Personal Finance Bank accounts

Canara Bank NRI Accounts: Guide for Indian Expats

Wise
15.02.24
Read time 1 minute

Canara Bank, a trusted name in Indian banking, offers a suite of NRI accounts designed to make managing your finances from abroad both convenient and accessible. Let's delve into the options available and the advantages these accounts provide.

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  • Transparent Fees: Wise has a clear fee* structure, so you'll always know exactly how much your transfer will cost.
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Canara Bank NRI Account Options

Canara Bank understands the varied requirements of NRIs and presents the following primary account types:

  • NRE (Non-Resident External) Account: Maintain your foreign earnings in this rupee-denominated account and enjoy the freedom to repatriate funds without restrictions.

  • NRO (Non-Resident Ordinary) Account: Effectively manage income sources within India, such as rental income, dividends, or pensions, through this account. Though repatriation has limitations, provisions exist for specific purposes.

  • FCNR (B) Deposit Account (Foreign Currency Non-Resident (Bank) Deposit Account): Grow your savings in major foreign currencies while enjoying attractive interest rates with this fixed deposit option. Interest earned on these deposits often benefits from tax exemptions in India.

Benefits of Canara Bank NRI Accounts

  • Trusted Institution: Bank with a long-standing reputation for reliability and customer-centric services.

  • Convenience: Manage your accounts online with Canara Bank's digital banking platforms.

  • Competitive Interest Rates: Earn potential returns on your rupee and foreign currency deposits.

  • Dedicated NRI Services: Receive support tailored to your unique banking needs as an NRI.

Canara Bank's NRI accounts provide a solid foundation for managing your finances connected to India. With a combination of reliable service, different account options, and the backing of an established institution, Canara Bank aims to meet your evolving NRI banking needs.

Beyond Transfers: Simply your NRI financial life with Wise

Wise offers an ideal alternative to banks for global expats with roots abroad. Take a look at the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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