- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
from Canada
At a Glance
Canada shares strong ties with India and is home to a sizeable Indian community. Indian nationals residing in Canada for employment, business, or education can continue managing their financial expenses in India with DBS Treasures NRE Accounts. If you are an NRI in Canada, you can park your earnings in an NRE Savings Account in India and open NRE Fixed Deposits from Canada.
Open NRE Account from Canada
A country that has distinguished itself in every way, Canada is the second-largest country in the world. In terms of its economic development, this country is the 10th largest economy, the home of the 9th largest stock market, and boasts the 3rd largest oil reserves. These attributes, coupled with employment opportunities, expedited permanent residency and a high standard of living, attract immigrants to Canada.
Home to over 1 million registered Non-Resident Indians and Persons of Indian origin, Canada is a flourishing economy. As an NRI in Canada, you can deposit your Canadian dollars in your DBS Treasures NRE Account. You can also use the funds parked in the NRE Account to open NRE Fixed Deposits from Canada. Get guaranteed returns on your NRE Fixed Deposits and benefit from 100% tax-free repatriation of funds back to your local account in Canada.
Features and Benefits of opening NRE FD Account in Canada
- Attractive Interest Rates: As a DBS Treasures NRE Fixed Deposits Account holder, you can avail of competitive interest rates of up to 4.35%*.
- Tenure Flexibility: NRE Fixed Deposits come with tenures ranging from 1 year to 10 years.
- Fully Repatriable: Your principal and interest earned are fully repatriable back to Canada.
- Tax-Free Interest: Interest earned on an NRE Fixed Deposit Account is entirely tax-free.
- Joint FD Account: You can open NRE FD Account with another Non-resident Indian or a Resident Indian relative.
Eligibility Criteria
Non-resident Indians (NRI) and Persons of Indian Origin (PIO), including Overseas Citizen of India (OCI) cardholders holding a Canadian residency status, can open NRE Fixed Deposits from Canada.
Documents Required for opening NRE FD Account in Canada
Open NRE Fixed Deposit Account, with savings parked in your DBS Treasures NRE Savings Account.
For Non-Resident Indians in Canada
- Latest passport size colour photographs
- Permanent Account Number (PAN) card in India
- If PAN card is unavailable, provide Form 60
- Valid passport copies
- Proof of NRI status in Canada: Canadian Employment Visa/Permit or Residence Visa/Permit
- Address proof of residency in Canada and India as per Customer Identification Policy (CIP)
- Additional Documents for Seafarers
- Copy of Continuous Discharge Certificate (CDC) with the disembarkation stamp
- Employment Contract
- Foreign Exchange Management Act (FEMA) Declaration
For Person of Indian Origin or OCI Cardholders in Canada
- Latest passport size colour photographs
- Valid passport copies
- Valid POI card or OCI card or other relevant PIO status proof per CIP
- Address proof of residency in Canada and India as per CIP
- Duly filled and signed PIO declaration form
Once you open a DBS Treasures NRE Savings Account, you can open NRE Fixed Deposit External Account from Canada via DBS’ online banking platform. You can also visit the nearest DBS Treasures branch in India to submit a Fixed Deposit request form or get in touch with your designated relationship manager.
How to Apply for an NRE Fixed Deposit?
A DBS Treasures Relationship Manager will reach out to you soon after.
Frequently Asked Questions
An NRE Fixed Deposit Account parks your foreign earnings in Indian Rupees and generates higher interest than a regular savings account. Moreover, you can avail of tax benefits and repatriate any amount of money to Canada.
Depending on the type of term deposit, DBS will credit your NRE FD interest in your NRE Savings Account. DBS will pay you interest either upon maturity or every quarter, depending on whether you choose cumulative or non-cumulative FD interest payment.
You can redeem funds from an NRE FD before maturity. However, no interest is generated in the first 12 months of the tenure. You may also have to face penalties for closing the FD before maturity. The bank, however, does not permit the partial premature withdrawal of time deposits.
You can hold a joint account with another NRI or an Indian resident relative. You can also assign a nominee on a former or survivor basis.
After maturity, i.e., the end of your tenure, DBS will credit the principal deposit amount and interest in your NRE Savings Account. However, you do have the option to renew the FD for another tenure of your choice and continue to generate interest on the already interest-earned FD. The renewal will be per the provision of the relevant RBI scheme/guidelines in force at the time of renewal. You may also provide standard instruction and opt for automatic renewal, as per the revised interest rates.
Effective from 2012, the Reserve Bank of India has allowed banks to grant loans against NRE Deposits. You can secure rupee loans as well as foreign currency loans either in India or outside India.
