Ideal for any NRE firm

A basic and flexible deposit option

  • Key Features
  • Eligibility
  • Supporting Documents Required
  • Identification Documents Required
  • Additional Documents Required
  • Fees and Charges
  • Interest
  • Additional Information
  • Current Account Rules
  • Baroda Current Account- NRE is a business account ideal for NRE firm, companies, institutions, and individuals etc., who need banking facility more frequently. This is one of the basic and flexible Deposit options, allowing transaction without limiting the numbers. Account can be opened in USD, AUD, NZD and EUR currency. 
  • No Limit on number of transactions
  • Minimum Balance (Non Resident- Individuals):
    • USD-US$250, AUD-AU$500,
    • NZD-NZ$500, EUR- €250
  • Minimum Balance (Non Resident Firm/ Organisation):
    • USD- US$1000, AUD – AU$2000,
    • NZD – NZ$2000, EUR - €1000.
  • No Cheque Book Facility.
  • No minimum and maximum period.
  • Individual ( Singly or Jointly)
  • Sole Proprietorship Firm
  • Partnership firm
  • Limited Companies
  • Co-operative Societies

As required under FTR Act & Customer Due Diligence

Verification of Customer (Legal Entities)  to provide documents in support of following

Residents 

  • Name of Customer
  • Permanent Residential & Business Address in Fiji
  • Date of Birth
  • Occupation , Business , Service or Princial Activity
  • Citizenship
  • Source of Funds

Legal Form of Entity

  • Date of Registration of Business
  • Name of Principal Owners / Share Holders 
  • Name of persons controlling the entity (other than owners or share holders)
  • Tax Identification Number (TIN) issued to the entity by FRCA
  • Business Address
  • One Passport size photograph and identification documents of Owners, Controlling persons and authorised signatories.
  • Current and valid passport or any travel document issued by a foreign government or recognised international organisation.
  • Current and valid work, business or other permit or visa issued by the Fiji Immigration Department.

For PEP Account (Following Information needs to be provided)

  • Name of Customer in Full
  • Details of Position holds lds or has held a senior government, political or military position     
  • Title of Position held
  • If held in Past (From - Upto)

Compulsory Documents to be submitted

  • Tax Identification Number (Tin Letter)
  • A valid Joint Fiji Revenue and Customs Authority & Fiji National Provident Fund ID card
  • Birth Certificate issued by the Births, Deaths & Marriages Registry.
  • In case of married women, Marriage Certificate along with Photo Identity of the Groom & Address Proof is must, if Account is to be opened in name with Groom’s Name)
  • Two Latest Colour Photograph

List A (FTR Regulations 8(1))
LIST – I
(Latest/ recent photo
identification documents)
  • Valid Passport
  • Birth Certificate
  • Marriage Certificate
  • Citizenship Certificate
  • Valid Driving Licence
  • Valid Fiji National Provident Fund membership card;
  • The FIU has determined that the following maybe be used as a identification documents :

(*) Letter of reference or certification by a suitable third party.

(*) Certificate of Registration in the Vola Ni Kawa Bula


List B (FTR Regulations 8(2)
LIST – II
(Latest / recent documents
showing address proof)
  • Bank statement or account statement issued by another financial institution if the person previously transacted with a bank or financial institution and that bank or financial institution had confirmed the person’s identity (Not Older than 3 Months)
  • Valid Tax Identification Number and acknowledgement from Fiji Islands Revenue and Customs Authority;
  • Notice of taxation assessment by the Fiji Islands Revenue and Customs Authority;
  • Utility Bill for Electricity, Water, Telephone or other similar services issued by the authority responsible for the supply of such services - (Not Older than -3- Months)
  • Municipal Business Licence Certificate or Municipal Rates Statement or Invoice;
  • Mortgage / Loan Account Statement from another financial institution;
  •   Cellular Phone / Television Account Statement;
  • Long-term or short-term insurance policy document issued by an Insurance Company;
  • Motor Vehicle license or registration document;
  • Land or other property ownership document or title;
  • Employment Identification Card or a Letter from the Employer;
  • Pay or salary slip;
  • Identification card issued to a student at a tertiary or technical education institution;
  • Verification by a suitable referee to the satisfaction of bank. (For Current Account)

Additional Documents required for Business entities apart from respective KYC Documents

  • Copy of Certificate of Registration 
  • Copy of particulars of directors filled with registrar of companies
  • Certified copy of registration of the board of directors regulating the conduct of account- company letter head
  • Rubber stamp
  • Introduction of account by 3rd party acceptable by the bank only
  • Minimum cash deposit $500.00
  • Tax Identification Number
  • Vat RegistrationBusiness Licence
  • Digital Registration Certificate 

Sole Proprietor Ship Firm

  • Sole Proprietorship Letter (included in terms and conditions in the form)
  • Power of Attorney (if any) granted to any person to transact the business on its behalf. 

Partnership Firm

  • Letter of Partnership (included in terms and conditions in the form)
  • Registration Certificate (if any)
  • Power of Attorney granted to partner or an employee of the firm to transact business on its behalf
  • Any document identifying the main partners and the person(s) holding power of attorney and their addresses

Limited Company (Public / Pvt.)

  • Copy of Certificate of Incorporation.
  • Copy of Certificate of commencement of Business in case of Public Limited Co
  • Certified copy of Memorandum and Article of Association of the company made up to date
  • A certified true copy of the resolution of the Board of Directors of Company, requesting the Bank to open an account in its name and specify the operating instructions and a list of authorized officials to operate the accountA list of present directors & their addresses, under the signature of chairman
  • Power of Attorney if granted to its manager, officer or employee to transact the business on its behalf
Minimum Operating Balance Fees
2.00 FC per month
(Balance below minium requirement)
FC refers to the foreign currency in which account is maintained

Withdrawal Fees
Free

Issue of Audit Certificate
10.00 FC * per Certificate
(FC refers to the foreign currency in which account is maintained.)

