Your guide to opening an NRI account from Canada

Opening a Non-Resident Indian (NRI) account can be crucial for Indian citizens living abroad. Indian citizens residing abroad, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can open an NRI account from Canada.

This article will guide you through opening an NRI account from Canada and provide insights on how Wise can facilitate seamless money transfers from Canada to India at minimal fees.

We will be looking at:
What are the Required Documents for Opening an NRI Account in Canada? How to Open an NRI Account in Canada Enjoy Seamless International Transfers Between India and Canada with Wise

What are the Required Documents for Opening an NRI Account in Canada?

Most banks have similar documentation requirements, and gathering these documents beforehand can streamline the application process.

Below is a list of the documents you will need if you are applying with the State Bank of India (SBI):

1. Proof of Identity: A valid passport with your photograph, signature, and personal details
2. NRI Status Proof: OCI or PIO card (if applicable)
3. Overseas Address Proof: Proof of address in Canada, such as a utility bill, rent receipt, or passport
4. Permanent Address: Indian address
5. Coloured Passport Size Photos
6. PAN Card: Use a copy. In the absence of PAN, use Form 60¹

Some of these documents may need to be authenticated or attested before submission. The attestation can often be done by

• Notary
• Embassy/High Commission
• Overseas branch of an Indian bank
• Foreign bank with an Indian presence¹

It's always smart to verify specific attestation requirements directly with the bank.

How to Open an NRI Account in Canada

Opening an NRI account from Canada involves several steps, starting with choosing the right bank and understanding the types of accounts available. Below is a comprehensive guide to help you through the process.

Step 1: Choose the Right Bank

The first step in opening an NRI account is to select a bank that meets your specific needs and requirements. Here’s how to go about it:

Research and Compare Different Banks

Examine the options available from prominent Indian banks such as SBI, DBS, and ICICI, among others.

• SBI: Known for its extensive branch network and attractive interest rates.
• DBS Bank: Offers robust online banking services and a range of account options.
• ICICI Bank: Provides excellent customer service and comprehensive financial products.

Check for Benefits, Interest Rates, and Services

While researching, pay attention to the following factors:

• Interest Rates: Compare the interest rates offered on NRI accounts by various banks.
• Account Benefits: Look for additional features such as international debit cards, net banking, insurance coverage, etc.
• Customer Support: Opt for banks known for reliable customer service, especially those offering dedicated NRI support channels.

Step 2: Choose Between NRE and NRO Accounts

Understanding the difference between NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts is crucial. These accounts serve different purposes and have distinct features:

	NRE Account	NRO Account
Open with	Foreign currency	Indian or foreign currency
Taxation	Tax-free	Taxable
Currency held in	INR	INR
Repatriability	Freely repatriable	Repatriable, post taxes and under certain conditions
Joint account of two or more NRIs	Allowed	Allowed
Joint account with an Indian resident	Not Allowed	Allowed
Interest rate	Determined by the banks	Determined by the banks

You can learn more about the differences here.

Step 3: Gather Required Documents

Ensure you have all the necessary documents ready, as mentioned in the previous section.

Step 4: Submission and Verification

• Complete the Application Form: Fill out the specific NRI account opening form provided by the bank. Ensure all information is accurate and up-to-date.
• Submit Documents: Submit the required documents either in person, by post, or online, as per the bank’s instructions.
• In-Person Verification: If needed, complete the in-person verification at an affiliated branch in Canada or through a notary public.

Step 5: Initial Funding

Some banks may require an initial deposit to activate your NRI account. This initial funding can often be done through a wire transfer from your existing Canadian bank account.

Alternatively, you could use Wise to transfer this amount and spend less on fees.

Step 6: Activation and Account Management

Once your documents are verified and approved, and the initial deposit is made, your NRI account will be activated. You will receive account credentials for online banking, along with any debit/credit cards associated with the account.

Table of Interest Rates

Bank	NRE Interest Rate	NRO Interest Rate
SBI	6.25-7.25%²	3.5-7.25%³
DBS	3-3.5%⁴	3-3.5%⁴
ICICI	3-3.5%⁵	3-3.5%⁵

*Rates can vary; always verify with the bank for the most current figures*

Step 7: Apply

Most banks simply have you visit their mobile app or website and click a button to apply for an NRI account online.

Enjoy Seamless International Transfers Between India and Canada with Wise

Managing finances between two countries can often be intimidating, and costly. However, with Wise, you can easily and transparently transfer money from Canada to your NRI account in India, ensuring you get the fairest value for your hard-earned money.

One of the standout features of Wise is its promise to offer transfers at the mid-market exchange rate, with fees starting as low as 0.33%^*. This is the exchange rate you often see on Google, with no hidden markups. Transparent pricing means you know exactly how much you’re paying and how much your recipient will receive before you even make the transfer.

With Wise's Multi-Currency Account, you can manage over 40 currencies within a single account. This means you can hold, convert, and transfer funds in various currencies, making it incredibly convenient for people with international financial commitments. Whether you need to pay bills in India or receive payments in Canada, Wise has you covered.

Wise offers a user-friendly mobile app and an online platform. The interface is intuitive, allowing even those new to online money transfers to navigate the process with ease.

Reliable customer support is essential when managing cross-border money transfers. Wise provides 24/7 customer support to help guide you through any issues or questions, ensuring you always have the assistance you need.

Final Thoughts on Opening an NRI Account from Canada

Opening an NRI account from Canada can simplify the management of your financial affairs between two countries. By choosing the right bank and understanding the benefits and features of NRE and NRO accounts, you can make informed decisions that best suit your financial needs.

Using Wise for your international money transfers can further enhance your financial operations. With transparent pricing, mid-market exchange rates, and the convenience of a multi-currency account, Wise makes cross-border money management affordable and straightforward. Open an account today to start saving with your NRI account and beyond!

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**Sources**:

1. SBNRI
2. State Bank of India
3. State Bank of India
4. DBS Bank India
5. ICICI Bank
   Sources verified on 17 September 2024