Guide to Bank of Baroda NZ: NRI Services, Exchange Rate, Alternatives

Bank of Baroda is one of the first Indian banks to open branches overseas. In 2008, the bank opened a wholly-owned subsidiary in New Zealand, Bank of Baroda New Zealand (NZ). Non-resident Indians (NRIs) living in New Zealand can use Bank of Baroda NZ to open savings, current and fixed deposit accounts. The bank also offers ways to send money to India and loans.1

Learn more in this complete guide about Bank of Baroda in New Zealand.

Table of contents
Bank of Baroda New Zealand offerings Savings Accounts Current Accounts Fixed Deposits NRI Accounts (NRE/NRO) Loans and Advances Bank of Baroda NZ Remittance Bank of Baroda NZ Exchange Rate Bank of Baroda NZ Contact Details Alternatives for NRIs in New Zealand Meet Wise: Simplifying financial life for NRIs

BOB New Zealand Accounts

Bank of Baroda New Zealand offers accounts for locals and NRIs. Here are some of the bank options:

Savings Accounts

Bank of Baroda NZ offers three savings accounts for NRIs: a Baroda Savings Account, a Super Savings Account, and a Golden Savings Account.

Baroda Saving Account: Regular savings account

• NZ NRIs can open this savings account in NZ or US dollars.
• Bank of Baroda NZ allows customers to open an account with zero balance. However, you must maintain a minimum NZD 500 or USD 500 balance.
• Unlimited number of remittances without any fees.
• Internet and mobile banking app facilities are available.
• International students do not have any minimum balance requirement.²

Baroda Super Savings Account - Savings account with auto sweep facility

• Only available in NZ dollars.
• A minimum balance requirement of NZD 1,000.
• Deposits above NZD 1,000 are automatically swept to a short-term deposit account for 181 days, allowing you to earn a higher interest on your money.
• Unlimited numbers of remittances without any fees.
• Internet and mobile banking app facilities are available.³

Baroda Golden Savings Account - Savings account with premium interest

• NZ NRIs can open the Golden Savings Account in NZ dollars.
• Requires a minimum balance of NZD 1,000.
• There is an additional premium interest rate of .25% p.a. on balances above NZD 1,000, with at least a monthly deposit of NZD 20. To get the rate boost, you must refrain from making any withdrawals that month.
• This account allows customers to make unlimited remittances to India without fees.
• Internet and mobile banking app facilities are available.⁴

Current Accounts

Bank of Baroda New Zealand offers its NRI customers three types of current accounts.

Baroda Current Account Personal - Basic and flexible current account

• Ideal for all individuals, businesses, companies, institutions, and associations who need frequent banking facility
• There is no minimum balance maintenance requirement.
• No interest is payable on current accounts.
• Customers get a monthly statement of account for free.
• An unlimited remittance facility is available without any fees.
• Internet and mobile banking facilities are available.
• Customers cannot withdraw foreign currency over the branch counter.
• Unlimited credits or debits are allowed in this account.⁵

Baroda Current Account Business - Ideal for businesses

• This account is similar to the current personal account discussed above but with some additional facilities.
• Customers must maintain an average minimum quarterly balance of NZD 1,000 in the business's current account.
• Free monthly statements and annual balance certificate facilities are available.
• An overdraft facility is available upon prior arrangement.
• NZ NRIs can send unlimited remittances to India without any fees.
• No interest is payable on this current account.
• Unlimited credits and debits are allowed in this current account.⁶

Baroda Premium Current Account - Automatic sweep facility available

• NZ NRIs can open the premium current account in NZ dollars only.
• The minimum balance requirement is NZD 25,000
• A free chequebook and Visa Classic debit card facility are available for this account.
• A free statement of account is available twice a month.
• Balances over NZD 25,000 in multiples of NZD 10,000 are automatically swept to a fixed deposit account for one month to gain more interest. An automatic reverse sweep facility is allowed. However, interest is not payable on premature payment.
• A 25% concession is available on cash deposits and payments if the account holder maintains a minimum balance of NZD 25,000.
• A 50% concession is available if the minimum balance maintained is NZD 50,000 or more.
• Unlimited remittances to India are free.⁷

Fixed Deposits

Bank of Baroda NZ offers four types of fixed deposit accounts, which allow you to grow your money with interest at the bank. The accounts differ by how the interest is paid out.

