How to Open NRI Account in Canara Bank? Documents Required, Eligibility, etc.

NRI stands for Non-Resident Indians which basically means Indian citizens working and living in foreign nations like the UK, US, Canada, etc.

Banks in India provide premium services to the NRIs to cater to their banking needs in foreign countries. With an NRI account, you can easily avail banking services like sending money to the family, investing in India, etc.

You can open an NRI account in various banks once such bank is Canara Bank. In this article, we will discuss how to open an NRI account in Canara Bank? documents required, eligibility, etc.

Table of Contents

Features of NRI Account

The following are the features of NRI Account in NRI Account-

• Easy Funds transfer from foreign to India and also get attractive exchange rates while transferring the fuds online
• NRI account also have good interest rate provided for the fund deposited in the account
• With NRI account, you can easily operate your NRI account within India and you can also apply for this account as a joint account where you and your co-applicant both get debit card and cheque book facility to use the account separately

Eligibility Criteria for Opening NRI Account in Canara Bank

The following are the eligibility Criteria for Opening Account in Canara Bank-

• An Indian citizen living abroad can open an NRI account
• A Person of Indian Origin can also open the NRI account in Canara Bank

How to Open NRI Account in Canara Bank?

The following are the step by step instructions on how to open NRI Account in Canara Bank-

• Visit the Canara bank premises and ask the bank representative for NRI account opening form
• Now, fill the form with correct details like name, address (foreign address), bank service requirement, etc.
• After filling the form, attach all the documents mentioned below along with the deposit amount
• Now, submit all of these documents to the bank representative and the bank representative will provide you with reference number/deposit slip.
• The bank will then take some time to process your account opening request and after successful opening of the account, you’ll receive an SMS of successful account opening
• You’ll also receive bank starter’s kit which includes, Mobile banking activate, net banking activate, Debit Card, Cheque book, etc.

Documents Required for Opening NRI Account in Canara Bank

The following are the documents required for opening an account in Canara bank-

• ID Proof – Photocopy of Valid Passport
• ID Proof – Copy of Permanent Account Number (PAN)/ Form 60 (in absence of PAN Card)
• Proof of NRI Status – Copy of valid visa/ work permit / Overseas Resident Card
• Address Proof –Aadhaar card, Voter Id, Utility Bill, Credit Card bill, etc.
• Latest Passport size Photograph
• Initial deposit payment cheque/ draft from your own account

Note- The above-mentioned documents and xerox copies must be attested by the authorized officials of overseas branches of the Bank, branches of overseas banks with whom Indian banks have relationships, Notary Public abroad, Court Magistrate, Judge, or Indian Embassy/Consulate General of the country of residence.

FAQ

NRE stands for Non-Resident External which can be used to deposit funds in the foreign currency. NRI account is an account that is used to manage the funds in Indian Rupees.

In the NRI account, the deposit currency is in Indian Rupee. You can transfer funds in the foreign currency and it gets converted into Indian Rupees at the exchange rate of that time.

No, there are no taxes on the NRI principle funds however, the taxes on the interest earned from the fund deposit is taxed @30%. However, there are some NRI accounts whose income is not taxed.

I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.

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