Can I stay in India after getting Canada citizenship?

As a citizen of Canada, you do not have any binding residence requirements to keep your citizenship going. You are therefore at liberty to move back to India or go anywhere else. As a permanent resident, you must stay in status.

Can a Canadian citizen have an Indian bank account?

NRI account opening in Canada NRIs can open a Non-Resident External (NRE) account or Non-Resident Ordinary (NRO) account or both based on their transactional requirements. As per your convenience, you can apply for NRI account opening online or visit the nearest branch of the bank for the same.

What happens if fixed deposit is not withdrawn after maturity?

Explained. The Reserve Bank of India (RBI) on July 5 has amended rules for overdue fixed deposits (FD) wherein if a depositor does not claim the proceeds after maturity, the bank will charge the lower interest rates applicable from savings rate or contracted interest.

Is there TDS for NRI FD?

Interest earned on NRE Fixed Deposit is exempt from tax in India but there is TDS applicable on interest earned on NRO Fixed deposit. Interest earned on NRO Savings Account / NRO Fixed Deposit is subject to Tax deduction at source *(w.e.f Aug 09). TDS is deducted at 30\% plus applicable surcharge and cess.

Which city is best in Canada for PR?

5 BEST CITIES TO SETTLE AS AN NEW IMMIGRANTS IN CANADA

• 1 – TORONTO. Toronto, the provincial capital of Ontario, is the largest city in Canada with a population just short of 3 million people.
• 2 – VANCOUVER.
• 3 – CALGARY.
• 4 – HALIFAX.
• 5 – OTTAWA.

How long PR of Canada can stay in India?

Canadian PR Cards are valid for a 5 year period and allows you to freely travel outside of Canada during that 5 year period.

Which Indian banks are in Canada?

Up until five years ago, the only Indian bank with a presence in Canada was the venerable State Bank of India, but that’s changing. This month, India’s upstart ICICI, which is predominantly an investment bank, is planning to open its ninth Canadian branch, this time in Calgary.

Can I get Indian salary in NRO account?

If you have re-designated your resident account to a new NRO account, your Indian salary will be credited to your new NRO account.

Will my FD renew automatically?

Renewal of FDs On maturity, an FD can be directed toward renewal or withdrawal. The renewal clause is available as an auto-renewal feature, wherein the bank or financial institution will automatically renew your deposit for the same period of time and at the same interest rate on maturity.

Is interest on fixed deposits subject to tax in India?

For resident indians, any interest income on fixed deposits over Rs. 5,000 from a bank is liable to an upfront 10\% tax deduction (TDS) and is residual is also subject to tax. NRE fixed deposits would not be subject to TDS and entire FD interest would be released to NRIs as tax free income in India. Interest Offered by Different Banks

How to close fixed deposit account before tenure ends?

The investor can close the fixed deposit account before the tenure ends by paying a certain penalty. The bank pays a lump sum amount on the date of maturity. Some banks also offer to pay interest in the end of the quarter. If the investor wants certain interest to be paid every month, the bank will pay the interest at a marginal discounted rate.

Should NRIs close their overseas bank accounts once in India?

Once in India, you must decide whether you want to continue your overseas accounts or have them closed altogether. Presently, NRIs are only allowed to maintain a Non-Resident External (NRE) account, Non-Resident Ordinary (NRO) account, and Foreign Currency Non-Resident (FCNR) account.

What is the interest rate on NRE fixed deposits?

Multiple banks in India have started to offer interest on NRE fixed deposits – as high as 9.6\% p.a. In order to appreciate this deal better, you first need to understand who can take advantage of this deal and what does NRE stands for.