• Frequently Asked Questions (FAQ's)

Frequently Asked Questions (FAQ's)

In case of remittance, how long does it take for funds to reach beneficiary?

Funds can be remitted in one of the following ways:

a)By Rapid Funds2India

  • To Bank of Baroda CBS branches instant remittance.
  • To Other Banks Branches having RTGS Facility with in 24 Hours.

b) By Telegraphic Transfer / wire

c) By Demand Draft

d) Quick Remittance

Funds required to be remitted can be deposited with us by cash (certain restriction apply) or by cheque or through your bank. Once the funds are received by our bank /collected from your bank through Clearing, the funds become available for further remittance. In case of Telegrapic transfer, the remittance is transmitted to the beneficiary's branch through our own network of SWIFT/ TELEX/FAX Systems on the day the funds become available to us. Demand drafts are usually collected by the purchaser at the branch counter.

How can I know the rate of exchange for remittance in Indian rupee?

The rate of exchange of UAE Dirhams to Indian rupees is determined daily on the basis of market conditions of demand and supply. This rate can be ascertained from our branch by making telephonic call at any time during working hours or can be heard from our Tele-Banking system. However, rate which is in force at the time funds are made available to us for transfer is applied.

What information the bank needs for effecting remittance of funds?

For making funds transfer, we need a duly filled up request form, which is available from our branch. Usually, in addition to your name, address , telephone # and identification #, similar particulars of beneficiary are also required to be filled up in this form. A copy of the Labour card is required for the Remittance above AED 2000/- along with the application form Any Remittance beyond AED 40,000 requires Passport and Work permit and also proof of source of funds to be remitted. For further clarification, you may contact us anytime though telephone.

How can I open an account with your branch ?

Opening an account is very easy, provided you can furnish documentary evidence of your identification. Account opening form can be collected from our branch. This form contains list of documents required to be furnished for opening an account.

  • For More information on Savings Account Click Here
  • For More Information on Current Account Click Here
  • For More Information on Special Current Account Click Here

Is interest earned on my deposits kept with the branch subject to taxation ?

No. No Tax is levied on the deposits in U. A. E.

Can I deposit cash in my account ? Tell me the details of formalities, if any.

Yes. You can always deposit cash in your accounts. However, it is our experience that deposits by way of cheques are always more convenient and risk free.

Do you levy any fees/ charges for collecting Cheques payable to me anywhere in UAE ?

No. We do not levy any fees / charges for collecting Cheques made out in your favor payable anywhere in our branches in UAE and deposited by you for collection. This service is provided to our customers free of charge. However, in case any fee deducted by the paying bank and / or any out of pocket expenses are incurred by us on this collection, the same are recoverable from you.