NRI Newsletter
January 2015
uary 2015
Dear NRI fraternity,
I wish you and your family a very happy and prosperous new year.
We thank you for your overwhelming response to our previous
newsletter, in which we had apprised you of the salient features of NRO
Account.
Now it gives me a great pleasure in bringing you this edition of
newsletter on our Remittance Products for NRIs at a time when India is
celebrating 100 years of Mahatma Gandhiji’s return (1915-2015) from
South Africa to lead India’s freedom struggle.
It is estimated that approximately 35 Million NRIs/PIOs reside outside
India. Indian Diaspora is geographically diversified, spread in as many as
110 countries. When it comes to remitting their money for family
maintenance and investment, they are in dilemma in selecting the correct
product. Bank of Baroda is having host of remittance products at cheaper
cost. To facilitate for your easy understanding and selecting the correct
product, we are providing the details of our various remittance products
and its salient features.
We solicit your feedback and suggestions, which will help us in
understanding your needs better and align our products and services as
per your requirements.
With warm regards,
(Prabhat Agarwal)
General Manager
(Deposit Resources, Wealth Management, Marketing & NRI Services)
Bank of Baroda, NRI Services, Ground Floor, UTI Tower, Bandra Kurla Complex, Bandra(E), Mumbai 400 051, India.
Phone:+91 22 67892813/2971/2980/2984/2982 Email: dgm.nri.bcc@bankofbaroda.com, nri.bcc@bankofbaroda.com
NRI Newsletter
January 2015, Page 1
Remittance products
1. Rapid Fund 2 India
This product used to send remittances in Rupees to India through our branches present in 24
overseas countries
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In-house online money transfer facility
Speedy, cost-effective and reliable service
Instant credit to beneficiary’s account with Bank of Baroda’s over 5000+ CBS enabled branches
Same day/ within 24 –hour credit to the beneficiary/s account with 110300+ branches of other
banks through RTGS/ NEFT
Money transfer without any threshold amount
Neither remitter nor beneficiary needs to have account with us
NRIs desirous to use the above facility can approach any of our overseas branches and tender local
currency of the country or any convertible currencies along with relevant application & ID proof.
2. SWIFT Remittance
This product can be used by NRIs to send money to India from any country, any bank and in any
convertible currencies.
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SWIFT is a fast and secured mode of funds transfer facility
Facility is available at all our overseas branches. Even customers of other bank can remit to our
bank branches through their bank
Beneficiary need not have account with us
For detail list of correspondents of our banks, please contact any of our branches or log on to
our website www.bankofbaroda.com
Process involved in Swift remittance
NRI instructs
his bank to
debit his a/c
and send
money to
beneficiary
a/c
NRI’s bank
debits his a/c
and instructs his
correspondent
bank to credit
beneficiary
banks nostro a/c
Correspondent
bank credits
Nostro A/c of
the
beneficiary
bank
Benef.bank
verifies nostro
a/c on receipt of
swift message
from sending
bank & credits to
beneficiary a/c
Bank of Baroda, NRI Services, Ground Floor, UTI Tower, Bandra Kurla Complex, Bandra(E), Mumbai 400 051, India.
Phone:+91 22 67892813/2971/2980/2984/2982 Email: dgm.nri.bcc@bankofbaroda.com, nri.bcc@bankofbaroda.com
NRI Newsletter
January 2015, Page 2
Remittance products
Details required by your banker for swift remittance
Swift Swift
Field Particulars
56
Intermediary
Institution
57
59
70
72
Field Details to be furnished
Credit to Bank of Baroda A/c ___________ Swift
Code_________(Select A/c No. and Swift code of our
correspondent depending upon the currency you want to
remit as per the list provided hereunder)
Account
with Swift code of AD branch ___________ (can be availed from
Institution
our branch where you are maintaining the a/c)
Beneficiary Customer Beneficiary (14 digit A/c No., Name & Address) A/c with
A/c
Bank of Baroda, --------------------Branch
Remittance
Purpose of remittance
Information
Sender to Receiver FCNR or F.CNR (use this field only for opening FCNR deposits
Information
as our bank charges are exempted for inward remittances
for opening FCNR deposits)
Our correspondent/intermediary bank details with Swift Codes for various currencies
S
No
1
2
3
4
Currenc
y Code
USD
GBP
EUR
AUD
5
6
7
8
CAD
JPY
NZD
SGD
9
CHF
10
11
SAR
AED
Correspondent / Intermediary
Bank
Bank of Baroda, New York
Bank of Baroda, London
Bank of Baroda, Brussels
ANZ
Bank
ING
Group,
Melbourne
Bank of Montreal, Toronto
Wachovia Bank, Tokyo
Bank of Baroda, New Zealand
Chase
Manhattan
Bank,
Singapore
Society Generale Paris, Zurich
Branch
Saudi British Bank, Riyadh
Bank of Baroda, Dubai
Account Number
Swift Code
93010200000070
94100292000557
94210200000720
835074/00001
BARBUS33XXX
BARBGB2LXXX
BARBBEBBXXX
ANZBAU3MXXX
31441020252
11243069
0212730004802002
0111879113
BOFMCAT2XXX
PNBPJPJXXXX
BARBNZ2AXXX
CHASSGSGXXX
8705151085010000
SGABCHZZXXX
001551761900
90010200012605
SABBSARIXXX
BARBAEADXXX
Remittances for opening FCNR deposits in USD, GBP and EUR currencies, please use the following
a/c numbers and other details like Bank and Swift Code will remain the same as above.
