With effect from October 16, 2022, Bank of Baroda increased interest rates on Foreign Currency Non Resident Deposits - FCNR (B) by up to 135 basis points across various currencies and maturity periods.
According to a press statement from the Bank of Baroda, the rates are good through November 15, 2022.
For new and current FCNR (B) deposits that are renewed at maturity, the aforementioned amended rates will be in effect.
Note that Senior Citizens and Staff are not eligible for any additional interest.
Under the terms of this deposit plan, the entire maturity profits, including principal and interest, may be sent in foreign currency (USD, GBP, EURO, or AUD) at par to any location of your choice.
According to the website, funds can be transferred from one NRI's FCNR account to another NRI's FCNR, non-resident (external) rupee savings, or fixed deposit accounts.
The Bank of Baroda website states that under the applicable provisions of the Indian Income Tax Act, interest earned or accrued on NRE and FCNR term deposits is tax-free in India.
As a result, no tax at source is deductible with respect to these accounts.
The depositor can take advantage of lower tax rates under the Double Tax Avoidance Agreement (DTAA), which India has with the governments of many other nations, in the case of NRO deposits by submitting the documentation required by the Bank at the start of each fiscal year.
FCNR loans are offered in the following currencies: USD, EUR, JPY, and GBP.
The tenor is offered for a time frame ranging from three months to six years, subject to periodic rollover. Each and every one of our current corporate and non-corporate clients would have access to this facility.