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NRO Account from Canada
At a Glance
Canada is home to a significantly large population of Indian nationals, making India the highest source of immigration in the land. If you live in Canada as an NRI and continue to earn income in India through several sources, an NRO Savings Account is ideal for you. Manage income earned in India through bespoke wealth solutions from DBS Treasures and earn up to 5.5%* p.a. on NRO Fixed Deposits created with balances in your NRO Savings Accounts.
Open NRO Account from Canada
The second-largest country globally, Canada boasts fascinating geographical features. Its natural reserves have contributed towards making the country an economic goldmine. The Canadian economy also significantly depends on international trade, allowing major multinational companies to establish their bases. Thus, Canada attracts an increased overseas population every year.
The inception of the Indian Canadian community was a result of Indians moving to Canada in the late 19th for employment, many of whom were British Army veterans. Today, over a million Indians are residing in Canada for business, work, and education. If you are an Indian expatriate in Canada with ties to India, DBS offers a wide range of NRI Accounts to take care of your loved ones back home. Opting for an NRO Savings Account allows you to deposit earnings from India and avail attractive interest rates.
NRO Account from Canada - Features and Benefits
- An NRO Savings Bank Account is ideal for NRIs who still earn income in India in the form of pension, rent from properties, dividends from Mutual Funds or other investments, etc.
- You can deposit foreign earnings in Indian NRO accounts, and the foreign currency gets auto converted to Indian Rupees.
- Enjoy competitive interest rates of up to 3% annually on your NRO Account Deposits.
- The interest earned is repatriable up to USD 1 million per financial year and is taxable.
- Avail of preferential currency conversion rates on remittances made in an NRO Account.
- You can open NRO Accounts jointly with another NRI or a Resident Indian, who can operate the account on a former or survivor basis.
- DBS offers an Infinite Debit Card that gives you access to exclusive offers and 40+ tailormade privileges.
- Access your account anytime with DBS mobile and internet banking platforms.
Double Taxation Avoidance Agreement (DTAA)
As an NRI, you have to pay taxes in Canada on the income earned there. You also have to pay income tax on your income sources in India. However, to ensure that you do not end up paying taxes on the same income sources, thereby increasing your tax burden – the Governments of India and Canada have entered into a special agreement called the Double Taxation Avoidance Agreement or DTAA. This agreement enables NRIs from paying taxes on the same income sources twice.
The DTAA agreement states that NRIs need to pay taxes once at a fixed rate. As such, you have to pay taxes in Canada on the income earned there, whereas the tax payable in India is on the income earned in India. As per the RBI guidelines, the DTAA Tax Deducted at Source (TDS) rate for NRIs in Canada is 15% on your income sources in India.
Fees and Charges of NRO Account in Canada
To view the detailed schedule of fees and charges for NRO Savings Accounts here.
Eligibility Criteria for opening NRO Account in Canada
To open NRO Savings Account from Canada, you must be:
- A Non-Resident Indian
- An Indian citizen residing overseas for reasons such as employment, education, or business on an appropriate visa
- An Individual deputed or posted in the United Nations or abroad by the Indian Government or a PSU unit
- An Indian national serving in the merchant navy, an individual employed on oil rigs or an employee of an overseas airline company
- A Person of Indian origin or an Overseas Citizen of India as per the RBI definition
- An individual who has held an Indian passport at any point in time
- An individual whose parents or grandparents were Indian citizens per the Constitution of India or India Citizen Act 1955.
Documents Required for opening NRO Account in Canada
For NRI in Canada
- Valid passport copies with name, date of birth, address, date and place of passport issue, expiry date, signature, visas and immigration stamps, if any)
- Latest passport size photographs
- Residence Proof for Canada: Indian Passport/Valid Work Permit/Utility Bills/Driving License/Lease Agreements/Bank Statements etc.
- Residence Proof for India: Indian Passport/Driving License/Lease Agreements/Municipal Tax Receipts/Bank Statements/Voter ID/Aadhaar Card etc.
- NRI Status Proof: Employment or Work Visa/Permit, or Residence Visa/Permit issued by the Canadian Government
- PAN Card or Form 60
- For Seafarers, additional documents required are:
- Valid CDC along with the last page of the disembarkation stamp
- Valid work contract
- FEMA Declaration
For PIO in Canada
- Valid passport copies with name, date of birth, address, date and place of passport issue, expiry date, signature, relevant visas, and immigration stamps (if any).
- Latest passport size photographs
- PIO Card or previous Indian passports or OCI Card
- Residence Proof for Canada: Foreign Passport/Valid Work Permit/Utility Bills/Driving License/Municipal Tax Receipts/Bank Statements etc.
- Residence Proof for India: Driving License/Lease Agreements/Municipal Tax Receipts/Bank Statements etc.
- PAN Card or Form 60
- PIO Declaration form signed and filled
How to Apply for NRO Account in Canada?
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
As per the RBI, you may repatriate up to USD 1 million (or its equivalent in other currencies) in a financial year from the funds parked in your NRO Account. You are also permitted to repatriate any income earned from sales of any assets you may have acquired through inheritance so long as you provide documents that support the inheritance claim.
As per RBI, NRIs can get loans with an NRO Account only in India and not outside India. DBS grants loans against deposits to account holders subject to the norms and capital requirements.
Yes. As an NRI, you can appoint a Power of Attorney to operate the NRO Savings Account. However, the operations are limited to withdrawals, remittances, and specific investments.
Yes, you can. You can open the NRE Account from Canada via the DBS Treasures website by uploading scanned copies of your documents attested by the Indian embassy in Canada. You can also consult your relationship manager for assistance with NRE Account opening.