All You Need To Know About NRI Banking Services At Bank of Baroda

NRI banking is tedious. A lot of forethought and research has to be done before you decide on the right Bank for you. Selecting the right Bank and the correct type of account can be tricky with several options.

This blog aims to tell you all there is to know about NRI Banking in the Bank of Baroda. This page covers features, benefits, application method, required documentation, loans & deposits with interest rates, foreign remittances, and so on.

1. Types of Account
2. How to open an account?
3. Fixed Deposits
4. Bank-owned Remittance platform
5. Forex Card
6. Loans
7. Customer Care
8. FAQs
9. Useful Links

1. Types of Account

NRE Account:

This type of account is right for you if you are an Indian living overseas. Both NRIs and PIOs can apply for this type of account. You can open savings, Current and Fixed deposit accounts. These accounts include:

1. Baroda Premium NRE Savings Bank Account
2. NRE Rupee Savings Account
3. NRE Rupee Current Account

Baroda Premium NRE Savings Account:

The Baroda Premium NRE Savings Account gives you premium services if you wish to save your hard-earned money in the Bank. The depositor must maintain a quarterly average balance (QAB) of Rs. 50,000. A penalty of Rs. 500 plus tax is applicable if you fail to maintain the balance

The noteworthy point is that there are no charges for collecting cheques drawn on self-account/travel cheques/currency notes tendered during personal visits.

Benefits of Baroda Premium NRE Savings Account:

Some of the help of this account include:

• Free remittance facility
• Free issuance of demand draft
• Free banker's cheque and cheque book,
• Free debit card,
• 24*7 internet banking,
• Preferential exchange rates and
• Locker allocation.

NRE Rupee Savings Account

This account allows you to open an account through instruments such as demand drafts, telegraphic transfers, telex, and mail transfers. You will also get standard banking facilities such as cheque book, provision for nomination and other remittance facilities. During personal visits, NRIs can tender cash in foreign currency and foreign currency travelers’ cheques which can be converted into Indian Rupees for crediting their account. Interest is payable half yearly (June and December).

Benefits of NRE Rupee Savings Account:

Some of the benefits of this account include:

• Availability of cheque book
• Provision of nomination
• Easy liquidity and convertibility
• Both principal and interest can be repatriated.

NRE Current Account:

These kinds of accounts can be opened by remitting money from abroad. The benefits of having this account include easy liquidity and convertibility, and provision for nomination. Quarterly average balance (QAB) of Rs. 50,000 has to be maintained by the depositor. A penalty of Rs. 500 plus tax is applicable if you fail to maintain the balance. A noteworthy point is that there are no charges for collection of cheques drawn on self-account/travel cheques/currency notes tendered during personal visits.

Benefits of NRE Rupee Current Account:

Below are benefits of NRE Rupee Current Account:

• Easy liquidity and convertibility
• Availability of cheque book facility
• Monthly account statements
• Provision for nomination
• No interest is applicable on the deposit amount.

Repatriation:

Both interest and principal are repatriable in the currency of your choice.

Interest Rate and Taxation:

The interest rate is 2.75% per annum on your balance, and these accounts are not subject to any tax.

NRO Account:

NRO Rupee savings account:

Just like the NRO current account, this type of account can be opened with remittances from abroad. Corporate Institutions are not eligible for this type of account. The minimum balance to be maintained is Rs. 1000. 30.90% withholding tax plus applicable surcharge/cess is applicable in this account. Surcharge is applicable @2.5% of TDS/tax amount to foreign companies if the company has net income exceeding Rs. 1 crore. And Interest rates on deposits are paid half-yearly (June and December).

Below are benefits of NRO Rupee savings account:

Some of the benefits of having this kind of account include:

• Availability of cheque book and remittance services
• Provision for nomination.

Joint Account:

Joint accounts are allowed with close relatives.

Repatriation:

Funds are not repatriable. Interest is repatriable after tax deduction at source.

Interest Rate and Taxation:

This account is subject to tax and the interest rate is 2.75% per annum on your balance.

