Bank of Baroda NRI FD Rates 2021: Unlock Tax-saving Benefits

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 Rates
Bank of Baroda NRI FD Rates

Bank of Baroda NRI FD Interest Rates 2021

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. BOB NRE Fixed Deposit Rates

Bank of Baroda NRE FD Rates – Less than Rs. 2 Cr                       

TenureLess than Rs. 2 Cr 
1 year4.90% 
Above 1 year – 400 days5.00% 
Above 400 days – up to 2 years5.00% 
Above 2 years – up to 3 years5.10% 
Above 3 years up to 5 years5.25% 
Above 5 years – up to 10 years5.25% 
Bank of Baroda NRE FD Rates – Less than Rs. 2 Cr 

Note: The above mentioned NRE FD Rates are effective from 16th November 2020 and subject to periodic changes.

Bank of Baroda NRE FD Rates – Rs. 2 Cr to Rs. 10 Cr

TenureRs. 2 Cr to Rs. 10 Cr 
1 year3.45% 
Above 1 year – 2 years3.25% 
Above 2 years – up to 3 years4.10% 
Above 3 years – up to 5 years3.25% 
Above 5 years – up to 10 years3.25% 
Bank of Baroda NRE FD Rates – Rs. 2 Cr to Rs. 10 Cr

Note: The above mentioned NRE FD Rates are effective from 24th December 2020 and subject to periodic changes.

Bank of Baroda NRE FD Rates – Rs. 10 Cr to Rs. 50 Cr                             

TenureAbove Rs. 10 Cr up to Rs. 25 Cr Above Rs. 25 Cr up to Rs. 50 Cr 
1 year3.45% 3.45%
Above 1 year – 2 years3.25% 3.25%
Above 2 years – up to 3 years4.10% 4.10%
Bank of Baroda NRE FD Rates – Rs. 10 Cr to Rs. 50 Cr 

Note: The above mentioned NRE FD Rates are effective from 24th December 2020 and subject to periodic changes.

Bank of Baroda NRE FD Rates – Above Rs. 10 Cr to Rs. 50 Cr                        

TenureAbove Rs. 10 Cr up to Rs. 25 Cr Above Rs. 25 Cr up to Rs. 50 Cr 
1 year3.45% 3.45%
Above 1 year – 2 years3.25% 3.25%
Above 2 years – up to 3 years4.10% 4.10%
Bank of Baroda NRE FD Rates – Above Rs. 10 Cr to Rs. 50 Cr

Note: The above mentioned NRE FD Rates are effective from 24th December 2020 and subject to periodic changes.

2. BOB NRO FD Rates

Bank of Baroda NRO FD Rates – Less than Rs. 2 Cr                       

TenureLess than Rs. 2 Cr 
7 days – 14 days2.80% 
15 days to 45 days2.80% 
46 days – 90 days3.70% 
91 days – 180 days3.70% 
181 days – 270 days4.30% 
271 days – less than 1 year4.40% 
1 year4.90% 
Above 1 year – 400 days5.00% 
Above 400 days – up to 2 years5.00% 
Above 2 years – up to 3 years5.10% 
Above 3 years – up to 5 years5.25% 
Above 5 years – up to 10 years5.25% 
Above 10 years5.10% 
Bank of Baroda NRO FD Rates – Less than Rs. 2 Cr 

Note: The above mentioned NRO FD Rates are effective from 16th November 2020 and subject to periodic changes.

Bank of Baroda NRO FD Rates – Rs. 2 Cr up to Rs. 10 Cr         

TenureRs. 2 Cr up to Rs. 10 Cr 
7 days – 14 days2.90% 
15 days to 45 days2.90% 
46 days – 90 days2.90% 
91 days – 180 days2.90% 
181 days – 270 days3.05% 
271 days – less than 1 year3.05% 
1 year3.45% 
Above 1 year – up to 2 years3.25% 
Above 2 years – up to 3 years4.10% 
Above 3 years – up to 5 years3.25% 
Above 5 years – up to 10 years3.25% 
Bank of Baroda NRO FD Rates – Rs. 2 Cr up to Rs. 10 Cr

Note: The above mentioned NRO FD Rates are effective from 24th December 2020 and subject to periodic changes.

Bank of Baroda NRO FD Rates – Above Rs. 10 Cr up to Rs. 50 Cr          

TenureAbove Rs. 10 Cr up to Rs. 25 Cr Above Rs. 25 Cr up to Rs. 50 Cr 
7 days – 14 days2.90% 2.90% 
15 days to 45 days2.90% 2.90% 
46 days – 90 days2.90% 2.90% 
91 days – 180 days2.90% 2.90% 
181 days – 270 days3.05% 3.05% 
271 days – less than 1 year3.05% 3.05% 
1 year3.45% 3.45% 
Above 1 year – up to 2 years3.25% 3.25% 
Above 2 years – up to 3 years4.10% 4.10% 
Above 3 years – up to 5 years3.25% 3.25% 
Above 5 years – up to 10 yearsNil Nil
Bank of Baroda NRO FD Rates – Above Rs. 10 Cr up to Rs. 50 Cr

Note: The above mentioned NRO FD Rates are effective from 24th December 2020 and subject to periodic changes.