Baroda Fixed Deposit - Higher interest

This account provides a higher interest rate than the others but less access to the funds during the deposit term.

• NZ NRIs can deposit in NZ dollars and US dollars.
• The minimum deposit required is NZD 1,000 or USD 1,000.
• The minimum deposit term is one month, and the maximum is 60 months.
• Interest is payable on maturity after TDS.
• An overdraft facility of up to 90% of the available balance of the fixed deposit account is allowed.
• The deposit is renewed automatically.
• Premature withdrawals are allowed.⁸

Baroda Monthly Deposit - Monthly Interest Payment

This account is like the Baroda Fixed Deposit, but the interest is payable monthly after TDS.

• The minimum deposit required is NZD 1,000.
• The minimum and maximum deposit tenures are one and five years, respectively.
• Overdraft is allowed up to 90% of the balance available in the account.
• The deposits are renewed automatically.⁹

Baroda Annual Deposit - Annual Interest Payment

This account is like the Baroda Monthly Deposit, but the interest is payable annually after TDS.

• The minimum deposit amount is NZD 1,000.
• The deposit term can be from one to five years.
• An overdraft facility is available up to 90% of the available balance in the deposit account.
• The deposits are renewed automatically.
• Premature withdrawals are allowed.¹⁰

Baroda Recurring - Small savings every month

This deposit is ideal for NZ NRIs who wish to contribute small monthly savings to meet future goals.

• The minimum monthly contribution is NZD 50 and in multiples of NZD 10. The maximum monthly contribution is NZD 10,000.
• The monthly contribution must be deposited before the 7th of the month to qualify for interest.
• The deposit term ranges from 12 to 60 months with three-month intervals.
• The interest payment is subject to TDS.
• Premature withdrawals are allowed.¹¹

Fixed deposit interest rates vary from time to time. For current rates, check the Bank of Baroda NZ website.

NRI Accounts (NRE/NRO)

While Bank of Baroda NZ offers bank and deposit facilities to all, NRIs can benefit from unlimited remittances to India. You can send funds to family and friends or to fund a Non-Resident External (NRE) or Non-Resident Ordinary (NRO) in India.

International students can use the Bank of Baroda NZ savings accounts to receive money from their Indian accounts.

Loans and Advances

In addition to bank accounts and deposits, accountholders can also access Bank of Baroda NZ loans.

Baroda Home Loan - Construction/Purchase of new residential property¹²

• A home loan can be used for the following purposes:

1. Construction of new residential property
2. Acquiring new/existing residential property
3. Repairs and renovations to existing property

• The maximum loan amount is NZD 2 million.
• The maximum loan tenure is for 30 years.

Baroda Personal Loan for Salaried Employees¹³

• NZ NRIs can use personal loans to pay for large expenses or meet individual needs.
• Your minimum annual income must be NZD 30,000 to qualify.
• This is only available to accountholders with a sufficient salary account with Bank of Baroda NZ.
• The maximum loan amount is NZD 50,000.
• The maximum repayment tenure is 36 months.

Baroda Business Loans - for small and medium business enterprises¹⁴

Bank of Baroda NZ offers loans for small and medium-sized businesses within the country. These loans can be used to grow a business or to cover operating expenses. Businesses can also avail themselves of overdraft services or a Baroda Mortgage loan.

The loan amount you qualify for at Bank of Baroda NZ will depend on your business’s revenue.

The interest rates on the different Bank of Baroda NZ loans change occasionally and can be viewed online.

The service charges applicable to deposits, loans, and other services are also listed on the website.

