Mumbai: Bank of Baroda has announced attractive interest rates for Non-Resident Indians (NRIs) under its new bob Legend FCNR(B) Deposit Scheme.
The bank is offering interest rates of up to 6.25 percent per annum on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, helping NRIs earn higher returns on their foreign currency savings.
The scheme is available across multiple foreign currencies, giving customers more options to invest based on their financial needs.
Attractive Interest Rates Across Currencies
Under the scheme, the highest interest rate of 6.25 percent per annum is available on US dollar (USD) deposits with a maturity of five years.
For British pound sterling (GBP) and Australian dollar (AUD) deposits, the bank is offering up to 4.75 percent per annum.
NRIs investing in Canadian dollar (CAD) deposits can earn up to 5.15 percent per annum, while euro (EUR) deposits offer up to 3.75 percent per annum.
The interest rate varies depending on the deposit tenure chosen by the customer.
Rates Increase With Longer Tenure
For deposits with a maturity period of three years to less than four years, the bank offers 6.00 percent on USD deposits.
For four years to less than five years, the rate rises to 6.10 percent.
Customers choosing a five-year deposit can earn the highest rate of 6.25 percent on USD deposits.
Similar increases are available across other foreign currencies as the tenure extends.
Additional Loan and Overdraft Benefits
Apart from earning attractive returns, NRIs can also avail themselves of a loan or overdraft facility against their FCNR(B) deposits.
This allows customers to access funds when required without breaking their deposits.
According to Bank of Baroda, the facility offers greater liquidity and financial flexibility while helping customers continue to earn returns on their investments.
Focus on Global Indian Community
Bank of Baroda said it remains committed to serving the global Indian diaspora through its strong international presence and specialised banking solutions designed for NRIs.
