Overview of Bank of Baroda NRI
Bank of Baroda NRI banking offers a wide variety of products for NRIs. However, low interest rates, a complicated net banking experience and fees that aren’t transparent make us rate it low.
Large number of products
Bank of Baroda NRI customer care isn’t helpful
Many fees which you can’t keep track of
Extremely low interest rates - you can find higher interest rates nearly any place else
The Bank of Baroda Bank NRI Account
Bank of Baroda offers a variety of NRI banking accounts for its customers:
- Bank of Baroda NRO Account
- Bank of Baroda NRE Account
- Bank of Baroda PIS Account
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Bank of Baroda Remittances
Bank of Baroda has a variety of remittance options, to the point that we got confused which was the best option to use. You can use Rapid2India, Flash Remit, wire transfer and a number of other options. Our main issue with these options was that at the time of transfer, it wasn’t clear which option is the best option - we couldn’t compare FX rates, delivery times or pricing.
Bank of Baroda NRI Fees
Bank of Baroda has a wide variety of fees for nearly every form of transaction. What was shocking to us was that it was extremely difficult to find a fee schedule for Bank of Baroda NRI fees. So, therefore, we can’t show much information about the fees they charge.
Bank of Baroda Interest Rates
Bank of Baroda offers some of the lowest interest rates for NRI banks:
Bank of Baroda NRI Account Opening
LIke the other traditional Indian banks, you’ll need a lot of patience and a cool-head to open an NRI Account with Bank of Baroda. The Bank of Baroda NRI account opening process can be split into two categories:
Opening an account when in India
You will have to visit a Bank of Baroda branch to open an NRI account. Make sure you have photographs and all the documents requested. You won’t be able to get an appointment, so get ready to wait. Once you’ve submitted the documents and filled out the forms, you will need to wait a few days to hear from Bank of Baroda to confirm that they have opened the account. Many times, they will call and ask for more information or documents.
Opening a bank account when NRI
If you’re already overseas, this becomes more of a challenge for Bank of Baroda. You’ll have to download the forms, sign them, include all your KYC documentation, and courier the documents. Once Bank of Baroda receives the documents, they will verify and contact you upon completion. We found this process could take a few weeks, at the minimum.
Overall Banking Experience
Bank of Baroda excels in its variety of NRI banking products, including the fact that it offers a Bank of Baroda NRI home loan. However, we struggled with the number of forms that every transaction requires, the constant signatures and KYC approvals. Additionally, there was no clear way of finding out all the fees that Bank of Baroda charges, so it was difficult to get transparency about how much it would cost to bank with them.
Online Banking Experience
The Bank of Baroda NRI netbanking experience is subpar. While you can do a variety of fundtons on it, nearly everything requires you to download, print and sign a physical form - largely negating the ‘online’ experience.
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