Bank of Baroda launches new bob Legend FCNR(B) Deposit Scheme; check rates

Bank of Baroda has announced a new FCNR (B) deposit scheme - bob Legend FCNR (B) Deposit scheme. Under the new scheme, the bank is offering interest rates of up to 6.25% per annum on US dollar deposits, 4.75% per annum on British Pound Sterling (GBP) and Australian Dollar (AUD) deposits, 5.15% per annum on Canadian Dollar (CAD) deposits and 3.75% per annum on Euro (EUR) deposits.

“Further, NRIs can benefit from the dual advantages of wealth creation and liquidity by availing of the hassle-free overdraft/loan facility against FCNR(B) deposits, providing enhanced financial flexibility while enabling them to maximise their returns,” the bank said in a release dated June 16, 2026.

The highest FCNR(B) deposit rate is available on US dollar deposits with a five-year tenure.

A Foreign Currency Non-Resident (Bank) or FCNR (B) deposit account allows Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) to hold fixed deposits in foreign currencies in India.

Important features of FCNR (B) deposits

These deposit accounts can be held in freely convertible foreign currencies like USD, GBP etc. Lock in can be from a period between 1-5 years. These deposits function typically just as the regular fixed deposit. Also, the amount in total i.e. the principal as well as interest can be transferred at any time to the home country without any restriction.

FCNR (B) deposits thus provide a good investment avenue to OCIs and NRIs, being tax efficient and completely free from any currency-risk.