NRO Rupee current account:

This type of account can be opened by remitting funds from abroad. This account is useful for business transactions for individuals and corporate institutions. However, overseas corporations cannot open this account. The minimum balance to be maintained is Rs. 1000.

Below are benefits of NRO Rupee Current account:

Some of the benefits of having this kind of account include:

• Availability of cheque book and remittance services
• Provision for nomination
• Free of interest rates

Joint Account:

Joint accounts are allowed with close relatives.

Repatriation:

Funds are not repatriable. Interest is repatriable after tax deduction at source.

Interest Rate and Taxation:

This account is subject to tax and the funds are free of interest rate.

RFC Account:

RFC Domestic Account :

This account is ideal if you wish to utilize foreign exchange acquired on account of a visit to an overseas country, receipt of gift or for services rendered, or unspent amount of foreign exchange acquired from an authorized person for travel. Some of the benefits of having this type of account include availability of free cheque book, provision for nomination, instant credit against currency notes and traveler’s cheque. A minimum balance of USD 500 has to be maintained.

RFC Account for NRIs visiting or settling in India :

This account offers remunerative deposits for NRIs who wish to settle in India. These accounts are maintained in US dollar, Pound Sterling, Euro, and Australian dollar denomination. No permission is required from the RBI to transfer funds. The funds can be easily drawn in Indian rupee for personal use. Funds are freely repatriable.

2. How to open an account?

To open an NRI banking account, you will have to follow the below mentioned steps:

• Proceed to the online application page.
• Select the account of your choice to get the application PDF.
• Fill the form, print and sign it.
• Get the documents attested by the nearest Indian High Commission, Consulate, Embassy or local Notary Public to you.
• Mail the documents to Bank of Baroda’s India branch in which you wish to maintain the account or to the nearest overseas branch.
• Wait for approval and further instructions.

Call the NRI help desk if you face any issues

Required Documents:

You have to submit the following documents along with the application form:

• 2 colored passport photos
• Copy of your Indian Passport and Visa
• Proof of your current residence
• Copy of an utility bill in your current residence outside India

You have to get these documents attested by the notary as well.

3. Fixed Deposits

NRE Rupee Fixed Deposit:

In this type of account you can open deposits with the help of telegraphic transfers, demand drafts, internet transfers and so on. The deposit can be maintained for periods ranging from 12 months to 120 months. No interest will be payable for deposits that have remained with the bank for less than 12 months. If you wish to do a premature withdrawal after 1 months, then the rate of interest applicable will be 1% less than the actual interest payable for the period for which the deposit has run from the date of issue of receipt or on the date when the depositor seeks premature withdrawal.

Below are benefits of NRE Rupee Fixed Deposits:

Some benefits of this account include:

• Attractive interest rates
• Confidentiality of accounts and transactions
• Loan and overdraft facility, and
• No income tax liability.

Joint Account:

Joint accounts are allowed with close relatives.

Repatriation:

Funds are repatriable.

Interest Rate and Taxation:

This account is not subject to tax. The interest rates are as follows:

Tenors	Interest rate
1 year	5.45
1 year to 400 days	5.6
400 days to 2 years	5.6
2 to 3 years	5.65
3 to 5 years	5.65
5 to 10 years	5.65

NRO Rupee Fixed Deposits:

These types of accounts can be opened with remittances from abroad. The tenure of the deposits range from 15 days to 120 months. The interest is credited every quarter. 30.90% withholding tax plus applicable surcharge/cess is applicable in this account. If the company’s net income exceeds 1 Crore, then a surcharge is applicable @2.5% of TDS/tax amount.

Below are benefits of NRO Rupee Fixed Deposits:

Some of the benefits of having this type of account are:

• Confidentiality of your account
• Easy liquidity of funds
• Provision for nomination
• Availability of loan and overdraft facility.

Joint Account:

Joint accounts are allowed with close relatives.

Repatriation:

Funds are not repatriable. Interest is repatriable after tax deduction at source.