Bank of Baroda NRO FD Rates – Above Rs. 50 Cr up to Rs. 100 Cr

TenureAbove Rs. 50 Cr to Rs. 100 Cr  
7 days – 14 days2.90% 
15 days to 45 days2.90% 
46 days – 90 days2.90% 
91 days – 180 days2.90% 
181 days – 270 days3.05% 
271 days – less than 1 year3.05% 
1 year3.45% 
Above 1 year – up to 2 years3.25% 
Above 2 years – up to 3 years4.10% 
Above 3 years – up to 5 years3.25% 
Bank of Baroda NRO FD Rates – Above Rs. 50 Cr up to Rs. 100 Cr

Note: The above mentioned NRO FD Rates are effective from 24th December 2020 and subject to periodic changes.

3. Bank of Baroda FCNR (B) FD Rates

Tenure/currencyUSDGBPEURCADAUDYEN 
1 year to less than 2 years0.75%0.55%0.000.67%0.18%0.05% 
2 years to less than 3 years0.77%0.65%0.000.57%0.20%0.06% 
3 years to less than 4 years0.83%0.71%0.00%0.68%0.27%0.06% 
4 years to less than 5 years0.95%0.77%0.00%0.81%0.42%0.06% 
5 years 1.08%0.83%0.00%0.93%0.57%0.08% 
Bank of Baroda FCNR (B) FD Rates

Note: The above-mentioned interest rates are applicable for BOB FCNR FD with effect from 1st Feb 2021 up to 28th Feb 2021.

4. Bank of Baroda Rupee Linked Foreign Currency Deposit (RLFCD) FD Rates

Tenure/currencyUSDGBPEURCADAUDYEN 
1 year to less than 2 years0.75%0.55%0.000.67%0.18%0.05% 
2 years to less than 3 years0.77%0.65%0.000.57%0.20%0.06% 
3 years to less than 4 years0.83%0.71%0.00%0.68%0.27%0.06% 
4 years to less than 5 years0.95%0.77%0.00%0.81%0.42%0.06% 
5 years 1.08%0.83%0.00 (%0.93%0.57%0.08% 
Bank of Baroda Rupee Linked Foreign Currency Deposit (RLFCD) FD Rates

Note: The above-mentioned interest rates are applicable for BOB RLFCD with effect from 1st Feb 2021 up to 28th Feb 2021.

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. You can head there to check out the latest rates. (The above tables were updated on 04/02/2021)

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

ParticularsDetails
Period1 to 10 years
CurrencyINR
Min deposit amountRs. 15 lakh
TaxabilityNot taxable in India
Premature withdrawalAllowed after 12 months subject to 1% penal interest rate
Loan against FDAvailable
Benefits– No income tax liability
– Nomination facility
– Fund withdrawal in the currency of your choice
– Auto-renewal facility
BOB NRE FD Overview

Non-Resident Original (Rupee) Fixed Deposit

ParticularsDetails
Period15 days to 10 years
TaxabilityTaxable in India
EligibilityOnly 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
  BOB NRO FD Overview

Foreign Currency Non-Resident (Bank) Term Deposit

ParticularsDetails
PeriodMinimum 12 months
TaxabilityNot taxable in India
CurrencyUSD, 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
BOB FCNR (B) Term Deposit Overview

Foreign Currency Linked Rupee Deposit Scheme

ParticularsDetails
Period1 year to 5 years
Min deposit amountUSD 10,000 (or equivalent)
CurrencyAccount is maintained in US Dollar and can be withdrawn in INR
TaxabilityTaxable in India; exempt for residents
Benefits– Dual benefits of NRE Rupee and FCLRD deposits
– Provision for nomination
– Account holders can be added and removed
– Easy liquidity and convertibility of money
– Auto-renewal facility
BOB FCLRD Overview

Rupee Linked Foreign Currency Deposit (RLFCD) Scheme 

ParticularsDetails
Period12, 24 & 36 months
Min deposit amountUSD 10,000 (or equivalent)
CurrencyUSD, GBP, CAD, AUD and JPY
Premature withdrawalAllowed, no interest shall be payable on withdrawal made before 12 months
BOB RLFCD Overview

Baroda Advantage Fixed Deposits (Non-Callable)

ParticularsDetails
Period1 year to 10 years
Min deposit amountRs. 15.01 lakh to below Rs. 2 Cr
EligibilityNRIs/ PIOs
Premature withdrawalNot allowed before the maturity of FD
TaxTDS deduction on interest paid on NRO DepositsNo TDS deduction on NRE Deposits
BOB Advantage FD Overview

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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.

 Ask SBNRI Expert Now

FAQs

Do I need to get permission from RBI to open an NRI FD account?

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.

How can I remit funds in my NRI FD account with Bank of Baroda?

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

How much interest can I get on BOB NRE FD?

Current BOB NRE FD Rates range from 2.80% to 5.25% per annum, depending on the NRE scheme you choose.

What is the NRE FD tenure at Bank of Baroda?

Bank of Baroda NRE FD tenure ranges from 1 year to 10 years.

Will my NRI fixed deposit account continue to function after I return to India?

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.

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