How to open a Bank of Baroda FCNR account

The Gujarat-based bank, Bank of Baroda, offers FCNR accounts to non-resident Indians. Read on to learn more about how FCNR accounts work and the benefits of getting one. And check out ways to transfer money to open an FCNR account from abroad.

Table of Contents
What is FCNR at Bank of Baroda? How to open an FCNR account in Bank of Baroda? Bank of Baroda FCNR rates How to transfer funds to Bank of Baroda FCNR account? Features and benefits of Bank of Baroda FCNR account

What is FCNR at Bank of Baroda?

A Foreign Currency Non-Resident account, or FCNR, is a term deposit account found in many Indian banks. Instead of Indian rupees, the FCNR account is kept in a major global foreign currency. The account is geared toward non-resident Indians who are earning foreign currencies abroad but want to earn interest in India.

Since an FCNR is a term deposit, that means it has a specific length and then needs to be renewed at maturity. Bank of Baroda offers FCNR accounts within their NRI banking services.¹

How to open an FCNR account in Bank of Baroda?

You must have an existing NRI banking relationship with Bank of Baroda to open an FCNR account. Having an NRE account will allow you to transfer money easily to open an FCNR account.

Your NRI accounts should be in good standing and your NRI status should be validated by the bank. To open an NRI account, you will need to provide Bank of Baroda with the following:

• Completed application form
• Two passport-sized photographs
• Copy of your passport
• Copy of residency visa or OCI card
• Proof of address with a utility bill.

Once you have an NRI account, you can open an FCNR account with Bank of Baroda. Here is how to apply:

• Applying from abroad - you will need to download the application form, complete it and print it out to sign. Once you have signed the form, you must mail it to your Bank of Baroda branch.
• Applying in person - if you are in India, you can open an account at a Bank of Baroda branch. You can download the application form beforehand or complete the form at the branch. Ensure to have your IDs with you for verification.

Bank of Baroda does not have an easy online application for an FCNR account, which many other Indian banks offer. But if you are visiting India, it may be easier to stop by a bank branch to open an FCNR account in person rather than through the mail.

After submitting an application, you must fund the FCNR account to officially start your term deposit. Check out the section later in this article about simple ways to send money transfers to India.²

Bank of Baroda FCNR rates

Interest rates on an FCNR account can be an attractive reason to open one. Often the rates on a short-term deposit can be better than at banks abroad for the same currency. But FCNR interest rates can vary depending on the currency it is held in and the length of the term deposit.

Here are Bank of Baroda’s interest rates for FCNR accounts:³

Term deposit of 1 year - 2 years

USD	GBP	EUR	AUD	CAD
5.00%	4.25%	1.50%	3.60%	4.30%

Term deposit of 2 years - 3 years

USD	GBP	EUR	AUD	CAD
3.95%	2.35%	1.50%	3.50%	4.10%

Term deposit of 3 years - 4 years

USD	GBP	EUR	AUD	CAD
3.80%	2.45%	1.50%	3.00%	3.85%

Term deposit of 4 years - 5 years

USD	GBP	EUR	AUD	CAD
3.85%	2.45%	1.50%	3.00%	3.70%

Term deposit of 5 year

USD	GBP	EUR	AUD	CAD
3.90%	2.45%	1.50%	3.00%	3.60%

Rates updated as of April 5, 2023.³

• Rates are subject to change.
• No interest will be paid on accounts held for less than one year.

How to transfer funds to Bank of Baroda FCNR account?

The funds for an FCNR account must come from abroad, except when the money comes from an existing NRE or mature FCNR account. Here are a few ways to fund an FCNR account at Bank of Baroda:⁴

• Online money transfer services can be convenient but expect a transfer fee and sometimes a markup in the exchange rate.
• SWIFT bank transfers allow for bank-to-bank transfers from abroad but can be slow and expensive compared to other options.
• Foreign currency deposits are when you bring the deposit in one of the specified currencies to a physical Bank of Baroda branch to open an account. Indian currency deposits are not allowed.
• Non-Resident External (NRE) accounts let you transfer funds into a new FCNR account that you own.
• A mature FCNR account can be used to roll over and fund a new FCNR account in India.

Want to open an FCNR account with a simple and fast transfer? Check out Wise. Wise can save you money when sending money to India. You’ll get only one low transfer fee and the mid-market exchange rate on a transfer. No markups here. And Wise uses smart tech so that your money can arrive in India within seconds on popular routes.

To make managing money around the world even easier, eligible NRIs and OCIs can get the Wise multi-currency account. It is a single account that lets you hold, send and spend in multiple currencies, including US dollars, British pounds, and Indian rupees — all at the mid-market exchange rate. And you can use the award-winning Wise app and a multi-currency virtual card to make purchases or get a linked debit card so you can spend like a local when visiting family and friends.

So open an account today for free and join the millions of users who use Wise to send and spend their money globally.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Features and benefits of Bank of Baroda FCNR account

An FCNR account is helpful to grow foreign-earned money at attractive Indian interest rates. And since the FCNR account is held in foreign currencies, NRIs can protect their money from fluctuations in the Indian rupee exchange rate.

The Bank of Baroda FCNR account has other features and benefits for account holders:

• Interest grows tax-free in India.
• Funds can be moved to an NRI account at maturity.
• Your principal and interest can be transferred back to your resident country.
• Bank of Baroda will automatically renew matured deposits for one year.

Who can open an FCNR account at Bank of Baroda?

Only non-resident Indians can open an FCNR account at Bank of Baroda. Non-resident Indians (NRIs) are those living outside India for more than 182 days.⁵ Overseas Citizens of India (OCI) are categorized as NRIs too.

Bank of Baroda allows two NRIs to open a joint FCNR account, but it can’t be opened with a resident Indian.

Documents required to open an FCNR account in Bank of Baroda

Applicants for an FCNR account must complete the account opening form from Bank of Baroda.

Since the bank requires you to have existing NRI accounts, there shouldn’t be a need for additional documents unless specifically requested.

Applications submitted in person at a Bank of Baroda branch may require verification by an ID.

Currencies available in Bank of Baroda FCNR account

Bank of Baroda lets you hold an FCNR account in one of five foreign currencies:⁶

• US dollars
• British pounds
• Euros
• Australian dollars
• Canadian dollars

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Sources used for this article:

1. Open Foreign Currency Non-Resident B Term Deposit | Bank of Baroda
2. Open NRI Account Online in Simple & Easy Steps | Bank of Baroda
3. Interest rate
4. Open Foreign Currency Non-Resident B Term Deposit | Bank of Baroda
5. Non-ResidentIndian
6. Open Foreign Currency Non-Resident B Term Deposit | Bank of Baroda

Cover photo by Christina on Unsplash.