NRO Account - Canara Bank

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Repatriable upto 1 million USD per annum subject to conditions.
Flexible Term Deposit tenure from 15 days (Above 5 lacs 7 days) to 10 years.
Loan against deposit available.
Interest is taxable.
Nomination facility available.
Operation through POA holder subject to condition.

Permissible Credit: Inward remittances from outside India, Legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account.
Rupee gift/ loan made by a resident to a NRI/PIO relative within the limits prescribed under the Liberalised Remittance Scheme (LRS) may be credited to the latter's NRO account.

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Repatriability: Not freely repatriable. Balances in a NRO account of NRls/ PlOs are remittable up to USD 1 (one) million per financial year (April to March along with their other eligible assets subject to submission of form 15CA, 15CB and other formalities.
Cheque facility: Available, a distinct mark - "NRO Account" is to be made on the cheque leaves.
Loan/Overdraft facility- Available. Loan proceeds are not eligible for remittance abroad.
Taxability- Taxable.
Change in Residential status: NRO accounts should be designated as resident accounts immediately upon the change in the residential Status.
NRO Account Holders can effect remittances abroad at the comfort of their home through FX4U, an Electronic Document Solution for handling FOREX transactions through Internet Banking.
Important Guidelines:
- Foreign tourists visiting India with valid VISA may open NRC) account subject to conditions: period of accounts not exceeding 6 months; permitted credits to the account are remittances in convertible foreign currencies from abroad in an approved manner or by sale of foreign exchange brought by them into India; and accounts should be closed at the time of departure of the tourist from India, etc.
- The balances in NRO account and the interest earned thereon are NOT exempted from Income tax.
- E-mail and Fax Messages should NOT be treated as authenticated mode of communication for fund transfer and Branches/Offices should not act on such messages unless they get independent confirmation from the Depositor and are fully satisfied about the genuineness of the E-Mail Message.
- NRI clients may be advised to open and maintain a NRO account only if the client has local credits by way of rental income or interest/ dividend accrued on investments, etc.
- NRIs/PIO may remit an amount up to USD I Million per financial year Out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by him by way of inheritance/legacy or settlement on production of documentary evidence in support of acquisition, inheritance or legacy or settlement for all bonafide purposes to the satisfaction of the branch and on production Form 15 CA and CB.
NRO account can be opened by:
- Any person resident Outside India for putting through bonafide transactions in rupees viz., NRls, PIO’s, Foreign Students & Foreign Tourists etc, subject to conditions.
- Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval Of the Reserve Bank Of India.
Joint Account condition: NRO account may be held jointly in the names of two or more NRls/PlOs (subject to a maximum of four).
Joint account can be held with resident close relative on former or survivor basis.
Operations in the account:
Operations on an NRO account may be allowed in terms of Power of Attorney or other authority granted in favour of a resident by the non- resident account holder, provided such operations are restricted to withdrawals for local payments or remittance to the account holder himself through normal banking channels.

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Proof of NRI status documents	A. For NRI: Indian Passport with all relevant details along with any one of the below mentioned documents. Valid Visa Work Permit Proof/certificate of residence Employment / Employment Contract copy Residence Permit E-visa
	B. For PIO/OCI: Foreign Passport with all relevant details along with any one of the below mentioned documents OCI Card PIO card Indian Ration Card (Self or Close Relative) Indian Voter ID card (Self or Close Relative) Expired Indian Passport (Self or Close Relative) Marriage Certificate along with spouse’s NRI/PIO status proof Certificate issued by Indian Embassy Relevant pages of Passport of Parents / Grand Parents establishing their Indian Origin.
	C. For Seafarer: Indian Passport with all relevant details along with below mentioned documents Valid Visa Work Permit Valid Job Contract Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 180 months’ old Expired contract letter (if the disembarkation stamp on CDC is not more than 180 days’ old Pay slips evidencing employment with shipping company ( not more than 6 months old)
	D. For Students studying in India (NRO a/c only): Abroad passport containing identity and address of home country along with below mentioned documents. Valid VISA Immigration Endorsement Admission letter from educational institution Current proof of address within one month of account opening For continuation of account beyond 6 months RBI permission is required (FRRO Registration)
	E. For Tourists accounts (NRO a/c only): Abroad passport containing identity and address of home country along with below mentioned documents. Tourist VISA Immigration Endorsement Current proof of address For continuation of account beyond 6 months RBI permission is required ( FRRO Registration)
Proof of Identity:	Passport
Address proof document	A. Indian address proof documents Any one of the below mentioned: Indian Passport Aadhaar Card Driving License Voter Identity Card NREGA Job Card signed by officer of state government B. Overseas address proof documents: (For NRI with seafarer work profile and on ship, can either gives employer’s overseas or Indian address). Abroad Passport Sale deed agreement Lease deed/rent receipt not more than 3 months’ old Overseas Driving license Company ID containing address ID issued by government mentioning overseas address (PIO, OCI, Green Card, SSN card issued in US) Utility Bills (Mobile, Water, Electricity, Gas from private or public operators not exceeding 2 months prior only) Employment letter/Employer certificate mentioning overseas address Bank Statement of Overseas Bank account or Indian based bank in abroad (max.2 months old) Credit card statement (Not more than 3 months old from date of application) For Indian Diplomat certificate issued by Indian Diplomatic mission stating correct address Identity Card issued by Foreign government Registered Rent Deed Government issued letter mentioning overseas address Work Permit mentioning overseas address OCI/PIO card mentioning overseas address NRIs with seafarer work profile and on ship, can either give employer’s overseas address or Indian address. Council Tax Bill Permanent Resident permit mentioning overseas address: Example of Resident Permit: UAE-Resident Card, Qatar/Oman/ Singapore/Malaysian-Residence card, Saudi Arabia-Resident Permit (Iqaama), In case of joint account with close relative, document evidencing and establishing relation is required.
Additional proof for non-face to face customer (who are not visiting our branch for account opening)	Any one of the following: Indian Passport Proof income / Income tax return / Salary slip of applicant Cancelled cheque of overseas bank account of applicant Cheque drawn on overseas bank account of applicant

