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At a Glance
Nicknamed the Great White North, Canada is renowned for its higher education institutions, flexible immigration policies and bilateral trade relations with India. If you are NRI living in Canada, you can continue to manage your Indian expenses and payments with DBS Treasures NRI Accounts.
Ideal for the global Indian based overseas, DBS Treasures offers NRE and NRO Savings Accounts. Get competitive interest rates of 3% on your deposits, preferential currency conversion rates on remitting funds to India and enjoy 40+ bespoke privileges with your DBS Treasures NRI Accounts.
NRI Savings Account in Canada – Features & Benefits
FCNR Deposits: Save money in Canadian Dollars and earn interest in the currency of deposit with DBS Treasures’ Foreign Currency Non-Resident (FCNR) Deposit. You can open FCNR Deposits in 6 major currencies, including CAD.
Taxation: The funds deposited, and interest earned in NRE Accounts are exempt from income tax in India. Interest earned in NRO Accounts is subject to TDS, per Indian Income Tax regulations.
Remote Account Opening: You can open NRI Savings Account from anywhere across the globe with the help of our dedicated Relationship Managers.
NRE Savings Account in Canada
Deposit your Canadian earning in a rupee-denominated Non-Resident External (NRE) Accounts. Funds in the account are automatically converted to INR. You can also freely repatriate funds from the account in Canada
NRE Account Features
- Enjoy interest rates of up to 3%* per annum on NRE Accounts and open NRE Fixed Deposits for higher interest income.
- Both the interest earned in your NRE Savings Bank Account along with the funds deposited are fully repatriable back to Canada.
- You can jointly open NRE Savings Accounts with more than one NRI or Person of Indian Origin (PIO).
NRO Savings Account in Canada
Manage your Indian income sources with ease. Park your income from rental property, dividends and gains from mutual funds, pension income and more in a Non-Resident Ordinary (NRO) Savings Account. You can also deposit your Canadian dollars in the NRO Account and manage your Indian expenses like bill payments, loan EMIs, insurance premium payments and more with NRO Savings Bank Accounts.
NRO Account Features
- Funds deposited are automatically converted to INR at the prevailing forex rates.
- Get 3%* p.a. interest rate on NRO Account deposits.
- Maintain funds in Savings Accounts or open NRO Fixed Deposits.
How to Open NRI Savings Account in Canada
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Frequently Asked Questions
NRE Savings Account allows you to freely remit any amount of money, while NRO Savings Account comes with a cap of USD 1 million every financial year for remittances made overseas.
Yes. With DBS Treasures NRI Home Loans, you can buy fresh/resale/under construction properties or transfer existing housing loans to DBS Treasures.
Yes. You can appoint a resident Indian relative as a Power of Attorney, and they can operate the NRI Account on your behalf.
