Bank of Baroda – NRI Fixed Deposit Rates

Choose an NRE FD for money earned abroad: interest is tax-free in India and fully repatriable, but the FD minimum tenure is 1 year. Choose an NRO FD for income earned in India, like rent, pension or dividends: interest is taxed and repatriation is capped, but shorter FD tenures are available.

Bank of Baroda is regulated by the RBI, and both NRE and NRO FDs are insured by DICGC up to ₹5 lakh per depositor, covering principal and interest. Amounts above this depend on the bank's financial health.

No. Bank of Baroda's senior citizen rates apply only to domestic FDs. NRE and NRO FDs earn the same rate regardless of age.

As of September 2026, Bank of Baroda offers a highest NRE FD rate of 6.75% p.a. for 555 days. By RBI rules, NRE rates can't be higher than the bank's rates on similar domestic FDs, so they either match or are below the regular FD rates.

NRE FDs must be booked for at least 1 year. This is an RBI rule, so no bank offers shorter NRE deposits. At Bank of Baroda, NRE FDs can run up to 10 years. If you need a shorter deposit, an NRO FD starts from 7 days.

NRE FD interest is tax-free in India as long as you remain an NRI, and no TDS is deducted. But the country you live in may tax it. For example, the US, UK and Canada generally tax residents on worldwide income, while the UAE and most Gulf countries don't tax personal interest.

If you close an NRE FD before 12 months, you get no interest at all. This is an RBI rule that applies to every bank. If you close it after 12 months but before maturity, then the bank's penalty rules apply.

Yes. Both principal and interest on an NRE FD are fully repatriable, with no annual limit. But the FD is held in rupees, so if the rupee weakens during your tenure, you get less in foreign currency when you convert. An FCNR deposit, held in foreign currency, avoids this risk.

You must inform Bank of Baroda once you return for good. Your NRE FD can usually continue until maturity at the agreed rate, then be moved to a resident or RFC (Resident Foreign Currency) account. Interest generally becomes taxable once you turn resident, even before the FD matures.

As of September 2026, Bank of Baroda offers a highest NRO FD rate of 6.75% p.a. for 555 days. At most banks, NRO FD rates are the same as regular domestic FD rates, but check the bank's NRI rate card to confirm.

NRO FDs at Bank of Baroda start from 7 days and go up to 10 years. Unlike NRE FDs, there's no 1-year minimum, so NRO FDs are well suited for investing Indian income, like rent or dividends, for a few months.

Yes. NRO FD interest is taxable in India, and the bank deducts TDS at 31.2% (30% tax plus 4% cess), with surcharge on larger amounts. Unlike resident FDs, there's no ₹40,000 (or ₹50,000 for senior citizens) threshold: TDS applies from the first rupee of interest. If TDS exceeds your actual tax, you can claim a refund by filing an income tax return.

No. Form 121 (formerly Form 15G/15H) is only for resident Indians. NRIs can't use it, even if their income in India is below the taxable limit. To reduce TDS, you can claim a lower tax treaty (DTAA) rate, or apply to the Income Tax Department for a lower deduction certificate.

If India has a tax treaty (DTAA) with your country of residence, TDS can drop to the treaty rate, often 10% to 15% instead of 31.2%. Submit a Tax Residency Certificate (TRC), Form 10F, your PAN and a self-declaration to Bank of Baroda. Renew these every financial year, as the lower rate usually applies only after submission.

Yes, with limits. You can send up to USD 1 million per financial year from NRO balances, including FD proceeds, after paying applicable tax. The bank will usually ask for Form 15CA and a chartered accountant's Form 15CB before the transfer. If you plan to move money abroad regularly, an NRE FD is simpler.