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Bank of Baroda Introduces ‘BoB Aspire NRE Savings Account’ and Signs MoU with SIDBI to Launch BoB Earth Circular Economy Scheme.

Banking & Finance | Dated: 12 Sep 2025

In September 2025, Bank of Baroda (BoB), one of India’s leading Public Sector Banks (PSBs), introduced the BoB Aspire NRE (Non-Resident External) Savings Account for Indians moving abroad and partnered with SIDBI (Small Industries Development Bank of India) to launch the BoB Earth Circular Economy Scheme (MSE Spice) in New Delhi, Delhi.

🎯 Key Highlights:

  • - The BoB Aspire NRE Savings Account allows Indians to open an account while still in India, later converting to a fully operational NRE account upon submission of overseas address proof and passport with immigration stamp. It comes with an inoperative mode, turning active only after compliance.
  • - The account offers zero minimum balance charges for the first two quarters, followed by a Quarterly Average Balance (QAB) of Rs. 10,000 without an upper limit. Earnings are exempt from Income Tax (IT), and balances remain exempt from wealth tax.
  • - Customers of this scheme receive a customised debit card with Airport Lounge access and additional digital banking benefits, aiming to simplify NRI (Non-Resident Indian) financial needs through enhanced global accessibility.

💡 Other Important Facts:

  • (i) In the same month, BoB signed a Memorandum of Understanding (MoU) with SIDBI in New Delhi, launching the BoB Earth Circular Economy Scheme under its Green and Sustainable product category to support Micro and Small Enterprises (MSEs) adopting sustainable technologies.
  • (ii) The MSE Spice scheme offers loans with a 25% subsidy for investments in green technologies, backed by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
  • (iii) It promotes waste reduction, circular economy models, resource efficiency, and competitiveness in MSE operations.

📚 Test Your Knowledge:

Recently, which bank launched the ‘BoB Aspire NRE (Non-Resident External) Savings Account’ for Indians moving abroad?

Correct Answer: Bank of Baroda

🚀 Quick Recap:

About Bank of Baroda

  • CEO : Dr Debadatta Chand
  • Headquarters : Vadodara, Gujarat