The Indian community is the biggest contributor worldwide to the development and providing quality human resource services.
Every year many Indians travel abroad to seek education, jobs, etc., and to facilitate this, Indian banks have many foreign branches and accounts where these individuals can open an account.
These accounts are specially designed to provide international banking services to the Non-Resident Indians or NRI, in short.
Bank of Baroda is one such bank that has foreign branches in many countries where you can open an account.
In this article, we will discuss How to Open NRI Account in the Bank of Baroda? Documents Required, Interest Rate, etc.
But first, let’s find out the eligibility criteria to open an NRI Account in the Bank of Baroda.
Eligibility to Open NRI Account
The following are the eligibility criteria for opening an NRI Account in the Bank of Baroda-
- A Non-resident Indian or NRI can apply for an NRI account in the Bank of Baroda
- A Person of Indian Origin or PIO, who is not a citizen of India but, is a citizen of the foreign country (excluding Pakistan, Bangladesh, Bhutan, Nepal, China, Iran, and Sri Lanka) but, has his/her roots in India
How to Open NRI Account in the Bank of Baroda?
The following are the step by step instructions on how to open an NRI Account in the Bank of Baroda-
- Visit the bank premises abroad and ask the bank representative for an Account opening or you can Download the Account opening from the official website of the Bank of Baroda
- Now, fill the form with correct details like name, address abroad, education qualification, etc.
- After filling out the form attach all the documents mentioned below. Note that the documents must be attested by the relevant authorities
- Now, you’ll have to submit the documents to the bank representative
- The bank representative will review your application and verify your documents
- After verification, your application will be further forwarded to start the account opening process
- Now, It can take anywhere from 1 day to a week for an account to be opened and you’ll be notified via SMS regarding the account opening
- After successful account opening, you’ll receive the Bank of Baroda Account Starter’s kit that contains your debit card, Cheque book, passbook, etc.
Documents Required for Opening NRI Account in Bank of Baroda
The following are the documents required for opening an NRI Account in the Bank of Baroda-
- 2 passport size latest photographs
- Copies of passport and residence, visa/ID card/PIO card
- Copies of any of utility bills viz. fixed telephone bill, electricity bill, gas bill, water bill, or council tax bill not older than three months in present residence abroad
- DD/Cheque/traveler’s Cheque for initial deposit amounts
FAQ
The minimum maintenance balance for the NRI Account in the Bank of Baroda is Rs.1000/-.
Yes, NRI can open a Demat Account in India with any of the banking patterners or depository participants.
No, NRIs do not need any permission from RBI to open the Demat Account. They can follow all the steps that the depository participant demands like KYC, etc., and open the Demat account easily.
