NRIs and PIOs can enjoy an array of benefits by opening a Non-Resident Ordinary (NRO) account with Bank of Baroda. An NRO account enables NRIs and PIOs to effortlessly manage their income earned in India. In this blog post, we will shed light on the features and benefits of Bank of Baroda NRO account along with the process of account opening and documents required.
NRIs can apply for an NRO account online by clicking the link below:
Bank of Baroda NRO Account: Features and Benefits
Here are the key features and benefits of Bank of Baroda NRO account:
- Bank of Baroda NRO account is a bank account denominated in Indian Rupees (INR), specifically designed for NRIs to save and manage their income earned in India, such as rents, pension and dividends.
- The account can be opened individually or jointly with other eligible NRIs, as well as with PIO/OCI cardholders.
- Close relatives can also become joint account holders on a ‘former or survivor basis’.
- The minimum balance required to maintain a Bank of Baroda NRO account is Rs. 1000.
- The balance held in the NRO account is partially repatriable, with a maximum limit of USD 1 million per financial year.
- Bank of Baroda NRO account interest rate is up to 3.35% p.a.
- Interest earned on an NRO account is subject to a Tax Deducted at Source (TDS) at the rate of 30.90%. However, if the account holder is a resident of a country with which India has signed a Double Taxation Avoidance Agreement (DTAA), the tax will be deducted as per the provisions of the DTAA.
- There are many ways to open an NRO account at Bank of Baroda through online channels as well as at a branch of the bank.
- Account holders can also avail phone banking, netbanking, etc. online services.
Bank of Baroda NRO Account Interest Rates
The Bank of Baroda NRO account interest rates are given below. These rates have been in effect from 14 November 2022.
| Balance in NRO 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% |
BOB NRO Account Minimum Balance
Account holders need to maintain Bank of Baroda NRO account minimum balance i.e. Rs.1000. The NRI account holder must maintain this minimum balance in his/her account to avoid any penalty.
How to Open NRI Account of Bank of Baroda
NRIs can apply for Bank of Baroda NRI account opening online. NRIs who wish to apply for Bank of Baroda NRE savings account or NRO savings account online, can follow the steps given below:
- Visit the official website of Bank of Baroda.
- Go to the ‘NRI section’.
- Under the ‘Products and Services’ section, click on ‘NRO Rupee Savings Account NRO SB’.
- Once the page gets opened, click on the button ‘Apply Now’.
- Fill in your basic details such as name, email-id, contact number, etc.
- Click on the button ‘Submit’.
- A Bank of Baroda executive will contact you to further assist you with the NRO account opening process.
OR
- NRIs can complete the Account Opening Form (AOF) available on Bank of Baroda’s website or they can contact the overseas/domestic branch or NRI Services department for assistance.
- The completed form along with the required documents, should be submitted to the branch where the NRI wishes to open the account. Details of branches can be found on the bank’s website.
- Alternatively, NRIs can submit the AOF and documents to any overseas branch/office accessible to them.
- NRI individuals can open the account in their name alone or jointly with another NRI/PIO. For joint accounts, operational instructions can be set as ‘jointly by both/all’ or ‘either or survivor’. Additionally, the account can be opened jointly with a resident Indian, with operational instructions set as ‘former or survivor’.
- The signatures of the applicant on the form and all enclosed documents should be verified by an authorised official with a signature and seal/stamp.
The following entities can verify the signatures:
- Bank’s overseas branch/office
- Indian High Commission/Consulate/Embassy
- Notary Public
NRO Account Opening through SBNRI
NRIs can also apply for NRO account through the SBNRI app. It is one of a kind app that exclusively caters to the banking needs of NRIs. You can click on the button ‘Apply for NRO Account’ in this blog or take the following steps:
- Download the SBNRI App from the Google Play Store or Apple App Store.
- Sign in using your credentials.
- Click on the ‘Open NRI Account’ button and choose the bank you want to open an NRI account with from the bank’s list.
- With the help of the in-app scanning feature, scan and upload your KYC documents.
- Click on ‘Apply’ and that’s it.
Eligibility to Apply for Bank of Baroda NRO Account
Any Non-Resident Indian (NRI), Person of Indian Origin (PIO) and Overseas Citizen of India (OCI), as defined by the FEMA, can open an NRO account with Bank of Baroda.
Documents Required for NRO Account at Bank of Baroda
Given below is the list of documents required to open Bank of Baroda NRO account:
- Two recent passport-size photographs are required.
- Copies of your passport, residence, visa/ID card, or PIO card are necessary.
- Copies of utility bills such as fixed telephone bill, electricity bill, gas bill, water bill, or council tax bill, issued within the past three months, are needed.
These utility bills should be in the applicant’s name and show their current residence abroad.
Initial Foreign Inward Remittance
To open the account, the initial foreign inward remittance can be made through:
- Demand draft or mail transfer in foreign currency or INR.
- Cashier’s cheque or personal cheque in foreign currency or INR.
- SWIFT, wire, or telegraphic transfer.
- Foreign currency or traveller’s cheques.
Bank of Baroda NRI Customer Care
For any doubts or queries related to NRI banking and financial services, NRIs can reach out to the Bank of Baroda NRI customer service team:
- NRIs from overseas locations can contact this number +91 79-66296629 where NRIs from India can contact this toll free number 1800 5700. Both the numbers are available 24×7.
- NRIs from these countries can contact the following toll free numbers:
| Country | Contact Number |
|---|---|
| Oman | 80077196 |
| Kenya | 0800721742 |
| UAE | 80001830996 |
| United States | 18445379719 |
| UK | 08000478340 |
- NRIs can also write their queries to [email protected]
Contact SBNRI
A lot of information and documentation required to apply for NRO accounts make the account opening process lengthy and frustrating elsewhere. You can download SBNRI App to apply for an NRO 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
An NRO account is a type of bank account in India specifically designed for Non-Resident Indians (NRIs). It is used to manage income earned in India, such as rent, dividends, etc.
Yes, it is possible to convert an existing Resident Savings account into an NRO account if you become an NRI and when you have income generated in India. You can contact Bank of Baroda for the conversion process and the required documentation.
Yes, subject to certain conditions, funds in an NRO account can be repatriated. The repatriation limit for funds in an NRO account is up to USD 1 million per financial year.
