Bank of Baroda NRI FD Rates: Bank of Baroda is among the leading public sector banks in India with 131 million customers and 9, 482 branches. Apart from India, the bank has a global presence with 100 overseas offices. Non-Indian Resident (NRI) customers looking to save and grow their foreign income can invest in NRI fixed deposit schemes. Bank of Baroda provides NRIs with NRE, NRO and FCNR FD schemes.
In this Article:
- Bank of Baroda NRI FD Interest Rates 2023
- Types of BOB NRI FD Schemes
- Premature Withdrawal
- Loan Against BOB NRI FD
- Documents required to apply for BOB NRI FD Accounts
- How to apply for Bank of Baroda NRI Fixed Deposit Account
- Bank of Baroda NRI Fixed Deposit Calculator
- FAQs
Bank of Baroda NRI FD Rates 2023
Here is the full description of BOB FD Rates for NRIs along with the features and benefits of Bank of Baroda NRI FD schemes.
1. Bank of Baroda NRE FD Rates
BOB NRE FD Rates – Less than Rs. 2 Cr
| Tenure | Less than Rs. 2 Cr |
|---|---|
| 1 year | 6.75% |
| Above 1 year – 15 months | 6.75% |
| 400 days – up to 2 years | 6.75% |
| Above 2 years – up to 3 years | 7.05% |
| Above 3 years up to 5 years | 6.50% |
| Above 5 years – up to 10 years | 6.50% |
Note: The above mentioned NRE FD Rates are effective from 12 May 2023 and subject to periodic changes.
Bank of Baroda NRE FD Rates – Rs. 2 Cr to Rs. 10 Cr
| Tenure | Rs. 2 Cr to Rs. 10 Cr |
|---|---|
| 1 year | 7.55% |
| Above 1 year – 15 months | 6.25% |
| Above 15 months – up to 2 years | 6.25% |
| Above 2 years – up to 3 years | 6.00% |
| Above 3 years – up to 5 years | 5.25% |
| Above 5 years – up to 10 years | 5.00% |
Note: The above mentioned NRE FD Rates are effective from 27 April 2023 and subject to periodic changes.
2. BOB NRO FD Rates
Bank of Baroda NRO FD Rates – Less than Rs. 2 Cr
| Tenure | Less than Rs. 2 Cr |
|---|---|
| 7 days – 14 days | 3.00% |
| 15 days to 45 days | 3.00% |
| 46 days – 90 days | 4.50% |
| 91 days – 180 days | 4.50% |
| 181 days – 210 days | 5.25% |
| 211 days – 270 days | 5.75% |
| 271 days – less than 1 year | 5.75% |
| 1 year | 6.75% |
| Above 1 year – 400 days | 6.75% |
| Above 400 days – up to 2 years | 6.75% |
| Above 2 years – up to 3 years | 7.05% |
| Above 3 years – up to 5 years | 6.50% |
| Above 5 years – up to 10 years | 6.50% |
Note: The above mentioned NRO FD Rates are effective from 12 May 2023 and subject to periodic changes.
Bank of Baroda NRO FD Rates – Rs. 2 Cr up to Rs. 10 Cr
| Tenure | Rs. 2 Cr up to Rs. 10 Cr |
|---|---|
| 7 days – 14 days | 4.00% |
| 15 days to 45 days | 4.50% |
| 46 days – 90 days | 5.25% |
| 91 days – 180 days | 5.00% |
| 181 days – 270 days | 5.00% |
| 271 days – less than 1 year | 6.00% |
| 1 year | 7.55% |
| Above 1 year – up to 15 months | 6.25% |
| 15 months – 2 years | 6.25% |
| Above 2 years – up to 3 years | 6.00% |
| Above 3 years – up to 5 years | 5.25% |
| Above 5 years – up to 10 years | 5.00% |
Note: The above mentioned NRO FD Rates are effective from 5 June 2023 and subject to periodic changes.
3. Bank of Baroda FCNR (B) FD Rates
Current Bank of Baroda FCNR Rates are given below in the table.
| Tenure/currency | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 year to less than 2 years | 5.00% | 4.25% | 1.50% | 3.60% | 3.60% |
| 2 years to less than 3 years | 3.95% | 2.35% | 1.50% | 3.50% | 3.50% |
| 3 years to less than 4 years | 3.80% | 2.45% | 1.50% | 3.00% | 3.00% |
| 4 years to less than 5 years | 3.85% | 2.45% | 1.50% | 3.00% | 3.00% |
| 5 years | 3.90% | 2.45% | 1.50% | 3.00% | 3.00% |
Note: The above-mentioned interest rates are applicable for BOB FCNR FD with effect from 16th August 2023.
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog.
Types of Bank of Baroda NRI FD Schemes
NRI customers can invest in the following Bank of Baroda fixed deposit accounts to save their earnings from foreign countries and enjoy attractive NRI interest rates.