Bank of Baroda NZ Remittance

Bank of Baroda NZ offers a free remittance service called Rapid Funds2India for customers in New Zealand. The service allows unlimited transfers to Bank of Baroda bank accounts in India without fees. The funds can arrive instantly. Accountholders can also send money to other banks in India and take advantage of a one-day transfer facility.¹⁵

Bank of Baroda NZ customers can access Rapid Funds2India through their online dashboard, part of the bank’s internet banking portal.

International transfers are also available to Australia, the United Kingdom, Fiji and other countries.

When sending international transfers with a bank, you can expect two fees- one is the transfer fee, which is the cost of the service, and the second is often hidden in the exchange rate you get. Check out the next section on exchange rates.

Bank of Baroda NZ Exchange Rate for International Transfers

Bank of Baroda NZ sets its own exchange rates for international transfers. The rates available here are subject to change daily.¹⁶

The Bank of Baroda NZ exchange rates can look higher than the current mid-market exchange rate you can see on Google. These markups of the exchange rate takes a cut of every dollar you exchange. It can seem small, but it adds up quickly. We invite you you compare the remittance cost of Bank of Baroda in New Zealand with Wise instead:

Remit to India with Wise

Bank of Baroda NZ Contact Details

Bank of Baroda NZ has two branches in New Zealand that cater to local account holders and offer ATM services.

Auckland Branch¹⁷

• Address - 114, Dominion Road, Mount Eden, Auckland 1024
• Phone Number - +64 (9) 632 1020
• Email - aucknz@bankofbaroda.com
• Works Monday to Friday - 9.00 am to 4.30 pm
• The branch is closed on Saturday, Sunday, and public holidays.

Wellington Branch¹⁸

• Address - 55 Featherston Street, Wellington 6011
• Phone Number - +64 (4) 471 0196
• Email - wellnz@bankofbaroda.com
• Works Monday to Friday - 9.00 am to 4.30 pm
• The branch is closed on Saturday, Sunday, and public holidays.

Alternatives for NRIs in New Zealand

New Zealand offers banking options to residents and NRIs. There are local banks and credit unions, in addition to large foreign banks in the major cities.

NRIs or OCIs living in New Zealand can use the Bank of Baroda or Bank of India, both of which have subsidiaries in the country, for banking services. This can be a convenient option if you are an NRI and have an existing relationship with the bank back in India. However, others may want to consider a local or larger global bank for easy mobile apps and convenience or cheap and fast online transfer services to send money home, like Wise.

Wise uses smart tech to make transfers from New Zealand safe, fast, and low-cost. You can send money directly to local bank accounts or UPI accounts in India without any markups on the mid-market rate and transparent costs shows upfront.

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Meet Wise: Simplifying financial life for NRIs

NRIs can manage money easier with Wise. With convenient transfers to India, NRIs can send family maintenance, gifts or NRE funding straight to local bank accounts.

To take your money to the next level, take a look at the Wise account available for residents in New Zealand. It is one account where you can hold, send and spend in multiple currencies, including Indian rupees, Euros and US dollars. Plus, with a linked debit card, you can swipe like a local when you visit India or on your next holiday.

Get Started with Wise

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Please see the 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.

Sources used for this article:

1. Bank of Baroda New Zealand - An Intro
2. Bank of Baroda NZ Savings Account
3. Bank of Baroda NZ Super Savings Account
4. Bank of Baroda NZ Golden Savings Account
5. Bank of Baroda NZ Current Account Personal
6. Bank of Baroda NZ Current Account Business
7. Bank of Baroda NZ Premium Current Account
8. Bank of Baroda NZ Fixed Deposit
9. Bank of Baroda NZ Monthly Deposit
10. Bank of Baroda NZ Annual Deposit
11. Bank of Baroda NZ Recurring Deposit
12. Bank of Baroda NZ Home Loan
13. Bank of Baroda NZ Personal Loan for Salaried Employees
14. Bank of Baroda NZ Business Loans
15. Bank of Baroda NZ Rapid Funds2India
16. Bank of Baroda NZ Exchange Rate for International Transfers
17. Bank of Baroda NZ Auckland Branch Details
18. Bank of Baroda NZ Wellington Branch Details

Sources verified on 17 April 2024.