Bank of Baroda NRI Banking Review: Everything You Need to Know| North Loop Official Blog
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25 Mar 2020

Bank of Baroda NRI Banking Review: Everything You Need to Know

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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.

Pros
Large number of products

Cons
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

Profile image2: The Bank of Baroda Bank NRI Account
Credit: North Loop

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

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:

Fee
Account MinimumINR 10,000
Non-HDFC ATM feesINR 125 + 3.5% of the amount
Annual Debit Card FeeINR 750
Non-maintenance chargesINR 600

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.

North Loop NRI Banking

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.