S.
No
1
2
3
Currency Code
Account Number
USD
GBP
EUR
93010200000076
94100292000972
94210200000729
Bank of Baroda, NRI Services, Ground Floor, UTI Tower, Bandra Kurla Complex, Bandra(E), Mumbai 400 051, India.
Phone:+91 22 67892813/2971/2980/2984/2982 Email: dgm.nri.bcc@bankofbaroda.com, nri.bcc@bankofbaroda.com
NRI Newsletter
January 2015, Page 3
Remittance products
3. Remittance Products under MTSS
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Under tie up arrangement with Western Union and UAE Exchange, Bank is offering money
transfer services under brand names Western Union (WU), Xpress Money (UAE Exchange)
and MoneyGram (UAE Exchange)
It is basically a person to person payment remitted for personal use in INR or family
maintenance of the resident beneficiaries in India or any foreign national tourist
visiting India
Donations/contributions to charitable institutions/trusts, trade related remittances,
remittance towards purchase of property, investments or credit to NRE accounts shall not
be made through this arrangement
A cap of maximum USD 2500 (in equivalent INR) per transaction and maximum 30
remittances to a single individual beneficiary during a calendar year
A remitter desirous of remitting funds to India under the scheme visits any overseas offices
of WU and UAE Exchange and tenders remittance amount with full particulars of
beneficiary in India. The service providers after processing the transaction provide them
system generated identification numbers (MTCN and Unique Reference No)
The remitter conveys the identification number to the beneficiary in India who in turn
visits any of our nearby branches to claim remittance amount.
MTSS Remittance Process
Send Money (Remitter)
NRI approaches UAE Exchange/Western Union
outlet with ID card & KYC documents with fgn
curreny for remittance
Receive Money (Beneficiary)
Find nearest authorized BOB branch
Request for remittance by tendering foreign
currency and application
A reference number is issued to the NRI. Contact
the beneficiary and give him the reference no.
Fill in receive form with given reference
no & submit with KYC documents
Beneficiary a/c will be credited. For
beneficiaries not having a/c ,cash will be
paid upto Rs. 50000/- . If the amount is
>50000, Banker’s cheque will be issued
4. Speed Remittance (Vostro A/c)
Bank is having tie up arrangement with UAE, Lulu and Al Ansari Exchanges. Under speed
remittance, NRI can remit INR (without any limit) to his own a/c or third party. NRI approaches
UAE Exchange and tenders foreign currency with id card & KYC documents. UAE Exchange
receives money and remits to beneficiary a/c with Vostro a/c arrangement with our Bank. Bank
on receiving information from UAE, credits to the beneficiary a/c.
Bank of Baroda, NRI Services, Ground Floor, UTI Tower, Bandra Kurla Complex, Bandra(E), Mumbai 400 051, India.
Phone:+91 22 67892813/2971/2980/2984/2982 Email: dgm.nri.bcc@bankofbaroda.com, nri.bcc@bankofbaroda.com
NRI Newsletter
January 2015, Page 4
Remittance products
5. Baroda Flash Remit (to be launched shortly)
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This is a real-time instant account credit facility in partnership with UAE Exchange Centre LLC
(UAEECL) to be launched shortly
NRI customer desirous of sending remittance through Baroda Flash Remit visits any of UAEECL
location overseas. Remitter furnishes beneficiaries account no and name details to UAEECL
UAEECL processes the transaction and beneficiary account is credited on real time basis. The
moment the amount is credited to the beneficiary’s account, an SMS alert is instantly sent to
the mobile phones of both the sender and the receiver by UAEECL
Maximum Rs.200,000/- per transaction for non trade purposes
6. Other products
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Our bank has tie up arrangement with 2 Exchange houses, i.e., Oman UAE Exchange and
Bahrain Financing Company in Gulf countries and those can draw Indian rupee drafts payable
in our branches in India
International Money Orders in foreign currency.
Personal cheques in foreign currency drawn on your account abroad accepted for collection.
Demand draft/cashier cheque/official cheque drawn in foreign currency purchased from
overseas centre.
A
Bank of Baroda, NRI Services, Ground Floor, UTI Tower, Bandra Kurla Complex, Bandra(E), Mumbai 400 051, India.
Phone:+91 22 67892813/2971/2980/2984/2982 Email: dgm.nri.bcc@bankofbaroda.com, nri.bcc@bankofbaroda.com