Interest Rate and Taxation:

This account is subject to tax. The interest rates are as follows

Tenors	Interest rate for principal less than Rs. 2 crore
7 to 14 days	3.0
15 to 45 days	3.0
46 to 90 days	4.0
91 to 180 days	4.0
181 to 270 days	4.65
271 days to less than 1 year	4.65
1 year	5.3
1 year to 400 days	5.45
400 days to 2 years	5.45
2 to 3 years	5.5
3 to 5 years	5.5
5 to 10 years	5.5
Above 10 years	5.1

Foreign Currency Non-Resident B Term Deposit:

You can open this type of deposit with USD, GBP, EURO, and AUD. You can transfer funds from the FCNR account to the NRI savings or fixed deposit account. Corporate bodies are not eligible for this kind of account. In this type of account, you can open deposits with the help of telegraphic transfers, demand drafts, internet transfers, etc. Deposits are subject to rules framed by the RBI. No interest will be paid for deposits that have remained with the Bank for less than twelve months

Below are the benefits of Foreign Currency Non-Resident B Term Deposit:

Some of the benefits of having this account include:

• Confidentiality of transactions and accounts
• Security
• Easy liquidity and conversion
• Provision for nomination
• No income tax on interest earned

Joint Account:

Joint accounts are allowed with one or more NRIs.

Repatriation:

All funds are repatriable.

Interest Rate and Taxation:

This kind of account is not subject to any tax. The interest rates are as follows:

Maturity Period	USD	GBP	EUR	AUD
1 to 2 years	3.00	2.10	0.01	0.70
2 to 3 years	2.80	2.15	0.01	1.20
3 to 4 years	2.70	2.25	0.01	1.55
4 to 5 years	2.40	2.25	0.1	1.80
5 years	2.50	2.25	0.15	1.95

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme:

This kind of deposit is for both FCNR and NRE account holders. In this type of account, you can open deposits with the help of telegraphic transfers, demand drafts, internet transfers, etc. However, you cannot open this account with Indian currency. However, the deposited foreign currency is converted to the Indian rupee. The deposit can be for 12 months only. Interest on deposits will be paid on maturity along with the principal. No interest will be paid for deposits run for less than 12 months.

Below are the benefits of the Foreign Currency Linked Rupee Deposits (FCLRD) Scheme:

Some of the benefits of having this kind of deposit include:

• Confidentiality of transactions and accounts
• Security
• Easy liquidity and conversion
• Provision for nomination

Joint Account:

Joint accounts are allowed with one or more NRIs.

Repatriation:

All funds are repatriable.

Interest Rate and Taxation:

This kind of account is not subject to any tax. Contact the Bank for interest rate details.

Rupee Linked Foreign Currency Deposit Scheme for NRIs:

This is a new and upcoming scheme. The minimum required to open this deposit is 10,000 USD or its equivalent. The tenure of the deposit can be 12, 24, or 36 months. Both NRE and FCNR account holders can apply for this account.

Joint Account:

Joint accounts are allowed with one or more NRIs.

Repatriation:

All funds are repatriable.

Interest Rate and Taxation:

This kind of account is not subject to any tax. Contact the Bank for interest rate details.

4. Bank-owned Remittance platform

You can send money from any country to India via a cash transfer, swift transfer, rapid funds 2 india, or other modes of remittances such as traveler's cheques and demand drafts.

Cash Transfer:

The Bank has a tie-up with Western Union. Suppose you wish to make a cash transfer from your country to India. In that case, you must visit your nearest local Western Union branch, fill out the form, and submit the KYC documents, along with the beneficiary's name and address. Western Union will process your payment and ensure the receiver gets the funds. The beneficiary has to go to their nearest Western Union bank to get the cash.

Rapid Funds2India:

This feature allows you to credit money to your beneficiary's account instantly. There are no limits for this transaction. However, the minimum amount is Rs. 2,00,000. If both the payee and beneficiary have an account in BOB, the trade is free of any charges. However, having an account at the Bank is not mandatory to use this feature.

Swift Transfer:

For this kind of transfer, you need to head to the official website to fetch the account details, depending on the currency you send. You also need to enter details such as Intermediary institution, beneficiary details, and account details.

