Mumbai: Bank of Baroda has announced the launch of bob Aspire, a specialized NRE Savings Account designed to support Indian citizens planning to move abroad.
The bob Aspire NRE Savings Account enables individuals to conveniently open an NRE account while still in India, prior to departure, offering a hassle-free banking experience tailored for future Non-Resident Indians (NRIs).
bob Aspire NRE Savings Account: Pre-Departure Convenience for NRIs
With bob Aspire, customers can initiate their NRE account opening process in India before relocating overseas for employment, education, business, or other long-term purposes.
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Initially, the account will remain in “inoperative mode” and will become fully functional once the customer submits proof of their overseas address and a passport copy with an immigration stamp confirming NRI status.
Beena Vaheed, Executive Director, Bank of Baroda, said: “At Bank of Baroda, we are committed to supporting the aspirations of our customers. The bob Aspire NRE Savings Account enables Indian citizens to open an NRE account from India itself before departure, simplifying their transition to NRI banking as they embark on their international journey. This is a landmark change in the regular account opening process, making life easier for students, employees and other NRIs.”
Key Features and Benefits of bob Aspire NRE Savings Account
- Pre-departure account opening facility for Indians moving abroad.
- No minimum balance charges for the first two quarters.
- Quarterly Average Balance (QAB) of ₹10,000 thereafter, with no upper limit on deposits.
- Tax exemptions: income earned in the account is exempt from income tax, and balances are exempt from wealth tax.
- Customised Debit Card offering airport lounge access and additional privileges.
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Bank of Baroda’s NRE/NRO Offerings
Alongside bob Aspire, Bank of Baroda provides a wide range of NRE/NRO savings products, including the Baroda Power Pack NRE Savings Account, bob Global Women NRE & NRO Savings Account, and bob Premium NRE & NRO Savings Account. These products are designed to meet the diverse banking needs of NRIs globally.
