Canara Bank has launched its FCNR(B) Special Deposit Scheme to help Non-Resident Indians (NRIs) grow their savings while investing securely in India. As per the bank, customers can now earn an interest rate of up to 6.50 per cent p.a. on USD deposits, with a flexible tenure ranging from 3 years to 5 years. The deposit carries a lock-in period of one year.

This announcement comes in line with the recent measures announced by the Reserve Bank of India (RBI) to encourage foreign currency inflows into the nation.

Under the Special Deposit Scheme, customers can earn interest on deposits denominated in foreign currencies, with high interest rates and capital protection features. This scheme is offered in leading foreign currencies such as the US dollar (USD), British pound sterling (GBP), euro (EUR), Canadian dollar (CAD) and Australian dollar (AUD).

Besides, the interest earned from the FCNR(B) deposits is exempted from tax in India, which makes it an ideal investment choice for NRIs. Under this scheme, Canara Bank is also providing the facility of a loan against the FCNR(B) deposits.

Speaking about this scheme, Bhavendra Kumar, Executive Director, Canara Bank, said, “The FCNR(B) Special Deposit Scheme is tailor-made to provide our NRI customers with the benefit of earning competitive interest on their foreign currency deposits. This scheme is very convenient, tax-efficient, and easy to withdraw funds, making it an excellent investment option for our customers abroad.”

Published on June 16, 2026