deposits?
Yes, Canara Bank allows premature withdrawal on its NRE, NRO and FCNR (B) fixed deposit schemes for NRIs. A penalty may apply on premature withdrawal, as specified in Canara Bank's deposit terms. NRIs should check the applicable terms before breaking a deposit early.
9. Is a nomination facility available on Canara Bank NRI fixed deposits?
Yes, Canara Bank offers a nomination facility on its NRE, NRO and FCNR (B) fixed deposit schemes for NRIs. Nomination allows a named individual to claim the deposit if the account holder dies. NRIs are encouraged to register a nominee at the time of account opening.
10.Can NRIs avail a loan against Canara Bank fixed deposits?
Yes, Canara Bank offers loans against fixed deposits for its NRE, NRO and FCNR (B) account holders. The loan amount and terms depend on the deposit value and Canara Bank's lending policy at the time. NRIs should approach their Canara Bank branch for the current loan-against-deposit terms.
11.Are senior citizen NRIs eligible for additional interest on Canara Bank fixed deposits?
No, senior citizen NRIs are not eligible for the additional interest that Canara Bank offers to resident senior citizens on fixed deposits. This is because NRE, NRO and FCNR (B) deposits fall under a separate non-resident rate structure. NRIs should refer to the applicable NRI deposit rate table instead.
12.Are transfers allowed between a person's own Canara Bank NRO accounts?
No, transfers between a person's own NRO accounts are not allowed under Canara Bank's NRI banking rules. Funds in an NRO account can be used for permissible domestic transactions and, subject to conditions, repatriated abroad. NRIs should check Canara Bank's NRO account terms for further details.
13. Is interest on Canara Bank NRE and FCNR (B) fixed deposits taxable in India?
No, interest earned on Canara Bank NRE and FCNR (B) fixed deposits is exempt from income tax in India for NRIs. This is a key advantage of these two deposit types over NRO deposits. NRO fixed deposit interest, by contrast, is taxable.
14.Can Canara Bank NRE fixed deposit funds be fully repatriated abroad?
Yes, both the principal and interest on a Canara Bank NRE fixed deposit are freely repatriable abroad. FCNR (B) deposits carry the same repatriation benefit. NRO fixed deposits, however, are subject to annual repatriation limits set by the RBI.
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