A fixed deposit account has always been a preferred investment option for people in India because it’s a safe and secure investment. The most important benefit of this investment option is that it offers assured returns and is a low-risk investment option.
If you’re a non-resident Indian (NRI), you can consider opening an NRI FD account at Bank of Baroda. These accounts offer competitive interest and their tenure ranges from a few days to 10 years depending on the type of scheme.
In this blog, we’ll explore all the Bank of Baroda NRI fixed deposit rates as of 2023.
What Is Bank of Baroda NRI Fixed Deposit?
Bank of Baroda offers various fixed deposit schemes with attractive interest rates for NRIs. These FDs offer better returns than savings accounts for the same tenure. There are different types of FD schemes for NRIs such as NRE (Non-Resident External), NRO (Non-Resident Ordinary), FCNR B (Foreign Currency Non-Resident Bank) Term Deposit and RFC (Resident Foreign Currency) accounts.
In the following sections, we’ll explore the prevalent FD rates for NRIs in Bank of Baroda.
Bank of Baroda NRI FD Rates
The different FD rates for NRI FD schemes are listed in the tables below:
Bank of Baroda NRE Fixed Deposit Rates under ₹2 Crore
| Tenure | Interest Rate (Callable) | Interest Rates (Non-Callable) |
| 1 Year | 6.75% | 6.90% |
| Above 1 Year to 400 days | 6.75% | 6.90% |
| Above 400 days and up to 2 Years | 6.75% | 6.90% |
| Above 2 Years and up to 3 Years | 7.25% | 7.40% |
| Above 3 Years and up to 5 Years | 6.50% | 6.65% |
| Above 5 Years and up to 10 Years | 6.50% | 6.65% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.15% | 7.30% |
*Interest rates effective from October 9, 2023
Bank of Baroda NRE Fixed Deposit Rates above ₹2 Crore
| Tenure | Interest Rate (Callable) | Interest Rates (Non-Callable) |
| 1 Year | 7.25% – 7.45% | 7.25% – 7.45% |
| Above 1 Year to 15 Months | 6.75%- – 6.85% | 6.75% – 6.85% |
| Above 15 Months to 2 Years | 6.75% – 6.85% | 6.75% – 6.85% |
| Above 2 Years to 3 Years | 6.50% | 6.50% |
| Above 3 Years to 5 Years | 6.00% | 6.00% |
| Above 5 Years and up to 10 Years | 5.00% | 5.00% |
*Interest rates effective from October 24, 2023
Bank of Baroda NRO Fixed Deposit Rates under ₹2 Crore
| Tenure | Interest Rate |
| 7 Days to 14 Days | 3.00% |
| 15 Days to 45 Days | 3.50% |
| 46 Days to 90 Days | 5.00% |
| 91 Days to 180 Days | 5.00% |
| 181 Days to 210 Days | 5.50% |
| 211 Days to 270 Days | 6.00% |
| 271 days and above and less than 1-year | 6.25% |
| 1 Year | 6.75% |
| Above 1 Year to 400 Days | 6.75% |
| Above 400 Days and up to 2 Years | 6.75% |
| Above 2 Years and up to 3 Years | 7.25% |
| Above 3 Years and up to 5 Years | 6.50% |
| Above 5 Years and up to 10 Years | 6.50% |
| Above 10 years (MACT/MACADCourt Order schemes only) | 6.25% |
*Interest rates effective from October 9, 2023
Bank of Baroda NRO Fixed Deposit Rates above ₹2 Crore
| Tenure | Interest Rate (Callable) | Interest Rate (Non-Callable) |
| 7 Days to 14 Days | 4.00% | NA |
| 15 Days to 45 Days | 4.50% – 5.25% | NA |
| 46 Days to 90 Days | 5.00% – 5.25% | NA |
| 91 Days to 180 Days | 5.25% – 5.50% | NA |
| 181 Days to 210 Days | 5.50% – 5.75% | NA |
| 211 Days to 270 Days | 6.00% – 6.50% | NA |
| 271 Days to less than 1 Year | 6.25% – 6.75% | NA |
| 1 Year | 7.25% – 7.45% | 7.25% – 7.45% |
| Above 1 Year to 15 Months | 6.75% – 6.85% | 6.75% – 6.85% |
| Above 15 Months to 2 Years | 6.75% – 6.85% | 6.75% – 6.85% |
| Above 2 Years to 3 Years | 6.50% | 6.50% |
| Above 3 Years to 5 Years | 6.00% | 6.00% |
| Above 5 Years and up to 10 Years | 5.00% | 5.00% |
*Interest rates effective from October 24, 2023
Bank of Baroda FCNR Fixed Deposit Rates
| Maturity Period | USD | GBP | EUR | AUD | CAD |
| 1 Year to less than 2 Years | 5.80% | 5.00% | 1.50% | 3.60% | 4.50% |
| 2 Years to less than 3 Years | 3.95% | 2.35% | 1.50% | 3.50% | 4.10% |
| 3 Years to less than 4 Years | 3.80% | 2.45% | 1.50% | 3.00% | 3.85% |
| 4 Years to less than 5 Years | 3.85% | 2.45% | 1.50% | 3.00% | 3.90% |
| 5 Years | 3.90% | 2.45% | 1.50% | 3.00% | 3.95% |
*Interest rates effective from October 27th, 2023
Features and Benefits of Bank of Baroda NRI Fixed Deposit
Check the features and benefits of the NRI fixed deposit schemes offered by the Bank of Baroda, in this section.
NRE Rupee Fixed Deposits
- It’s a term deposit with a minimum tenure of 1 year. It’ll get auto-renewed on the due date for one more year at the prevalent interest rate in case the depositor fails to provide any clear instructions.
- You’ll receive the option of a quarterly interest plan and a reinvestment (cumulative interest) plan.
NRO Rupee Fixed Deposits
- You can make premature withdrawals to renew your investment to get the benefit of better interest rates. There’s no penalty clause on demand.
- As an NRI, you can add your close relatives as joint account holders.
FCNR Non-Resident B Term Deposits
- You can repatriate the entire fund, i.e. the principal with interest, that is there in the FCNR account.
- Account holders can open this account jointly with one or more NRIs.
- You must submit the KYC documents every two years. In case you fail to do so, the FCNR deposit will be crystallised (converted to INR in the absence of any specific instruction from depositors on the date of completion of three years).
Resident Foreign Currency Account
- NRIs can freely repatriate their RFC deposit amount for their bona-fide purposes.
- Moreover, NRIs can have their RFC accounts re-designated as FCNR and NRE accounts.
Conclusion
You should check out the Bank of Baroda NRI fixed deposit rates if you are a non-resident Indian and wish to invest in fixed deposit schemes. Based on your requirements, you can invest in NRE FD schemes, NRO FD schemes, FCNR and RFC FD schemes.
It’s advisable to not liquidate your fixed deposit schemes before maturity to get the benefit of maximum returns.
FAQs
Yes, NRIs can repatriate the amount kept in RFC accounts freely for their bonafide purposes. An important feature that has to be kept in mind is that people won’t require permission from the Reserve Bank of India to transfer funds abroad.
Yes, people can withdraw funds freely to use them locally in India.
Easy liquidity of money, loan and overdraft facility, expert guidance and confidentiality of accounts and transactions are some of the benefits offered by NRO FD schemes.
Non-resident Indians can open NRE FD accounts through inward remittance in any convertible currency of their choice from abroad via normal banking channels. They can open these accounts through demand drafts, telegraphic transfers, SWIFT, foreign currency/travellers’ cheques and NRE savings and FD accounts.
