Open NRO Fixed Deposit
from Canada

Open NRI Savings Account

At a Glance

India and Canada share strong bilateral ties. Canada houses a significant community of Indian expatriates who have moved here for education, employment, and business opportunities. NRIs in Canada can deposit Canadian Dollars into DBS Treasures NRO Account or use their Indian income sources parked into the account to open NRO fixed deposits from Canada.

Open NRI Savings Account

Open NRO FD from Canada

The second-largest country in the world, Canada is known globally for its hospitality and generosity of spirit. The country ranks among the top ten on many scales: economic development, rich natural resources, oil reserves, higher education institutions, etc. It is one of the few countries to invite thousands of immigrants every year and also offers expedited permanent residency.

For Indians, Canada has long been the preferred country to migrate to for education and employment opportunities. NRIs in Canada can continue managing their Indian expenses and investments with a Non-Resident Ordinary Account. 

Open NRI Savings Account

Features and Benefits of opening NRO FD account in Canada

  • Create a Non-Resident Ordinary (NRO) Fixed Deposit Account from your Indian income sources such as pension, dividends, mutual funds, property rent etc.
  • Fully repatriate the interest income from NRO Fixed Deposits to Canada.
  • The interest earned on the NRO Deposit Account is taxable.
  • Open NRO FD Account jointly with a Non-Resident Indian or a Resident Indian relative on a former or survivor basis.
  • Enjoy flexible NRO FD tenures ranging from 7 days up to 10 years.

Open NRI Savings Account

Interest Rates

Rates w.e.f. 11th December, 2023



7 days


8 days & up to 14 days


15 days & up to 29 days


30 days & up to 45 days


46 days & up to 60 days


61 days


62 days & up to 90 days


91 to 180 days


181 to 269 days


270 to less than 1 year


1 year to 375 days


376 days to 540 days


541 days to 599 days


600 days


601 days to less than 2 years


2 years to less than 2 years & 6 months


2 years & 6 months


2 years 6 months 1 day & less than 3 years


3 years and less than 4 years


4 years to less than 5 years


5 years and above


*DBS pay simple interest on fixed deposits of durations less than 6 months. The bank compounds the interest rates on a quarterly basis for fixed deposits of durations exceeding 6 months.

For more information click here.

Eligibility Criteria

Non-Resident Indians and Persons of Indian Origin who hold Overseas Citizen of India (OCI) cards can apply for an NRO Account and open NRO FD Account from Canada.

Open NRI Savings Account

Documents Required for opening NRO FD Account in Canada

To open NRO Fixed Deposit Account, you must first hold a DBS Treasures NRO Savings Account. Documents required are:

Documentation for NRIs

  • NRI status Proof: Employment Visa/Permit or Residence Visa/Permit authorised by the Canadian Government
  • Address proof in Canada and India as per Customer Identification Policy (CIP)
  • Indian Permanent Account Number (PAN)
  • Form 60 (in the absence of PAN)
  • Valid passport copies
  • Recent passport size photographs

NRI Seafarers must present a copy of their Continuous Discharge Certificate (CDC) with the disembarkation stamp on the last page, employment/work contract with the Canadian shipping company and Foreign Exchange Management Act (FEMA) declaration, along with the documents mentioned above.

Documentation for PIO and OCI

  • Valid POI card or OCI card or other relevant PIO status proof per CIP
  • Address proof of residency in Canada and India per CIP
  • Latest passport size colour photographs
  • Duly filled and signed PIO declaration form
  • Recent passport size photographs

Open NRI Savings Account

How to Apply for an NRO Fixed Deposit?

Apply Now

A DBS Treasures Relationship Manager will reach out to you soon after.

Frequently Asked Questions

Who is considered a PIO?

A Person of Indian Origin (PIO) is an individual who is a foreign citizen (except a national of Afghanistan, Bangladesh, Bhutan, China, Iran, Nepal, Pakistan, and Sri Lanka) who has previously held an Indian passport. Individuals whose ancestors (great grandparents, grandparents, or parents) were born in India and were permanent residents of India under the Government of India Act, 1935, are also PIOs. Someone who is a spouse of an Indian citizen is also considered a PIO.

I am an Indian National employed in Canada. Why should I open NRO Fixed Deposit Account from Canada?

If you are looking for a way to park long-term earnings and accrue guaranteed returns, an NRO Fixed Deposit is a hassle-free way to do so. Other perks of NRO FDs include higher interest rates than a regular Savings Account, ease in securing loans, and flexible tenures to suit your requirements.

What happens when my NRO FD matures?

When the NRO FD matures, you can choose from two options: withdraw the FD or renew it. If you choose the first option, the bank will deposit the principal amount and the interest income back into the source account, i.e., the NRO Savings Account. If you choose the second, the bank will renew the FD at the revised interest rates. You can also provide standing instructions to renew the FD automatically.

Can I repatriate any amount back to Canada with an NRO Fixed Deposits?

You can only repatriate the interest earned on your NRO FD back to Canada, whereas you may not repatriate the principal amount per RBI norms.

Can I withdraw the NRO FD before maturity?

Yes. You can withdraw your FD before maturity. However, the bank penalise your for premature withdrawal. Also, the minimum tenure for interest generation is 7 days. You will not qualify for interest payment if you withdraw an NRO FD before this minimum tenure of 7 days.