Canara Bank has announced its FCNR (B) Special Deposit Scheme, designed to help Non-Resident Indians (NRIs) grow their savings while investing in India.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, according to the lender’s communique.Under the Special Deposit Scheme, customers could earn interest on deposits denominated in foreign currencies, with high interest rates and capital protection features, it further said. This scheme is being offered in leading foreign currencies such as U.S. Dollar, British Pound Sterling, Euro, Canadian Dollar (CAD) and Australian Dollar. Under the plans, customers could earn interest rate of up to 6.50% p.a. on U.S. dollar deposits, with a flexible tenure ranging from 3 years to 5 years. The rate is effective from June 11, 2026.Also, both the invested sum and the earned interest amount could be transferred abroad without any restrictions, offering total freedom to the NRIs managing their financial affairs overseas. Besides, the interest earned from the FCNR (B) deposits would be exempted from tax in India. Loan facility against the FCNR (B) deposits would also be available.Bhavendra Kumar, Executive Director, Canara Bank, said, the FCNR(B) Special Deposit Scheme was tailor-made to provide bank’s NRI customers with the benefit of earning competitive interest on their foreign currency deposits. Published - June 18, 2026 07:33 pm IST