5. Forex Card

This prepaid international currency card allows you to spend money when you travel abroad. The card is safe, secure, and easy to use. Some of the benefits of this card include 150+ authorized foreign exchange branches, three currencies- Euro, GBP, USD, immediate activation and a validity of 3 years, and multiple reloads with transaction limits that you can set.

Some of the features of this card include:

• Available at 150 + authorized foreign exchange branches in India.
• Both account holders and non account holders can purchase it.
• VISA Card.
• Immediate activation
• The card will be valid for a period minimum of three years from the activation date.
• The card is reloadable.
• The card is accepted at all VISA accepted E-COM, POS terminals, and ATMs.
• SMS messages
• It has a mobile application with enable/disable options for different payment methods.

Contact the Bank if you wish to apply for the same.

Benefits of Travel Card :

Below are some Dos & Don'ts:

Do’s

• Ensure that you sign on the signature panel, on the back side of the card, as soon as you get the card.
• Change your PIN or memorize your PIN and ensure destroy your PIN Mailer
• Make a separate note of your card number and customer care number for emergency use.

Don'ts

• Do not write your PIN Number on the card.
• Do not swipe the card on unauthorized places or suspicious places. Always look for VISA logo at Point Of Sale machine at merchant establishment.
• Do not swipe your card if merchant does not have an electronic Point of Sale card swiping terminal. Any usage of the card other than electronic use will be deemed unauthorized and you will be solely responsible for such transactions.

Forex card rates can be found here:

6. Loans

Education Loans:

Bank of Baroda offers student loans for aspiring students who wish to pursue their higher studies abroad. You must be an Indian citizen with a valid offer letter to avail of this loan. Some of the benefits of this loan include no documentation charges and no security for a loan up to Rs. 7.5 Lakhs, free debit card, and so on. The repayment holiday or moratorium period is your course duration plus one year. If you get admission in one of the premium institutes listed in the Bank, the interest rate is repo rate +1.75%; if your institute is not mentioned in the list, then your interest rate will be repo rate + 2.4%.

The Bank gives loans up to Rs. 150 Lakhs for accredited universities and up to Rs. 60 Lakhs for other universities. No margin is required if you have an offer from accredited universities. The loan must be paid within 10 to 15 years. There is also an option to cover insurance with the help of the loan. However, this option is available only if the loan exceeds Rs. 7,50,000.

Interest rates & charges:

The documents required for the application for this loan are:

• KYC of applicant and co-applicants
• Academic Records
• Proof of admission
• Entrance Exam Result(if applicable)
• Statement of cost of study/ Schedule of expenses
• Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
• Bank account statement for last six months etc
• Property Documents (if applicable)

Baroda Car Loan for NRI/PIOs:

NRIs can get loans for purchasing cars with this scheme. Some of the benefits of this scheme include competitive interest rates, loan amount up to Rs. 100 Lakhs, longer tenure up to 48 months, no advance EMI, and so on.

Baroda CRE Home Loan for NRI/PIOs:

NRIs and PIOs can apply for this scheme for the following reasons:

• Purchase/construction of house/flat.
• Purchase of residential plot*.
• Purchase of a residential plot of land and construction of the house.
• Take over from other Banks/HFCs/NBFCs/FIs, etc.
• Extension of the existing house/additional construction.
• Reimbursement of expenses for construction of house/flat from own sources.

The interest rate ranges from 8.45 to 9.8 %.

Baroda Home Improvement Loan for NRI/PIOs:

NRIs and PIOs can apply for this scheme for the following reasons

• For repairs/renovation/improvement of existing house/flat.
• Purchase furniture/fixture/furnishing/other gadgets such as fans, geysers, air conditioners, water filters, air purifiers, heaters, desert coolers, etc.

Loan Against FCNR (B) Deposits in Foreign Currency in India:

This scheme is ideal for NRIs who wish to get a loan against their FCNR(B) deposits in foreign currency. You can request up to 95% of the amount. The rate of interest is 1.5%.

