Canara Bank launches new FCNR(B) Special Deposit Scheme for NRIs

Canara Bank has rolled out its FCNR(B) Special Deposit Scheme aimed at helping Non‑Resident Indians increase their savings through secure investments in India. The bank says depositors can earn up to 6.50 % per annum on USD‑denominated funds, with tenors that can be chosen anywhere between three and five years, subject to a one‑year lock‑in.

The launch aligns with the recent steps taken by the Reserve Bank of India to attract more foreign‑currency inflows.

Through this scheme, interest accrues on foreign‑currency deposits, offering attractive rates together with capital protection. It is offered in major currencies such as the US dollar (USD), British pound sterling (GBP), euro (EUR), Canadian dollar (CAD) and Australian dollar (AUD).

In addition, the interest earned on FCNR(B) deposits is exempt from Indian tax, making it a particularly appealing option for NRIs. Canara Bank also extends the facility of a loan against these deposits.

Commenting on the initiative, Bhavendra Kumar, Executive Director, Canara Bank, said, “The FCNR(B) Special Deposit Scheme is crafted to give our NRI customers competitive returns on their foreign‑currency holdings. It is convenient, tax‑efficient and allows easy access to funds, thereby serving as an excellent investment avenue for our overseas clients.”

Published on June 16, 2026