Bank of Baroda FCNR (Foreign Currency Non-Resident) Deposits are term deposits that allow Non-Resident Indians (NRIs) to deposit their foreign currency earnings in India in a fixed deposit account. The FCNR deposits are available in various currencies like USD, GBP, EUR, JPY, CAD, AUD, etc. Bank of Baroda FCNR rates differ depending on the currency and tenure of the deposit.
Bank of Baroda FCNR Deposit Rates
Bank of Baroda offers attractive FCNR interest rates, especially on deposits made in USD and GBP. The tenure of BOB FCNR deposits ranges from 1 year to 5 years, and the interest rates may vary.
| Tenure | USD | GBP | Euro | CAD | AUD |
|---|---|---|---|---|---|
| 1 to 2 years | 5.00% | 4.25% | 1.50% | 4.30% | 3.60% |
| 2 to 3 years | 3.95% | 2.35% | 1.50% | 4.10% | 3.50% |
| 3 to 4 years | 3.80% | 2.45% | 1.50% | 3.85% | 3.00% |
| 4 to 5 years | 3.85% | 2.45% | 1.50% | 3.70% | 3.00% |
| 5 years | 3.90% | 2.45% | 1.50% | 3.60% | 3.00% |
- Bank of Baroda FCNR interest rates are subject to periodic changes as per the RBI guidelines.
- The rates given above are effective from 16th June 2023.
- The above interest rates are applicable only for FCNR deposits worth up to USD 5 Million (or its equivalent in other currencies).
- For FCNR deposits exceeding USD 5 Million (or its equivalent) please contact the bank branch where you open the FD account.
Bank of Baroda FCNR (B) Deposit Premature Withdrawals & Penalty
- If a Bank of Baroda FCNR deposit is closed prematurely, the interest applicable will be 1% less than the actual interest payable for the period for which the FD has run, prevailing on the date of issue of receipt or on the date when you apply for premature withdrawal, whichever is lower.
- No interest shall be payable if the fixed deposit remains with the bank for less than one year.
Features and Benefits of Bank of Baroda FCNR Deposits
The features of Bank of Baroda FCNR deposits are as follows:
1. Minimum deposit: The minimum deposit amount for FCNR deposits varies based on the currency chosen.
2. Flexible Tenure: The tenure for FCNR deposits can range from 1 year to 5 years.
3. Interest rate: The interest rate on FCNR deposits varies depending on the currency and tenure chosen. Bank of Baroda offers competitive interest rates on FCNR deposits.
3. Repatriability: FCNR deposits are fully repatriable, which means that the principal and interest earned can be freely repatriated outside India without any restrictions.
4. Taxation: Interest earned on FCNR deposits is exempt from tax in India, but it may be subject to tax in the country of residence of the depositor.
5. Automatic renewal: FCNR deposits are automatically renewed on maturity unless the depositor gives instructions to the bank not to renew the deposit.
Eligibility for Bank of Baroda FCNR Deposit
For NRIs
- A citizen of India who stays outside the country:
- For employment or business, or
- A government employee deputed by Government/ public sector abroad
For OCIs
- Someone who held an Indian passport at any point of time, or
- Either of his/her parents or grandparents was an Indian citizen, or
- A spouse of an NRI/ OCI
Documents Required
To open an FCNR deposit account with Bank of Baroda, a non-resident Indian (NRI) or a person of Indian origin (PIO) must provide relevant documents such as a passport, visa, OCI card (for OCIs), PAN card, bank statement, and proof of foreign address.
Contact SBNRI
SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
To get end to end assistance with booking of FCNR(B) Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process in the comfort of your home. Also, visit our blog and YouTube Channel for more details.
