Dena Bank NRE FD Rates

Dena Bank is a public sector bank that offers need-based options to save your money through saving bank accounts, fixed deposits or recurring deposits in your preferred term. After merger, it is now known as Bank of Baroda. Dena Bank NRE FD rates are affordable and convenient.

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The amalgamation of Bank of Baroda, former Dena Bank and Vijaya Bank utilize their specific skills. It offers a wide range of products and services to its customers.

Dena Bank NRE Fixed Deposit Account

Everyone has his preferred way of saving funds. Fixed deposits have been a common choice among people as it has a regular interest rate available at the time of maturity. Dena bank NRE Fixed deposit interest rates are different in association with Fixed deposit accounts. 

The salient features of the Bank of Baroda Fixed deposit account are lucrative interest rates, overdraft facility, nomination facility and convenient withdrawal options. 

Types of NRE Fixed Deposit Account

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme

This account offers the dual benefit of both the NRE Rupee Deposits and the FCLRD scheme. The minimum deposit amount is USD 10000/-.

Key benefits-

  • Automatic renewal on the due date for the same period and on current interest rates.
  • The deposit will be accepted for 12 months.
  • Intimation of due dates makes you do your financial planning.

Foreign Currency Non-Resident (B) Term deposit

This deposit plan allows all principal and interest amounts repatriable in foreign currency (USD, GBP, AUD, EURO).

Key Benefits- 

  • Tax-free interest
  • Easy liquidity and convertibility
  • A joint account with one or more NRIs is allowed
  • Addition and deletion of the name of the account holder are permissible.

NRE (Rupee) Fixed Deposit Account

This account has the facility to be opened through different means such as Telegraphic Transfers, Telex, Demand Drafts, Mail Transfers etc.

Key Benefits-

  • No Income Tax liability
  • Payment of proceeds in your chosen currency
  • High rates of interest are available, along with convertibility.
  • Option for Quarterly Interest Plan and Reinvestment (cumulative interest) plan.

RLFCD or Rupee Linked Foreign Currency Deposit Scheme for NRIs

NRIs can open this account by inward remittances in any convertible currency from abroad through Demand draft, Swift, or Foreign Currency.

Key Benefits-

  • Available for 12, 24 and 36 months.
  • Facility to book Forward contract on maturity amount.
  • The facility of premature repayment is present, but interest will be payable only if the account maintains a deposit with the bank for 12 months.

Baroda Advantage Fixed Deposits (Non-Callable)

The account can be held by an individual NRI/PIO in his name or held jointly with an NRI or Resident.

Key benefits-

  • The Bank provides differential interest rates over normal FD rates.
  • Minimum deposit of Rs 15.01 lacs and maximum below 2 crores.
  • The minimum period for 12 months, and the maximum period for 120 months.

Interest Rates According to Fixed Deposit Account Type 

Foreign Currency Non-Resident Deposit -FCNR (B)

Maturity Period

USD

EUR

GBP

AUD

1yr to below 2 yrs

0.55

(0.51)

0.00

(0.00)

0.52

(0.48)

0.23

(0.22)

2yrs to below 3 yrs

0.69

(0.59)

0.00

(0.00)

0.72

(0.67)

0.39

(0.31)

3yrs to below 4 yrs

0.92

(0.80)

0.00

(0.00)

0.86

(0.79)

0.60

(0.50)

4yrs to below 5 yrs

1.14

(1.02)

0.09

(0.08)

0.97

(0.94)

0.83

(0.78)

5 years

1.30

(1.23)

0.16

(0.16)

1.05

(1.04)

1.04

(1.02)

The rates are effective from 1st July 2021 to 31st July 2021. Rates of Interest before revision have been given in brackets.

Baroda Advantage Fixed Deposit (Non Callable) for NRIs

Deposit Rs 15.01 lacs to below Rs 2 Crore

(ROI after adding 05 basis points)

Maturity Range

For NRE/NRO

Deposit Rs. 15.01 lacs to below Rs.2/- Crores

ROI for Baroda Advantage Fixed Deposit for NRIs (Non Callable) (W.E.F 16/11/2020)

1 Year

4.95

More than 1 year and up to 400 days

5.05

401 days and up to 2 years

5.05

More than 2 years and up to 3 years

5.15

More than 3 years and up to 5 years

5.35

Above 5 years and up to 10 years

5.35

NRE Term deposit (Fresh & Renewal), (Callable)

Below Rs 2 Crores (W.E.F 16/11/2020)

Tenors

Below Rs 2.00 crores

1 Year

4.90

Above 1 year to 400 days

5.00

Above 400 days and up to 2 years

5.00

Above 2 years and up to 3 years

5.10

Above 3 years and up to 5 years

5.25

Above 5 years and up to 10 years

5.25

NRE Term (Rupee) Deposit

(W.E.F 09/03/2021)

Maturity Range

Rs.2 crores to up to Rs. 10 crores

1 year

3.55

Above 1 year to 2 years

3.25

Above 2 years to 3 years

4.10

Above 3 years to 5 years

3.25

Above 5 years  to 10 years

3.25

NRE Term Deposits of above Rs. 10 Crores to up to Rs. 50 Crores (Fresh and Renewal)

Maturity range

Amount of Deposit per receipt

W.E.F. 09/03/2021

Above Rs.10 crore to up to Rs.25 crores

Above Rs. 25 crores to up to Rs. 50 crore

1 year

3.55

3.55

Above 1year to 2 years

3.25

3.25

Above 2 years  to 3 years

4.10

4.10

NRE Term Deposit of Above Rs 50 crores and more (Fresh & Renewal) (w.e. f. 09/03/2021)

Maturity Range

Amount or Deposit Per Receipt

Above Rs. 50 cr. To 100 cr 

Above Rs.100 cr. To Rs.500 cr. 

Above Rs. 500 cr. To Rs. 1000 cr.

Above Rs. 1000 cr 

1 year

3.55

3.55

3.55

3.55

Above 1 year  to 2 years

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Above 2 years up to 3 years

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Above 3 years up to 5 years

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Above 5 years up to 10 years

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Conclusion 

NRE Fixed deposit accounts are beneficial in tax-free interest, where you can get higher returns than saving bank accounts. If you live abroad and want to save money to find good returns, Dena bank NRE Fixed deposit/ Bank of Baroda is the right choice for you.

Written By: PolicyBazaar - Updated: 01 September 2021
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