Bank of Baroda, one of India’s largest and most trusted Indian banks, offers Non-Resident External (NRE) Savings Account for NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) to enable them to save their foreign earnings in India. In this blog, we will discuss the features and benefits of the Bank of Baroda NRE Savings Account.
Bank of Baroda NRE Savings Account: Features & Benefits
- NRE Savings Account facilitates easy transfer of funds for NRI customers, both within India and abroad.
- The NRE account interest rate offered by Bank of Baroda ranges from 2.75% to 3.35%.
- The interest earned on the Bank of Baroda NRE Savings Account is exempt from income tax in India.
- The interest earned on a Bank of Baroda NRE account in India is exempt from taxation.
- Bank of Baroda provides free Debit VISA enabled ATM cards to NRE account holders.
- Offers free issuance of Demand Draft (DD) and cheque book.
- NRI customers can deposit their income in foreign currency and request its conversion to INR during transactions, safeguarding against fluctuating currency exchange rates.
- NRIs can remit funds into their NRE savings account from any overseas bank.
- Customers can freely repatriate both the principal amount and the interest earned in the account without any restrictions.
- NRE accounts offered by Bank of Baroda can be opened jointly with an eligible NRI or PIO.
- Get free of cost custodial services.
- Customers have 24×7 access to their accounts via internet banking.
Eligibility for Bank of Baroda NRE Account
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can apply for Bank of Baroda NRE savings accounts.
Documents Required for NRE Savings Account at Bank of Baroda
Here is the checklist of documents necessary for opening a Bank of Baroda NRE account. All documents should be self-attested:
- Two recent passport-size photographs
- Copies of passport with valid visa pages and relevant address pages
- One address proof of the country of residence, such as a telephone bill, E-vision bill, or tenancy contract
- Employer’s letter on the company’s letterhead
- Copy of the labor card
For opening a Bank of Baroda NRE account, an initial minimum payment equivalent to Rs. 1000 should be sent through one of the following methods:
- Demand draft or mail transfer in foreign currency or Indian rupees
- Personal cheque or cashier’s cheque in foreign currency or INR
- SWIFT, wire, or telegraphic transfer
- Foreign currency or traveler’s cheques
Bank of Baroda NRE Account Interest Rates 2023
The Bank of Baroda NRE savings accounts interest rates are given below. These rates are in effect from 14 November 2022.
| Balance in NRE savings account | Interest rates (p.a.) |
|---|---|
| Balance up to Rs. 1.00 lakh | 2.75% |
| Above Rs 1.00 Lakh to less than Rs. 10 Crores | 2.75% |
| Rs. 10 Crores and above to less than Rs. 50 Crores | 2.75% |
| Rs. 50 Crores and above to less than Rs. 100 Crores | 3.00% |
| Rs.100 Crore and above to less than Rs.200 Crores | 3.00% |
| Rs 200 crores and above to less than Rs 500 crores | 3.05% |
| Rs 500 crores and above to less than Rs 1,000 crores | 3.35% |
| Balance of Rs 1,000 crores and above | 3.35% |
Bank of Baroda NRE Account Minimum Balance Requirement
The Minimum Balance required for an NRE savings account in Bank of Baroda is:
- Rs.500 for Rural areas
- Rs. 1000 for Semi-urban areas
- Rs. 2000 for Urban/Metro areas
Penalty for not maintaining quarterly minimum balance in Bank of Baroda NRE savings account is-
- Metro and urban locations- Rs. 200 + GST every quarter
- Semi-urban and rural locations- Rs. 100 + GST every quarter
How to Open Bank of Baroda NRE Account?
NRIs can apply for Bank of Baroda NRI account opening online. Given below are the two ways by which NRIs can apply for an NRE savings account at Bank of Baroda:
- Through the official website of Bank of Baroda
- Online NRI account opening through SBNRI app
Bank of Baroda NRE Account Opening on Bank’s Website
To initiate the opening of a Bank of Baroda NRE account, NRIs/PIOs should follow these steps:
- Obtain the Bank of Baroda NRI account opening form from the bank’s website.
- Complete the NRI account opening form provided by Bank of Baroda and gather all the necessary supporting documents.
- Select the NRE account option in the form.
- Submit the duly filled and completed Bank of Baroda NRE account opening form along with the required supporting documents to the Bank of Baroda branch.
- Ensure that the applicant’s signature on the application form and all enclosed documents are verified by a bank official, the Indian High Commission/Consulate/Embassy, or a Notary Public.
- Bank of Baroda NRE accounts can be opened in the name of an NRI/PIO individually or jointly with another NRI/PIO.
- Alternatively, the account can be opened jointly with a Resident Indian with operational instructions specified as ‘Former or Survivor.’
Note: One should contact Bank of Baroda directly or visit their official website for precise and up-to-date information on the required documents and any additional procedures involved in opening an NRI account.
Open NRE Account Online through SBNRI App
You can apply for an NRE account online by clicking the ‘Apply for NRE’ button on this page or use SBNRI app for the same. SBNRI app is one of its kind that facilitates online NRI account opening in the simplest and shortest way. Following are the easy steps to apply for an online NRI account opening via the SBNRI app:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Bank of Baroda NRI Customer Care
- Bank of Baroda has a dedicated helpline for NRI customers. You can contact their NRI Customer Care through phone by dialing +91 79-66296629.
- Given below numbers are country specific and cater to customers residing in different regions.
- Oman – 80077196
- Kenya – 0800721742
- UAE – 80001830996
- United States – 18445379719
- UK – 08000478340
- Another way to contact Bank of Baroda NRI Customer Care is through email. You can send an email at [email protected]
Contact SBNRI
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
A Bank of Baroda NRE (Non-Resident External) Savings Account is a type of bank account offered by Bank of Baroda that allows Non-Resident Indians (NRIs) to hold and manage their foreign income in India in Indian Rupees.
Yes, it is possible. As an NRE account is fully repatriable, one can transfer funds from NRE to NRO account without any restrictions.
No, the interest earned on a Bank of Baroda NRE Savings Account is exempt from Indian income tax.
