Bank of Baroda

snooping_around

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bigadaj

No, not sure how this is set up but there certainly have been issues with the fact that the rupee does t float freely and there are limits on currency movements, so if the money is invested in india you might have problems getting it back out again.
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gadgetmind

snooping_around wrote: »

Looking for opinions about the 1 yr fixed bond at Bank of Baroda giving an interest rate of 8.75%.

The risk reward ratio for that seems off kilter as you can get better closer to home.

opinions4u

In January £1 bought 79 rupees.

In June it was 87 rupees.

That's pretty much a 10% loss in value.

You'd have got about 4% back via that term deposit in the same period.

alanq

BoB(UK) does offer accounts in GBP that are covered by FSCS but interest rates seem no better than what can be obtained elsewhere.
http://www.bankofbarodauk.com/exchange-interest-rates/

bigadaj

alanq wrote: »

BoB(UK) does offer accounts in GBP that are covered by FSCS but interest rates seem no better than what can be obtained elsewhere.
http://www.bankofbarodauk.com/exchange-interest-rates/

Threes the OPs answer.

s20544

I think the GBP rates on offer by Baroda International are quite close to the market leading rates (e.g. 4.63% pa for 5yr term) but they have the benefit of allowing early access without penalty after 1year . . . . so says their website. If true this gives a significant advantage over most other fixed rate saving accounts for periods in excess of 1yr. Where is the catch?

I accept that the OP is looking for a 1yr fix so this is unlikely to influence a decision. However, in the past I have opened a 1yr fix only to find after 12 months that I did not need the funds at the that time and could have benefited from higher rates of a longer fixed period.. A 5yr fix that had the option of being accessed from 1yr onwards could be a useful option considering uncertainty in the timing of future interest rate changes.