Canara Bank launches FCNR(B) scheme for NRIs offering 6.5% interest
Canara Bank just rolled out its FCNR(B) Special Deposit Scheme, made for nonresident Indians (NRIs) who want safe investments with solid returns.
You can earn up to 6.5% interest per year on US dollar deposits, with options to lock in your money for three to five years (minimum one-year lock-in).
This move follows the RBI's push to attract more foreign currency.
Capital protected interest tax free
You can deposit not just US dollars but also British pounds, euros, Canadian dollars, and Australian dollars.
The best part? Your capital is protected and the interest you earn in India is tax-free. Plus, if you ever need cash, you can get loans against your deposit.
As Bhavendra Kumar, Executive Director, Canara Bank, puts it, this scheme is all about giving NRIs competitive returns and handy tax perks.