Bank of Baroda Basic Savings Account

There is no minimum deposit amount required to open or maintain this bank account. The account can be opened without any balance.

Cheque facility

In a year, account holders are given 50 cheque leaves free. The number of withdrawals cannot exceed four in one month.

Debit Card

Bank of Baroda makes a debit card available to account holders.

Internet Banking

Those who basic savings accounts will have access to online banking accounts and transactions.

Deposits

Customers can make as many deposits as they like. There is no limit imposed on the maximum amount of deposits or turnover in a year.

Minor Accounts

Minors can open this account. For minors who are between the age of 10 years to 14 years, the maximum amount that can be maintained in the account is capped at Rs.1 lakh.

Interest

The interest rate follows the same frequency and method as that of regular BOB savings account. Interest is calculated at 4% p.a.

Inoperative Accounts

There are no charges levied on accounts that are dormant or inactive.

Eligibility:

In order to open this account, you must first fulfill the eligibility criteria set out by Bank of Baroda for the Basic Savings Account:

1. Any resident of India
2. Can be opened by a single individual or jointly
3. NRIs are not eligible
4. Trusts, Societies, Organisations are not eligible
5. Customers who have a BOB Basic Savings Account are not eligible to open any other savings account. Any other account held will have to be closed within 30 days of opening the Basic Savings Account.

How to apply?

You can apply for this bank account provided you meet the eligibility criteria. To open this account, visit the nearest Bank of Baroda branch. You will be provided with an application form which you must fill up and submit. You can open this account without any initial deposit.

Documents required:

Regular KYC norms will be applicable when a customer opens Basic Savings bank account. The norms for KYC documents required for the Basic Savings Account are relaxed in certain cases as this account is directed towards the low-income class. You will be required to submit the following:

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

Fees and Charges:

Given below are some of the important fees and charges associated with the Basic Savings Account:

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