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 FCNR accounts are a safe and convenient way for NRIs to maintain their foreign currency savings while earning tax-free interest in India.
Benefits and Features of Bank of Baroda FCNR Accounts
Bank of Baroda’s Foreign Currency Non-Resident (FCNR) accounts are designed to help NRIs and OCIs manage their global wealth while maintaining strong financial ties to India. Below are the features and benefits of FCNR Accounts:
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Target Audience:
Exclusively available to Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs).
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Supported Currencies:
Deposits can be maintained in major global currencies, including USD, GBP, EUR, AUD, and CAD.
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Flexible Tenures:
Investment periods range from a minimum of 1 year to a maximum of 5 years.
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Exchange Rate Protection:
Since funds are held in the original foreign currency, your savings are 100% shielded from the volatility of the Indian Rupee (INR).
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Tax Free Earnings:
All interest earned on these deposits is completely exempt from income tax in India.
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Full Repatriability:
Both the principal amount and the accrued interest are fully repatriable, meaning you can transfer the entire balance outside India without any restrictions.
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Competitive Interest Rates:
The Bank of Baroda FCNR interest rates are often higher than those available for similar deposits in overseas markets.
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Loan Facilities:
You can leverage your savings by opting for loans or overdrafts at attractive interest rates against your FCNR deposit.
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Hassle - Free Application:
The account opening process is streamlined, with both online and offline application options available.
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Nomination Facility:
Allows you to nominate a beneficiary, ensuring a secure and simple transition of wealth to your loved ones.
Documents Required To Open Bank of Baroda FCNR Account
To open a Bank of Baroda FCNR account, you must be having these required documents:
- 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.
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.
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