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Baroda Bachat Mitra

This account is a special offering from Bank of Baroda wherein customers can pledge their Term Deposit to open the Baroda Bachat Mitra. With this bank account, customers need not maintain any minimum balance. Furthermore, they are entitled to earn interest on the term deposit and the savings account balance. The Baroda Bachat Mitra also enables customers to avail overdraft facilities for up to 80% of the term deposit amount.

Features of Baroda Bachat Mitra

Term Deposit Pledge

In order to open this account, a minimum deposit of Rs.10,000 must be maintained with Bank of Baroda. The deposit can be maintained in multiples of Rs.1,000 for a period of 12 months up to 120 months.

Zero Balance

There is no minimum balance required in the savings account.

Overdraft Facility

Customers can avail overdrafts up to 80% of the term deposit pledged. The minimum amount of overdraft offered is Rs.8,000 and is capped at Rs.1 lakh maximum.

Interest Rate

As per the prevailing rate of interest at the time of accepting the deposit, the term deposit will earn said amount of interest.

For the balance in the savings account, 1.5% over the fixed deposit rate will be applied for both credit and debit balances. There will be a monthly rest between interest application. The minimum amount of interest is Rs.25 if overdraft facility is taken.


Depositors can nominate someone to receive the proceeds from the fixed deposit and the savings account.

Interest Rates on Term Deposits

Tenure Below Rs.1 crore Above Rs.1 crore to Rs.10 crore Above Rs.10 crore to Rs.25 crore Above Rs.25 crore to Rs.50 crore
W.e.f. 19/11/16 W.e.f 4/2/17
12 months 7.00% 4.50% 4.50% 4.50%
Above 1 year to 2 years 7.00% 4.50% 4.50% 4.50%
Above 2 years to 3 years 6.85% 4.50% 4.50% 4.50%
Above 3 years to 5 years 6.50% 4.50% NA NA
Above 5 years to 10 years 6.50% 4.50% NA NA


To open this account, you must fulfill the following criteria set by Bank of Baroda:

  • Anyone who has attained the age of 18 years
  • Account can be opened by a single individual or jointly
  • A fixed deposit of Rs.10,000 minimum is required to open this account
  • There is no cap on the maximum deposit amount
  • The term deposit must be for a tenure of 12 months to 120 months

How to apply

Visit the nearest Bank of Baroda branch to apply for the Baroda Bachat Mitra account. You will first be required to open a fixed deposit of at least Rs.10,000 for a period of 12 months to 120 months. If you already hold a fixed deposit, you can directly apply for the account. There is no minimum balance required in the savings bank account.

Documents required

Regular KYC norms will be applicable when a customer opens a fixed deposit and a bank account. You will be required to submit the following:

  • Recent passport size photograph
  • ID Proof such as driver’s licence, passport, Aadhar card, Voter ID, PAN card, etc.
  • Address Proof such as driver’s licence, passport, Aadhar card, Voter ID, ration card, utility bills, etc.
  • Any other document requested by the bank

Fees and Charges

Given below are some of the important fees and charges associated with the Baroda Bachat Mitra Account:

Particulars Charges
Cheque Book 45 free leaves. Rs.5 per leaf thereafter.
Passbook Single - First book is free. Rs.100 per subsequent pass book Joint - Rs.150
Statement with latest balance Single - Rs.100 Joint - Rs.150
Opening Account Charges Nil
Initial Deposit Requirement Nil
Minimum Balance Requirement Nil
Inoperative Account Charges Nil
Premature closure of account within 1 year Rs.200 plus service tax
Outstation Cheque Rs.25 to Rs.250
Nomination First nomination is free. Changes or modification cost Rs.50.
Debit Card Annual Fee Rs.100 p.a. Waived for the first year
Add on Debit Card Rs.100 p.a. Waived for the first year
Debit Card Renewal Fee Free
Debit Card replacement Rs.200
Debit Card PIN regeneration Rs.150
Transactions at Bank of Baroda ATMs Free
Transactions at other ATMs
  • First 3 transactions free at metro cities
  • First 5 transactions free at other areas
  • Rs.20 for financial transactions
  • Rs.10 for non-financial transactions

Baroda Bachat Mitra FAQs

  1. Upon the maturity of my term deposit, will the bank account be closed?

    You can renew your term deposit by requesting Bank of Baroda to do so on the due date. If there is no request for renewal made, then the deposit will be liquidated after giving due notice to the borrower. If there is an overdraft facility taken, then the repayment will be appropriated against the proceeds of the deposit. There is also an auto renewal option which can be carried out at the revised rate of interest.

  2. Can I transfer my deposit from one Bank of Baroda branch to another?

    Yes, you are allowed to transfer your deposit, bank account and overdraft facility to a branch of your choice. No charges are applicable.

  3. Are there any processing charges for opening the account and the deposit?

    No, there are no processing fees associated with opening the Baroda Bachat Mitra or the term deposit.

  4. Is there any security required for overdraft facility?

    Your term deposit will be taken as collateral for the overdraft facility. A letter of pledge of FDR will be required.

  5. What is the maximum term deposit amount allowed?

    There is no maximum cap on the term deposit amount under this scheme. 

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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