- NRE (Rupee) Fixed Deposit
- NRO (Rupee) Fixed Deposit
- FCNR (B) Term Deposit
- Foreign Currency Linked Rupee Deposit (FCLRD) Scheme
- Rupee Linked Foreign Currency Deposit (RLFC) Scheme
- Baroda Advantage Fixed Deposits (Non-Callable)
Non-Resident External (Rupee) Fixed Deposit
| Particulars | Details |
|---|---|
| Period | 1 to 10 years |
| Currency | INR |
| Min deposit amount | Rs. 15 lakh |
| Taxability | Not taxable in India |
| Premature withdrawal | Allowed after 12 months subject to 1% penal interest rate |
| Loan against FD | Available |
| Benefits | – No income tax liability – Nomination facility – Fund withdrawal in the currency of your choice – Auto-renewal facility |
Non-Resident Original (Rupee) Fixed Deposit
| Particulars | Details |
|---|---|
| Period | 15 days to 10 years |
| Taxability | Taxable in India |
| Eligibility | Only NRIs can open the account |
| Benefits | – Loan and OD against deposit receipts – Easy liquidity of money – Nomination facility Account can be opened jointly with an eligible applicant – Auto-renewal facility |
Foreign Currency Non-Resident (Bank) Term Deposit
| Particulars | Details |
|---|---|
| Period | Minimum 12 months |
| Taxability | Not taxable in India |
| Currency | USD, GBP, EUR, AUD, YEN and CAD |
| Benefits | – Principal & interest fully repatriable – Account can be opened jointly with one or more eligible NRIs – Easy liquidity and convertibility of money – Nomination facility – Auto-renewal facility |
Click on the button below to instantly book an NRI FD
Premature Withdrawal
Customers can withdraw funds from their BOB NRI accounts before the maturity date. However, terms & conditions will be applicable as under:
- 1.5% penal interest rate will be charged on premature withdrawal of NRO deposits worth Rs. 1 crore and above. Customers will have to inform the bank 31 days ahead of the withdrawal.
- No penalty will be charged on premature withdrawal by nominee in case of death of the investor.
Loan against NRI FDs at BOB
NRI FD holders can get loan and overdraft facility against the funds deposited in their FD accounts to fulfill their financial needs. They will be offered a certain percentage of FD amount in the bank.
- Loan against NRE Rupee FD: Loans and overdrafts are offered in INR against NRE FD with Bank of Baroda. The loan amount will be non-repatriable.
- Loan against FCNR deposits in Rupee: NRI customers can get loan/overdraft facility against their FCNR deposits with Bank of Baroda. Loan up to 90% of the present fund value is offered for the depositor and up to 80% of the present fund value for third-party borrowers. The loan can be availed in INR only.
- Loan against FCNR FD in foreign currency: Customers can get a loan up to 95% of the present fund value in foreign currencies including USD/EURO/YEN/Pound Sterling.
Documents required to apply for BOB NRI FD Accounts
Here is the checklist of basic documents that NRIs will have to submit when applying for NRI FD accounts with BOB:
- Completely filled and duly signed FD account opening application form
- Latest passport-size photographs of applicant and nominee (if any)
- Residential proof of the current foreign country
- PAN card
- Photocopy of resident visa
- Photocopy of passport
Note: This is not an exhaustive list of documents required to open FD accounts with BOB. The bank may ask for additional documents based on the FD scheme selected by an NRI.
How to apply for Bank of Baroda NRI Fixed Deposit Account
SBNRI is an online one-stop destination for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
To get full assistance with NRE Account Opening and booking other 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 at the comfort of your homes.
Bank of Baroda NRI Fixed Deposit Calculator
Calculate your returns on the attractive Bank of Baroda NRI FD Rates and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and Youtube Channel for more details.
FAQs
No, customers don’t need to get permission from RBI to open NRI fixed deposit accounts as long as they meet the eligibility criteria and submit required documents.
You can use any of the following methods to transfer money in to NRI FD accounts:
– Rapid Funds2India (In-house fund transfer facility of BOB)
– NRIs from USA, UK and Europe zones can deposit funds via Baroda RemitXpress
– Through SWIFT or Wire Transfer
Current BOB NRE FD Rates range from 2.80% to 5.25% per annum, depending on the NRE scheme you choose.
Bank of Baroda NRE FD tenure ranges from 1 year to 10 years.
No. Once your residential status changes after returning to India, you need to open a new account. All the balance in the Non-Resident account is transferred to the Resident account.
For accurate and up-to-date information on Bank of Baroda’s NRI fixed deposit rates, you can check out the tables given above. These tables include latest Bank of Baroda NRE, NRO and FCNR Fixed Deposit rates.
Bank of Baroda allows the opening of an FCNR (B) fixed deposit with currencies including the Euro, US dollar, Pound Sterling, and Australian Dollar.
