NRE Account from Canada

Open NRE Savings Account

At a Glance

Thanks to Canada’s liberal immigration and convenient citizenship policies, Indian Immigrants have been choosing to move to Canada for education and employment prospects. NRIs in Canada can manage their finances in India with DBS Treasures NRE Savings account, earn tax-free interest income and freely repatriate NRE deposits.

Open NRE Savings Account

NRE Savings Account from Canada

For decades, Canada has been the preferred destination for Indians choosing to immigrate abroad. Whether it is for education or employment purposes, Canada welcomes immigrants and also offers expedited citizenship. While some immigrating Indians decide to settle in Canada for good, others may want to move back to India. Irrespective of your Non-Resident Indian status, you can manage your finances in India with DBS Treasures Non-Resident External (NRE) Rupee Accounts. Conveniently deposit your Canadian earnings in Indian Rupee-denominated NRE Accounts. Enjoy 100% tax-free and fully repatriable interest income on your NRE Savings Account deposits.

Open NRE Savings Account

NRE Account from Canada – Features and Benefits

  • Freely repatriate any deposits and interest income back to Canada.
  • No need to pay taxes on NRE Account interest earnings
  • Enjoy competitive interest rates on savings parked in the NRE Account.
  • Create NRE Fixed Deposits from funds in the NRE Account to enjoy higher interest rates.
  • Reap profits from investing in the Indian market and Mutual Fund schemes from NRE Savings Account deposits.
  • Access your NRE Account round the clock with DBS Treasures’ Mobile banking app and internet banking platforms.
  • Get preferential currency conversion rates and pay zero handling charges on international fund transfers.
  • Open NRE Savings Accounts from Canada remotely, individually or jointly on a former or survivor basis.
  • Assign a Power of Attorney for limited operations on NRE Accounts.

Open NRE Savings Account

Fees and Charges

Get the detailed schedule of NRE Account Fees and Charges. Click here.

Eligibility Criteria for opening NRE Account in Canada

To open NRE Savings Account, you must fulfil the following eligibility criteria. You could be:

  • A Non-Resident Indian employed or studying in Canada.
  • A Non-Resident Indian residing in Canada for business.
  • An Indian national working as a mariner or seafarer on oil rigs or Canadian airlines.
  • A Government of India official posted in Canada to undertake diplomatic missions.
  • An individual who has previously held an Indian passport.
  • A Person of Indian Origin (PIO) or an Overseas Citizen of India (OCI) cardholder.
  • An individual whose ancestors were citizens of India under the Indian Citizen Act 1955.
  • The spouse of a PIO or an Indian Citizen.

Open NRE Savings Account

Documents Required for opening NRE Savings Account in Canada

As a Non-Resident Indian, you submit the following documents:

  • Valid Passport Copy
  • PAN Card Copy
  • Form 60 (if PAN Card is not available)
  • NRI status proof – Canadian residence/work visa or residence/work permit
  • Proof of address in Canada
  • Proof of address in India
  • Latest passport size colour photographs

Seafarers and mariners must submit additional documents, including:

  • Copy of Continuous Discharge Certificate (CDC) with the disembarkation stamp
  • FEMA Declaration
  • Work contract with the Canadian shipping company

As a Person of Indian Origin (PIO), you must submit:

  • Valid Passport Copy
  • PAN Card Copy
  • Form 60 (if PAN Card is not available)
  • PIO status proof, i.e., PIO or OCI card or any other relevant PIO status proof, per Customer Identification Policy
  • Proof of address in Canada
  • Proof of address in India
  • Latest passport size colour photographs
  • Duly signed and filled PIO Declaration

Open NRE Savings Account

How to Open NRE Savings Account from Canada?

Open NRE Savings Account online from Canada by filling a form on the DBS Treasures website

Open NRE Savings Account

A DBS Treasures Relationship Manager will contact you shortly.

Frequently Asked Questions

Can a Power of Attorney operate my NRE Account?

Yes, a Power of Attorney can operate the account, limited to withdrawals for permissible local disbursements or remittances.

When does DBS pay interest in an NRE Savings Account?

DBS will pay interest on your savings at quarterly intervals – 31st March, 30th June, 30th September and 31st December. DBS Bank reserves the right to change the schedule of interest payment.

What are the similarities and differences between NRE and NRO Account? Why should I open NRE Accounts?

NRE and Non-Resident Ordinary (NRO) Accounts are largely similar in that you can deposit your foreign earnings in both accounts. Also, the foreign deposits in both NRI Accounts are automatically converted to Indian Rupees. However, you should opt for NRE Account from Canada if your objective is to get 100% repatriation of your funds back to your country of residence. If, on the other hand, you have financial obligations, expenses, and income sources in India, you can open an NRO account to manage these expenses while you are based abroad. You can deposit rental income in India, earnings from Indian fixed deposits and investments, and pay for your Indian insurance policies from funds in the NRO Account.

I plan to return to India shortly. Can I convert my NRE Account to an ordinary Resident Indian Account?

Yes, you may convert your NRE Account to a regular Resident Indian account upon returning to India. You can contact us and inform us of your changed residency status to convert the NRE Account to an RI account. You also have the option to transfer funds from the NRE Account to a Resident Foreign Currency (RCF) Account as per RBI terms and conditions.