Bengaluru : Bank of Baroda, one of India’s leading public sector banks, announced the launch of the “bob Aspire NRE Savings Account” – a new savings product that allows Indian citizens moving abroad for business, employment, vocation or any other purpose that indicates their intention to stay outside India for an extended period, to conveniently open an NRE savings account while still in India, prior to their departure. With a customer-first mindset, bob Aspire caters to the banking requirements of prospective Non-Resident Indians (NRIs), offering a simple and hassle-free account opening experience before leaving the country.

The account will be opened in “inoperative mode” and becomes fully operational upon submission of overseas address proof and copy of Passport with immigration stamp confirming their NRI status.

Speaking on the launch, Smt. 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 the bob Aspire NRE Savings Account

  • Customers can open the bob Aspire NRE Savings Account in India before leaving for abroad.
  • No minimum balance charges for the first two quarters.
  • Quarterly Average Balance of Rs. 10,000 applies thereafter, with no upper limit on account balances.
  • Income earned in the account is exempt from income tax and balances are exempt from wealth tax.
  • Customised Debit Card with Airport Lounge facility and many more benefits.

Bank of Baroda offers a comprehensive suite of NRE/NRO savings account options to meet the diverse needs of its NRI customers. These include the Baroda Power Pack NRE Savings Account, the bob Global Women NRE & NRO Savings Account, the bob Premium NRE & NRO Savings Account, and the newly launched bob Aspire NRE Savings Account.