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Bank of Baroda Basic Savings Account

The Basic Savings Account is a solution to include low income people in the financially organised sector. For those who work in the unorganised sector, daily wage earners, housewives and students, this savings account is ideal as it has a zero balance requirement, no hidden charges and no frills. The account is designed to help inculcate the habit of savings among those who have a low financial net worth. This basic banking product is also available to minors to start saving early.

Features of Basic Savings Account

Listed below are some of the key features and benefits of having a Basic Savings Account from Bank of Baroda:

Zero Balance

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.


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.


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.


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

  • Any resident of India
  • Can be opened by a single individual or jointly
  • NRIs are not eligible
  • Trusts, Societies, Organisations are not eligible
  • 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:

  • 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 Basic Savings Account:

Particulars Charges
Cheque Book 50 free leaves. Rs.5 per leaf thereafter.
Passbook First book is free. Rs.100 per subsequent pass book
Opening Account Charges Nil
Initial Deposit Requirement Nil
Minimum Balance Requirement Nil
Inoperative Account Charges Nil
Premature closure of account within 1 year Nil
Outstation Cheque Rs.25 to Rs.250
Nomination First nomination is free. Changes or modification cost Rs.50.
Debit Card Annual Fee Free
Add on Debit Card Free
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 Free

Bank of Baroda Basic Savings Account FAQs

  1. Can I open this account jointly with my spouse?

    Yes, you can open this account jointly. The restrictions imposed on this account will remain the same.

  2. Can I open the BoB Basic Savings Account if I am an NRI?

    No, this account is available only to resident Indians. Non-resident Indians are not eligible for this bank account.

  3. Can I set standing instructions through the Basic Savings Account?

    Yes, standing instructions have now been made available with the Basic Savings Account.

  4. Can I open the BoB Basic Savings Account on behalf my minor daughter?

    Yes, this account can be opened for minors who are at least 10 years old.

  5. What are the documents required to open the Bank of Baroda Basic Savings Account?

    The KYC norms observed by Bank of Baroda will apply. Usually, for Basic Savings Accounts, the documentation required is relaxed.

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

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