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Non Resident Ordinary (NRO) (RUPEE) Fixed Deposits

Accounts can be opened by remittance from abroad or by legitimate dues in rupees of the account holder in India. The existing domestic A/C of the resident gets converted to NRO A/C on their taking up business/employment/ immigration abroad.

Deposits are accepted for periods ranging from 15 days to 120 months. This deposit plan is useful for NRI's to invest from local profits/yields. OCB's cannot open this account with effect from 16.09.2003.

Key Benefits

  • Option to keep the deposit receipt free of cost in Bank's safe custody.

  • Confidentiality of accounts and transactions.

  • Automatic renewal on due dates.

  • Intimation of due dates enable you to plan your finances portfolio.

  • Loans and overdrafts limits are granted against pledge of deposit receipts.

  • Easy liquidity of money.

  • Premature withdrawal for the purpose of renewal at better interest rate is permitted without penalty clause on demand.

  • Close relatives (resident) can apply as joint holders to the account.

  • Friendly guidance.

  • Provision for nomination.

Terms & Conditions

  • Only NRI's can open an account.

  • NRO FD/SB : 30.90% Withholding tax plus applicable surcharge/cess is applicable in NRO FD/SB accounts where DTAA is not applicable or the NRI depositor is not in a position to provide required documents/formalities for availing rebate in withholding tax. Surcharge is applicable @2.5% of TDS/Tax amount to Foreign Company if the Company has net income exceeding Rs.1/-crore.

  • The Principal funds are entirely Non-repatriable while the interest is repatriable after deduction of tax at source.

  • Interest is paid/credited every quarter (i.e. March, June ,September and December).

For further details, please contact the Bank of Baroda Branch nearest to you.

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