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.
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.
To open NRE Savings Account, you must fulfil the following eligibility criteria. You could be:
Open NRE Savings Account online from Canada by filling a form on the DBS Treasures website
A DBS Treasures Relationship Manager will contact you shortly.
Yes, a Power of Attorney can operate the account, limited to withdrawals for permissible local disbursements or remittances.
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.
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.
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.