What currencies are available for FCNR accounts at Bank of Baroda?

Major currencies like USD, GBP, EUR, AUD, CAD etc.

Can I nominate a beneficiary for my FCNR account?

Yes, you can nominate a beneficiary.

Can I take a loan against my FCNR deposit?

Yes, Bank of Baroda offers loans against FCNR deposits at attractive interest rates.

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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

Bank of Baroda FCNR Account

Non-Resident Indians (NRIs) often seek secure and profitable avenues to manage their foreign currency earnings. The Bank of Baroda FCNR (Foreign Currency Non-Resident) Account emerges as a compelling solution, offering a blend of attractive features and tax benefits. This article delves into the intricacies of the Bank of Baroda FCNR Account, elucidating its advantages, eligibility criteria, and frequently asked questions.

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What are FCNR Accounts?

A Foreign Currency Non-Resident (FCNR) account is a term deposit account that allows Non-Resident Indians (NRIs) to deposit their foreign currency earnings in India without the risk of currency fluctuations. These accounts are a safe and convenient way for NRIs to maintain their foreign currency savings while earning tax-free interest in India.

Benefits of Bank of Baroda FCNR Accounts

Below are the benefits of FCNR Accounts:

Tax-Free Interest: The interest earned on FCNR deposits is exempt from Indian income tax.
Currency Stability: Funds are held in foreign currency, protecting them from exchange rate fluctuations.
Repatriation: Both the principal amount and interest earned can be freely repatriated outside India.
Flexible Tenures: Deposits can be made for various tenures, typically ranging from 1 to 5 years.

Bank of Baroda FCNR Account: Features and Benefits

The Bank of Baroda offers FCNR accounts with a range of features and benefits tailored to the needs of NRIs:

Competitive Interest Rates: The bank offers competitive interest rates on FCNR deposits, ensuring that your savings grow steadily.
Wide Range of Currencies: You can open an FCNR account in major currencies like USD, GBP, EUR, AUD, CAD, and others.
Easy Account Opening: The account opening process is simple and hassle-free, with options for online and offline applications.
Nomination Facility: You can nominate a beneficiary to receive the funds in the event of your demise.
Loan Facility: You can avail of loans against your FCNR deposits at attractive interest rates.

Eligibility and Documentation

To open a Bank of Baroda FCNR account, you must be an NRI as per government regulations. The required documents include:

Proof of NRI Status: This can be your passport, visa, or work permit.
Proof of Identity and Address: This can be your passport, Aadhaar card, or driving license.
PAN Card: A Permanent Account Number (PAN) card is mandatory for all account holders.

Interest Rates and Tenures

The interest rates on Bank of Baroda FCNR accounts vary depending on the currency and tenure of the deposit. The bank offers flexible tenures from 1 to 5 years. You can choose a tenure that suits your financial goals and requirements.

Why Choose Bank of Baroda FCNR Account?

The Bank of Baroda FCNR account is a reliable and attractive option for NRIs looking to park their foreign currency savings in India. With its competitive interest rates, tax-free benefits, and convenient features, it offers a secure and profitable way to manage your finances.

FAQs

What currencies are available for FCNR accounts at Bank of Baroda?

Major currencies like USD, GBP, EUR, AUD, CAD etc.
What is the eligibility criteria for opening an FCNR account with Bank of Baroda?

You must be an NRI as per government regulations.
Can I nominate a beneficiary for my FCNR account?

Yes, you can nominate a beneficiary.
Can I take a loan against my FCNR deposit?

Yes, Bank of Baroda offers loans against FCNR deposits at attractive interest rates.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).