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from Canada
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 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.
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.
Interest Rates
Rates w.e.f. 11th December, 2023
|
Tenor |
Regular |
|
7 days |
2.50% |
|
8 days & up to 14 days |
2.75% |
|
15 days & up to 29 days |
4.00% |
|
30 days & up to 45 days |
4.50% |
|
46 days & up to 60 days |
4.50% |
|
61 days |
5.00% |
|
62 days & up to 90 days |
5.00% |
|
91 to 180 days |
5.00% |
|
181 to 269 days |
6.00% |
|
270 to less than 1 year |
6.00% |
|
1 year to 375 days |
7.00% |
|
376 days to 540 days |
7.50% |
|
541 days to 599 days |
7.25% |
|
600 days |
7.25% |
|
601 days to less than 2 years |
7.25% |
|
2 years to less than 2 years & 6 months |
7.00% |
|
2 years & 6 months |
7.00% |
|
2 years 6 months 1 day & less than 3 years |
7.00% |
|
3 years and less than 4 years |
6.50% |
|
4 years to less than 5 years |
6.50% |
|
5 years and above |
6.50% |
*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.
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
How to Apply for an NRO Fixed Deposit?
A DBS Treasures Relationship Manager will reach out to you soon after.
Frequently Asked Questions
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.
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.
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.
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.
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.