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

NRO account is maintained in Indian currency and cannot be freely repatriated or converted to foreign currency.
The interest from an NRO FD is taxable, according to the Income Tax Act, 1961.
Other Terms and conditions of the Bank as applicable on NRO Deposit. For more details, please visit your nearest branch.

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Benefits and Features

Non-interest bearing account for NRI’s who do not wish to earn interest on their deposits.
Nil initial balance.
Rupee dominated account.
Amount lying in account can be used for investment in India and local payments.
Joint account can be opened.
Transfer money from your existing nonresident account.
Funds lying in account are non-repatriable.
Power of attorney to local resident can be given.
Digital banking services like internet banking and mobile banking are available.
Value added services like cheque book, domestic debit cards, standing instructions etc. are available.
Nomination facility available.

Eligibility

Can be opened by NRI individual/PIO
OCB aren’t eligible to open this account

Documentation

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Other documents:

Account opening form
FATCA declaration
FORM 60 (In absence of PAN)
TIN
2 passport size photographs
Document attestation for NRI’s living abroad in case document is sent by post and the prospect is not personally present in the branch. Copies of the documents related to Address Proof and Identity proof to be attested by:
- Authorized officials of overseas branches of Scheduled Commercial Banks registered in India,
- Branches of overseas banks with whom Indian banks have relationships,
- Notary Public abroad,
- Court Magistrate,
- Judge,
- Indian Embassy/Consulate General in the country where the non-resident customer resides.

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof
Valid visa /Work permit For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old) For PIO/OCI holders, any one of the following documents are required: Valid PIO card mentioning overseas address Valid OCI card mentioning overseas address Any other documents evidencing and establishing PIO relation.
Identification proof	Passport
Current address document (Overseas)	Passport (Mentioning overseas address) Letter from employer, offer letter Government issued ID card Valid permanent driving license Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application. In case of joint account with close relative, document evidencing and establishing relation is required. For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)	Anyone of the following: Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Canara Platina NRO Account with Premium Features

Minimum CASA Balance Requirement	Minimum Monthly Average Balance (MAB) of Rs.1.00 lakhs
Debit Card	No charges for debit card issuance, annual debit card fee, debit card PIN regeneration
ATM Cash Withdrawal	Rs.1,00,000/- per day
POS limit	Rs.5,00,000/- per day
Number of ATM transactions	Free and Unlimited from Canara Bank and other bank ATM in India
Credit Card	No charges for Issuance and Annual Maintenance
NEFT / RTGS/IMPS	No charges
SMS/E-mail alert	No charges for SMS/ e-mail alert
Internet Banking	No charges for reset of Internet Banking Password
Mobile Number, E-mail, Address	No charges for modification in Mobile Number, E-mail, Address.
Certificate charges	No charges for Interest Certificate, Balance Certificate, Address Confirmation, Attestation of Signature, Address, Photo etc.
Cheque collection	No charges for cheque collection (local/outstation)
Demat Account	Nil opening charges and AMC Details to be shared with Canara Bank Securities Limited while opening the account for waiver of charges
Standing Instruction	No charges
Statement of account	No charges for SB account statement through e-mail.
*Personal Accident Insurance Coverage	Rs.10.00 lakhs
*Air Accident Insurance Coverage	Rs.100.00 lakhs Cardholder can claim against a maximum of 2 cards and coverage will be applicable to primary card holder only.
*Lounge Access	International: 2 visit for self + 2 for Guest Per Year Domestic : 2 per Quarter for Self +1 Guest Visit Per Quarter
Demand Draft Issuance	No charge
DD Cancellation	No charge
Duplicate DD	No charge
DD Revalidation	No charge
Stop Payment charges	No charge
Retrieval of Old records	No charge
ECS/NACH mandate registration charges	No charge
ECS return	No charge (Other than the reason “Insufficient Fund”)
Cheque return (Inward / Outward)	No charge (Other than the reason “Insufficient Fund”)
Locker Rent	50% concession irrespective of locker size
Locker Operations (Unlimited)	No charges
Preferential exchange margin on Inward Remittance (USD/INR)	5 paise
Processing Charges on Retail Loans	50% concession in Housing Loan, Mortgage Loan and Vehicle Loan
*Applicable for issuance of World Platina debit card. Apply now