Non-Resident Indians have the option to invest in fixed deposits with Bank of Baroda (BOB). NRIs can safeguard their foreign earnings as well as Indian earnings in Bank of Baroda NRE FD, NRO FD, FCNR FD, and RFC FD schemes. Let’s look at the prevailing Bank of Baroda FD Rates along with the features and benefits of BOB NRI fixed deposit schemes.
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| Table of Contents |
| Tenure | Rate of Interest |
| 1 year | 4.90% |
| Above 1 Year to 400 days | 5.00% |
| Above 400 days and up to 2 Years | 5.00% |
| Above 2 Years and up to 3 Years | 5.10% |
| Above 3 Years and up to 5 Years | 5.25% |
| Above 5 Years and up to 10 Years | 5.25% |
Note: The aforementioned Bank of Baroda NRE FD rates are applicable to deposits below Rs. 2 crore, w.e.f. 16th November 2020. For deposits above Rs. 2 core, please visit the bank’s official website.
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Tenure | Bank of Baroda Fixed Deposit Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 2.80 | 3.30 |
| 15 days to 45 days | 2.80 | 3.30 |
| 46 days to 90 days | 3.70 | 4.20 |
| 91 days to 180 days | 3.70 | 4.20 |
| 181 days to 270 days | 4.30 | 4.70 |
| 271 days & above and less than 1 year | 4.40 | 4.90 |
| 1 year | 4.90 | 5.50 |
| Above 1 year to 400 days | 5.00 | 5.50 |
| Above 400 days and up to 2 years | 5.00 | 5.50 |
| Above 2 years and up to 3 years | 5.10 | 5.60 |
| Above 3 years and up to 5 years | 5.25 | 5.75 |
| Above 5 years and up to 10 years | 5.25 | 5.75 |
Note: The aforementioned BOB NRO Fixed Deposit Rates are applicable to deposits below Rs. 2 crore. Data as on 16th November 2020.
Foreign Currency Non-resident Deposit – FCNR(B) – w.e.f. 01.04.2021. The rates shall be effective up to 30.04.2021.
| Maturity Period | USD | GBP | EUR | AUD |
|---|---|---|---|---|
| 1 Yr. to less than 2 yrs. | 0.58 | 0.48 | 0.00 | 0.23 |
| 2 Yrs. to less than 3 yrs. | 0.65 | 0.64 | 0.00 | 0.29 |
| 3 Yrs. to less than 4 yrs. | 0.87 | 0.78 | 0.00 | 0.46 |
| 4 Yrs. to less than 5 yrs. | 1.13 | 0.92 | 0.02 | 0.76 |
| 5 Years | 1.38 | 1.04 | 0.10 | 1.02 |
Note: The aforementioned Bank of Baroda FCNR fixed deposit interest rates are applicable w.e.f. 01.04.2021. The rates shall be effective up to 30.04.2021. All the figures are in percentage. There is no additional FD rate extended to senior citizens or Staff.
The following fixed deposit schemes are furthered by Bank of Baroda to benefit its NRI customers:
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| Particulars | Details |
| Tenure | 12 months – 5 years |
| Taxation | Taxable in India; income tax exempt for Resident but not Ordinarily Resident |
| Features |
|
| Particulars | Details |
| Tenure | Min. 12 months |
| Taxation | Not taxable in India |
| Features |
|
| Particulars | Details |
| Tenure | 15 days – 120 months |
| Taxation | Taxable in India |
| Loan against FD | Allowed |
| Features |
|
| Particulars | Details |
| Tenure | 12 months – 120 months |
| Min. Deposit Amount | Rs. 15 lakh – below Rs. 2 crore |
| Taxation | Not taxable in India |
| Premature Withdrawal | Allowed; penalty of 1% on interest payable |
| Features |
|
| Particulars | Details |
| Tenure | 12, 24, 36 months |
| Min. Deposit Amount | USD 10,000 or its equivalent in any convertible currency |
| Premature Withdrawal | Allowed; no interest paid on withdrawals made before 12 months from booking |
| Features |
|
| Particulars | Details |
| Tenure | 12 – 120 months |
| Min. Deposit Amount | Rs. 15.01 lakh |
| Taxation | NRO deposit: TDS deducted NRE deposit: TDS not deducted |
| Premature Withdrawal | Not allowed before completion of lock-in period |
| Features |
|
Most of the NRI fixed deposit schemes extended by the Bank of Baroda come with this very important feature of premature withdrawal. By premature withdrawal we mean that the depositor is given the option to withdraw funds from the deposit account before the maturity date arrives. This way, customers can easily remedy a sudden cash crunch. Certain important features:
NRI customers having fixed deposit with Bank of Baroda can have their deposit accounts finance their cash requirement. This facility of availing advances against securities of fixed deposit is termed as loan against FD or overdraft facility against FD. Let’s see how it works:
Loan against NRE Rupee FD
Loan/Overdraft facility against FCNR Deposits in Rupee
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The following list of documents must be checked with in order to have a smooth application experience:
Steps to open an NRI deposit account:
Q. How is money remitted in NRI deposit account with Bank of Baroda?
A. Funds can be transferred using any of the following modes:
For FCNR deposits, KYC documents to be submitted after every 2 years
Q. What is the highest NRE FD rate for Bank of Baroda?
A. The highest fixed deposit interest rate one can fetch from NRI FD by Bob is 6.25% for deposits below Rs. 2 crore. It is 6.30% for deposits between Rs. 15 lakh to Rs. 1.99 crore.
Q. Is permission from RBI required to open NRI fixed deposit account?
A. No. NRI customers don’t need RBI permission as long as they are fulfilling the eligibility criteria.
Q. Will the existing NRI fixed deposit account continue to function of the NRI returns to India?
A. No. On returning, hence become resident, a new account needs to be opened and all the balances held in Non-Resident account are transferred to this ‘Resident’ account.
