For generations, Canada has been the preferred place to immigrate for Indians, paving the way for the rapid growth of the NRI population in Canada. As an NRI living in Canada, you can place your foreign earnings in a fixed deposit to protect against currency fluctuations. Earn 100% tax-free and fully-repatriable returns on Foreign Currency Non-Resident Fixed Deposits.
Canada is an economically advanced nation that boasts an abundance of natural resources and strong trade links at the international level. A melting pot of cultures, Canada is one of the most welcoming nations in terms of immigration. A hospitable attitude towards the immigrant population coupled with immense employment opportunities draws in a great deal of international traffic.
The Indian diaspora in Canada is vast and includes students pursuing higher education, professionals working in IT, pharmaceuticals, manufacturing, and hospitality industries, to name a few. NRIs looking to save their Canadian earnings can open a Foreign Currency Non-Resident Deposit Account and earn higher interest income. With your DBS Treasure FCNR Account, you can freely repatriate any amount back to Canada.
The Bank shall, on written request from all depositors, allow withdrawal of a Resident / NRO Term deposits and NRE / FCNR Deposits before the date of its maturity. The interest on prematurely withdrawn Resident / NRO Term Deposits and NRE / FCNR deposits will be paid for the period that such deposit is held, at the rate prevailing on the date of placement of such deposit or the contracted rate, whichever is lower, subject to a deduction of a 1% penalty.
However, no interest will be paid in case of NRE / FCNR Deposits prematurely withdrawn before the expiry of 1 (one) year from the date of deposit or its renewal.
Please note that pre-closure charges of 1% will be applicable on all Term Deposits booked / renewed on or after 15th April 2019.
For detail terms and conditions click here.
You are eligible to open FCNR(B) from Canada if you are an Indian citizen residing in Canada as an NRI or if you are a Person of Indian Origin (PIO) or Overseas Citizen of India (OCI) cardholder.
FCNR Deposits are excellent means of investing your surplus Canadian currency earnings. DBS Treasures offer attractive interest rates, and the FCNR Deposit is protected against exchange rate fluctuations. The principal amount and interest earned are fully repatriable and exempt from tax payment.
No. You cannot transfer funds from NRO Accounts for opening an FCNR Account. You can, however, transfer funds from an NRE Savings Account to open FCNR Deposits.
Yes. You can withdraw your FCNR Deposit any time before maturity. However, you have to forego interest payments for premature withdrawals within a year of opening the deposit.
Yes, the Reserve Bank of India permits you to secure loans in India and Canada against your FCNR Deposit.
As long as your NRI status prevails, your FCNR Deposit will continue to mature in the foreign currency. If your residential status changes from NRI to Resident Indian, the bank will convert your FCNR (B) Deposits into a resident rupee deposit account upon maturity. If eligible, you can open a Resident Foreign Currency Account as well.
Yes, you can open an FCNR Deposit jointly with another Non-resident Indian who can operate the account on a former or a survivor basis.