 

Search Fees
$10.00 minimum, subsequent $10.00 per hour

Duplicate Statement Fees
$5 per statement

Inward Credit by TT / DD/ TC
$10.00 per instrument

Issuance of DD
$10.00 per DD plus Stamp Duty

Issuance of TT
$25 per TT plus
Stamp Duty

No Interest is payable in Current Account

  • The account will be classified to Dormant if there is no customer induced transactions in the account for 12 months. Once the account is classified as dormant, the customer induced transactions in the account are permitted on submission of written request by the customer to the branch where account is maintained along with personal ID, address proof and other documents required to fulfill KYC guidelines.
  • No Charges will be levied for activation of Account
  • For closure of account customer to request in writing to the branch where account is maintained.
  • For Clarification or for any other information please contact any of your nearest branch.
  • (Terms and Conditions apply) 
  • Monthly Maintainance Charges $5 
  • Customer can close account by submitting written request to the Branch where account is maintained. All unused Cheques should be surrendered while closing account.
  1. Current accounts are opened with sums of $50.00 or upwards for parties satisfactorily introduced. A credit balance of $500.00 should always be maintained. An account may opened in the name of the person or in the names of two or more persons; arrangements can be made for any one or more of them to operate the account and the balance to be paid to the survivor.
  2. All payments to Current Accounts made by local customers should be accompanied by paying – in – slips (Books of paying – in – slips are supplied free of charge to customer and the Bank’s stamp and authorized Initial should be obtained on the counterfoils thereof.
  3. Separate paying – in –slips should be used for cash collection of local cheques and cheques on upcountry banks. Cheques on local Banks if received after 1p.m. on week days will be cleared on the next working day.
  4. Cheques must be drawn on the printed form provided by the Bank; the Bank reserves to itself the right to refuse payments of cheques drawn otherwise.
  5. Application for cheque book must be made by the customers personally or in writing. It is particularly requested that the printed requisition form inserted in the cheque-books be used when a new cheque-book is required.

    To prevent forgeries, frauds etc., customers are particularly requested to:

    1. Keep the cheque-book under lock and key;
    2. Fill in the body of the cheque before delivery;
    3. Fill in the amount in words as near as possible to “$”
  6. The writing of cheques should be clear and distinct and cheques must be drawn in such a way as to prevent any alteration or addition after issue.
  7. The amount in cheque must be stated both in words and figures distinctly.
  8. No Alterations are allowed on cheques, otherwise the cheques are liable to be returned unpaid.
  9. Payments of cheque are liable to be refused on which the signature does not exactly correspond with that on record at the Bank. Customers are requested to kindly get their signature updated by visiting their base branch in person. Signature other than in Roman characters on cheques may be accepted only by special arrangement.
  10. The Bank will register instructions from the drawer of a cheque to stop its payment but cannot undertake any responsibility in case such instructions are inadvertently overlooked.
  11. No cheque should be drawn for a sum of $2.00. The Bank reserves to itself the right to refuse payment of cheques drawn for amounts smaller than $2.00.
  12. Cheques post-dated, i.e. bearing a date subsequent to the date of presentation will not be paid. Cheques bearing date over six months prior to the date of presentation are liable to be refused payment.
  13. Customers are requested to cross all cheques intended for collection before paying them into their accounts.
  14. Accounts can be overdrawn only after previous arrangement with the Manager.
  15. Cheques must not be issued before the necessary funds have been credited to the account. If cheques be presented when there are insufficient funds to meet them, payment may be refused and the cheques returned. Repeated disregard of these instructions will entail summary closing of the account.
  16. The Bank should be immediately notified of the cancellation of any authority given to third parties to operate the account. Any such notice will be operative only after its receipt by the Bank.
  17. A Pass-book showing record of all sums paid in and all cheques drawn is issued to each account-holder. No entry should be made in pass-book except by an official of the Bank. Alternatively, statements of account can be supplied periodically.
  18. The Pass-book should be sent to the Bank at least once a month to be written up. On a Pass-book or statement being received by a customer, the entries therein should be carefully examined and any error or omission should be immediately brought to the notice of the Bank; otherwise it will be concluded that the account has been found correct. The Bank will not be responsible for any loss arising from the neglect of these precautions.

    It should be understood that although entries may have been made to the credit of an account and such entries initialed by officer in the pass-book or statement, should such entries be made up of cheques which have to be collected the amount they represent is not available for drawing until the proceeds have been realized by the Bank.

  19. The Bank reserves to itself the right of closing any account after previous intimation if it is not operated upon satisfactorily.
    1. Basic fee and activity fee as fixed by the Bank from time to time will be levied each quarter on all current accounts.
    2. A further charge will be made on all account where the average balance does not compensate for the number of cheque forms and the amount of stationery used and labour involved in keeping the accounts.
    3. The Bank’s decision in the above matter will be final.

    The Bank does not recognize trusts.

  20. The Bank reserves to itself the right of closing any account which in its opinion is not operated upon satisfactorily or if a minimum balance of $500.00 is not maintained or for any reason whatsoever. The Banks decision is such matters will be final.
  21. Any change of address should be notified to the Bank as soon as possible.
  22. The Rules of business are subject to alteration from time to time.
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