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NRO (RUPEE) Fixed Deposits

Secure Your Money
And Watch It Grow Too.

Baroda Fixed Deposit Accounts

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.

  • Option to keep the deposit receipt free of cost in Bank's safe custody.
  • Confidentiality of accounts and transactions.
  • A matured term deposit of period 1 year and above will be auto-renewed on its due date itself, for further period of one year at the applicable rate of interest prevailing on the due date and term deposit issued for less than one year, on maturity will be renewed for the same period with the applicable interest rate prevailing on the due date in the absence of any specific instruction from the customer.
  • 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.
  • 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).

Procedure for issuance of Duplicate Fixed Deposit Receipt and in case of Lost Fixed Deposit Receipts

  • An application from the depositor should be obtained
  • Applicants must be properly identified
  • Duplicate receipt may be issued only in cases where the un-expired period of deposit exceeds 12 months
  • In all other cases only a letter of acknowledgement of deposit may be given to the depositor
  • An indemnity bond should be obtained in the prescribed format in all cases
  • One or two Surety/ies considered good for the amount involved , must execute the indemnity along with the depositor/s. Credit report on Surety/ies be prepared in prescribed format and kept on record
  • Sureties may be waived where the deposit is renewed for a further period of at least 12 months or where the depositors maintain other accounts which are well conducted

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