Non-Resident Indians (NRIs) based in Bahrain and the wider GCC can lock in a 6.5 per cent annual yield on US dollar deposits while shielding their savings from currency volatility, according to a senior banking executive.
Speaking exclusively to the GDN, BBK chief private banking officer Aqeel Ghaith highlighted the advantages of the Foreign Currency Non-Resident (Bank) [FCNR(B)] scheme offered by BBK India under the Reserve Bank of India’s (RBI) temporary window, which remains open until August 31, 2026.
Mr Ghaith explained that the 6.5pc per annum rate on three- to five-year deposits is “highly competitive for a deposit maintained in US dollars.”
Because the Bahraini Dinar is pegged to the US dollar, local expatriates can secure high yields without exposure to Indian rupee exchange-rate fluctuations.
“Both the principal and interest remain denominated in US dollars and are freely repatriable as on date,” Mr Ghaith said, adding that interest earned is “exempt from Indian income tax as per existing tax laws” for qualifying non-residents. He noted that the agreed return remains locked in for the deposit’s full term, even after the temporary RBI window closes.
Beyond high-yield deposits, BBK is streamlining cross-border banking through enhanced digital services and simplified compliance. The adoption of the 14-digit Central KYC Identifier allows BBK India to retrieve existing records from the registry, which “reduces repeated document submissions and can make account opening considerably faster” for Gulf expatriates who hold a valid PAN card and updated documentation.
Through the BBK Mobile app, Online Banking, and the Express International Transfer service, clients can handle remittances, manage funds via NEFT or RTGS, and execute secure international transfers remotely using biometric authentication and one-time passcodes.
To support comprehensive financial management, Mr Ghaith outlined how the bank helps NRIs balance their cross-border wealth across complementary account structures. NRE accounts cater to foreign earnings with freely repatriable funds, whereas NRO accounts manage local Indian income – such as rent, dividends, or property upkeep – with eligible balances repatriable within prescribed annual limits.
“BBK helps clients select the appropriate account based on the source and intended use of their money,” Mr Ghaith said. For direct capital allocation, BBK assists clients with the required account setups to access Indian equities, Demat services, and INR Mutual Funds platforms, making the process “more efficient while ensuring compliance with Indian foreign-exchange and investment regulations.”
Additionally, eligible FCNR(B) and NRE term deposits can serve as security for overdraft facilities in both India and Bahrain, providing “access to liquidity without requiring the depositor to close the investment prematurely.”
Mr Ghaith added that BBK India also offers tailored home loans for NRIs purchasing property in India, with approvals dependent on “the applicant’s repayment capacity, credit profile, property valuation and supporting documentation.”
avinash@gdnmedia.bh
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