Your full guide to Bank of Baroda NRI Account

Aman Saxena

You may have seen the orange Bank of Baroda signs around India, but did you know they also have NRI services?

Learn more about Bank of Baroda’s NRI bank accounts and deposits, especially if you are currently residing overseas or intend to.

📝 Table of contents

Bank of Baroda offers banking services for Non-Resident Indians (NRIs), Indian students going abroad or Returning Indians.

You can qualify as a Non-Resident Indian if you are an Indian citizen but reside outside of India 182 days a year. If you are heading abroad, remember to convert your regular bank accounts into NRI accounts.

🔖 Read more: Full guide to NRI accounts

Types of Bank of Baroda NRI accounts

Within NRI banking services, Bank of Baroda offers 3 types of accounts: NRE, NRO or FCNR. Here is a quick table on what they mean:¹

NRE NRO FCNR
Full definition Non Resident External Non Resident Ordinary Foreign Currency Non Resident
Currency Indian Rupees Indian Rupees USD, Euros, Yen, British Pound, Australian Dollars, Canadian Dollars
Available accounts Savings, Current, and Fixed Deposit Savings, Current, and Fixed Deposit Fixed Deposit
Joint account holder NRI or Resident Indian NRI or Resident Indian NRI or Resident Indian
Repatriability Principal & interest repatriable Principal repatriable up to $1 million USD Principal & interest repatriable

Now, let’s take a look at the different types of NRE, NRO and FCNR accounts you can hold at Bank of Baroda:²

Savings Accounts

  • NRO Rupee Savings Accounts
  • NRE Savings Account
  • Baroda Premium NRE Savings Account

Current Accounts

  • NRO Rupee Current Account
  • NRE Current Account

Deposit Accounts

  • Foreign Currency Linked Rupee Deposit
  • Foreign Currency Non Resident Term Deposit
  • NRO Fixed Deposit
  • Resident Foreign Currency Account for Returning NRIs
  • NRE Fixed Deposit
  • Rupee Linked Foreign Currency Deposit(RLFCD) scheme for NRIs

Take a deeper dive into the accounts on the Bank of Baroda NRI banking products webpage.

How to open an NRI account in Bank of Baroda

You can open an NRI account with Bank of Baroda even if you are not an existing customer. And you can open it either in person at a Bank of Baroda branch in India or online. Here is how to do it.

Bank of Baroda NRI account opening online

You can open an NRI account online on the Bank of Baroda website. Here are the steps:³

  1. Head to the application forms page of the Bank of Baroda NRI Services website
  2. Click on the link for the PDF of the account that is right for you
  3. Complete the form and print and sign it
  4. Gather the documents and make copies for submission
  5. Find the nearest Indian High Commission, Consulate, Embassy or local Notary Public to you
  6. Have your documents attested
  7. Mail your document package to a Bank of Baroda branch or overseas office
  8. Await approval and funding instructions

It is recommended to give the Bank of Baroda NRI Help Desk a call to help identify the appropriate Bank of Baroda branch to mail your documents.

Bank of Baroda NRI account opening documents

Alongside your Account Opening Form, you will be asked to submit the following documents:⁴

  • 2 passport photos in color
  • Copy of your Indian passport
  • Copy of your visa, residence or work permit for your current residence outside India
  • Copy of an utility bill in your current residence outside India

You will need to get all copies attested by the Indian consulate, embassy or high commission in the country you are located. Otherwise, a local notary public will do.

Bank of Baroda NRI account minimum balance

Bank of Baroda has minimum balance or deposit requirements to avoid fees based on the type of product you select and where the account is opened. Take a look at the table below.⁵

Type of Bank of Baroda NRI account Monthly balance/ deposit to maintain to avoid fees
NRE & NRO Savings Account ₹1,000
Foreign Currency Linked Rupee Deposits (FCLRD) Scheme $10,000 USD

Here are the minimum balances for other NRI accounts, based on where account is opened:⁶

Type of Bank of Baroda NRI account Metro Urban Semi-Urban/Rural
NRE & NRO Current Account ₹10,000 ₹5,000 ₹2,000

Not all accounts have their minimum balance listed, so check with Bank of Baroda for the minimum required balance to avoid fees. Your own accounts’ minimum balance can also depend on your overall relationship with the bank.

Interest rates for Bank of Baroda NRI account

Bank of Baroda offers interest rates on their savings accounts and deposits. Here are the current interest rates for accounts below ₹2 crore.⁷

Savings Accounts Interest rate
NRE Account 2.75% p.a on entire balance
NRO Account 2.75% p.a on entire balance

For NRO Term Deposits, the interest rates depend on the time frame:

Deposits 1 year 2-3 years 3-5 years 5-10 years
NRO Account 4.90% 5.10% 5.25% 5.25%

And if you have a foreign currency deposit, you can expect the following:

Currency Deposit 1-2 years 2-3 years 3 years
US Dollars 0.52% 0.56% 0.69%
British Pound 0.58% .73% .73%
Euro 0.0% 0.0% 0.0%
Australian Dollar 0.10% 0.25% .45%

Check the Bank of Baroda website to stay updated on interest rates and other maturity periods available.

Similar to minimum balances, your interest rate can also change depending on your larger relationship with Bank of Baroda. Chat with a bank representative to find out more.

Bank of Baroda NRI account benefits

Bank of Baroda NRI services can be attractive to those who are already familiar with the bank, and are looking for low balances and fees.

Bank of Baroda also has a variety of account options for NRIs and returning Indians to help make the transition easier.

However, some NRIs may find the overall benefits, interest rates and amenities lacking compared to other private Indian banks. This also extends to the set up process and use of digital tools in their services.

Save when sending money abroad with Wise

Wise

🚀 International transfers are fast, simple, and cheap with the Wise Web/Android/ iOS app

Open your free Wise account now 🚀

Wise is FCA regulated and uses smart technology to help you save money when sending money overseas.

And if you are already abroad, check out the Wise multi currency account. It is a single account that lets you hold multiple currencies- including Indian rupees, US dollars, Euros and Canadian dollars.

So you can send, hold or receive currencies from around the globe. It also comes with a linked debit card, so you can swipe like a local, where you are.

Bank of Baroda NRI account customer care

Bank of Baroda has a NRI Help Desk to contact for any questions or if you need some assistance.

You can reach the following phone numbers to access the NRI Help Desk:⁸

Description Contact Number
Outside India +91 79 49044100
In India 1800 258 44 55 or 1800 102 4455

You can also reach them by email, depending on your need:

Description Email address
For opening an NRO/NRE Savings Account NRI.RLBO@BANKOFBARODA.COM
For FCNR accounts nribo@bankofbaroda.com
NRO/NRE Accounts operations nribo@bankofbaroda.com

You can also make an online complaint directly on the Bank of Baroda website.


Sources used for this article:

  1. NRI Accounts
  2. NRI Deposit products
  3. Open account
  4. Documents
  5. Minimum balance
  6. Current account minimum balance
  7. Interest rate
  8. Customer care

All sources checked as of 3 September, 2021


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location