Loans Against FCNR (B) Deposits in Rupees:

This kind of loan is ideal for you if you wish to get a loan against your FCNR (B) deposit in rupees. The rate of interest is MCLR plus 100 basis points.

Baroda Top Up Loan for NRI/PIOs:

This loan is an additional loan facility that allows you to extend your home loan. This facility is granted against the security of mortgage extension of the already mortgaged property. Both NRIs and PIOs are eligible for this loan.

Loans/Overdrafts Against Security of Non-Resident (Rupee) Fixed Deposits:

NRIs can get loans against their fixed deposits or term deposits. The loans/overdrafts shall be in non-repatriable Indian Rupees. RFC deposits of 12 months up to 60 months will be charged with the same interest rates as FCNR deposits (no interest will be paid for premature payment before 12 months). For further information, please contact the Bank.

7. Customer Care:

You can approach the NRI help desk if you have any queries.

You can also call 1800 258 44 55 or 1800 102 4455, the Indian toll-free number. Or you can call the Bank at +91 79 49044100, the overseas helpline number. You can also mail the Bank at NRI.RLBO@BANKOFBARODA.COM, nribo@bankofbaroda.com, and nribo@bankofbaroda.com.

Bank of Baroda's branches are globally spread out. Find the Global locations here :

8. FAQs

Can NRIs bring gold/silver to India?

Yes. NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months, provided they have stayed abroad for six months.
NRIs can also bring silver to India up to 100 kgs as part of their baggage.

In what form can gold be brought to India?

The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).

Can NRIs use mobile banking?

Yes. Transactions will be subject to FEMA/RBI guidelines.

Where can NRI open a Demat account?

NRI can open a Demat account with any depository participant. The NRI has to mention their type of account and classification.

Does an NRI require the RBI's permission to open a Demat account?

No permission is required from the RBI.

Can securities purchased under repatriable and non-repatriable categories be held in a single Demat account?

No. An NRI must hold separate Demat accounts to hold repatriable and non-repatriable funds.

What is a Baroda reloadable card?

Baroda Reloadable Card is a prepaid card that facilitates various transaction/payment-related needs. Card usage is restricted to the amount loaded on the card. If required, customers can reload the amount on the card.

What is a virtual payment address?

'Virtual Payment Address' means a unique payment identifier issued by a PSP (Application provider) to a payer or a receiver that, among other things, can be used to identify, debit or credit a bank account. VPA contains PSP handlers, for example, sachin@barodampay. Sharing your account or debit card credentials to receive payments by using VPA is no need. Each VPA has to be linked with a bank account.

Can M-connect plus help me with Internet Banking?

You can register for Internet Banking and reset your Internet Banking Password through m-Connect+.

Is collateral security required?

No collaterals/third-party guarantee for loans up to Rs. 100 lakhs, which are covered under CGTMSE. For other accounts not covered under CGTMSE, the Bank may stipulate collaterals per Bank's guidelines.

Whether an account with Bank of Baroda is needed to purchase a Baroda TravelEasy Card?

Baroda TravelEasy Card can be purchased by Indian Residents holding our Bank's account and other persons not having an arrangement with Bank of Baroda. A person desirous of traveling abroad can visit an identified branch of Bank of Baroda and purchase a Baroda TravelEasy Card over the counter. Proper KYC is needed for both the Bank account holders and walk-in customers.

What are the procedures to be followed in respect of investment in securities in case NRI becomes a person resident in India?

On becoming a resident, a new depository account with the appropriate status - 'Resident' in this case, is to be opened. Bank will transfer all the balances in the statement with 'Non-Resident' status to 'Resident' status.

For more FAQs, refer to BOB's official webpage here: https://www.bankofbaroda.in/faqs

NRI Newsletters:

You can refer to their monthly newsletter here if you want to follow the latest updates regarding NRI banking from BOB.

9. Useful links

NRI Accounts

NRI Deposit products

Open account

Documents

Minimum balance

Current account minimum balance

Interest rate

Customer care

Loans

NRI help desk