The Baroda Centenary Savings Account from Bank of Baroda is a superior savings account that offers various value added services. Under this account, cardholders have the benefit of a free debit card along with the advantage of immediate credit of outstation cheques worth up to Rs.25,000. Other features such as the auto sweep facility and auto reverse sweep facility are also available in the Baroda Centenary Savings Account.
Features and Benefits of Baroda Centenary Savings Account:
The main features and benefits of the savings account are:
- Auto sweep facility – Bank of Baroda allows account holders of this account the facility of auto sweep which enables auto transfer of funds that exceed certain fixed amount to Term Deposits, in order to generate high yield on such funds.
- Auto reverse sweep facility – This facility is provided in case of need to honour cheque from Term Deposit to Savings Account.
- Free collection of outstation cheques – Account holders of the Centenary Savings Account are also entitled the facility of collection of outstation cheques without any charge. However, postage out of pocket expenses are recoverable.
- Free Debit Card – The account holder is also entitled to a free debit card with the account.
- Immediate credit outstation cheques – Up to Rs.25,000 of outstation cheques are eligible to be credited immediately, as per norms.
Interest rate on term deposits & NRO deposits:
|Tenors||Rs.1 crore to Rs.10 crore|
|7 – 14 days||4%|
|15 – 45 days||4%|
|46 – 90 days||4.25%|
|91 – 180 days||4.75%|
|181 – 270 days||4.75%|
|Above 271 days and below 1 year||4.75%|
|Above 1 year and under 2 years||5%|
|Above 2 years and under 3 years||5%|
|Above 3 years and under 5 years||5%|
|Above 5 years and under 10 years||5%|
How to apply for a Baroda Centenary Savings Account:
You can fill in an online form with all the required information for account opening or visit the bank branch along with the documents required to open the account.
Documents required to open a Baroda Centenary Savings Account:
You will be required to submit the following while opening the account:
- Recent passport size photograph along with the duly filled application.
- 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 Centenary Savings Account:
|Cheque Book||40 free leaves. Personalised cheque book - Rs.3/cheque leaf Non-personalised - Rs.2.5/cheque leaf|
|Passbook||First Passbook – No charge Duplicate Passbook – Rs.50 per Passbook|
|Statement with latest balance||Rs.50|
|Statement with latest balance||Rs.50|
|Opening Account Charges||Rs.50 per half year|
|Initial Deposit Requirement||Rs.15,000|
|Minimum Balance Requirement||QAB (Quarterly Average Balance) – Rs.20,000|
|Inoperative Account Charges||
|Premature closure of account within 1 year||Rs.500|
|Outstation Cheque||Rs.200 per cheque + Rs.50 out of pocket expenses|
|Nomination||Rs.25 per addition or deletion of nominee|
|Debit Card Annual Fee||First year – Nil After one year – Rs.100 p.a.|
|Add on Debit Card||First year – Nil After one year – Rs.100 p.a.|
|Debit Card Renewal Fee||Nil|
|Debit Card replacement||Rs.200|
|Debit Card PIN regeneration||Rs.150 per regeneration|
|Transactions at Bank of Baroda ATMs||
Baroda Centenary Savings Account FAQs
- Will I be charged for a debit card that is provided to me wit the account?
No, the debit card is free with the account.
- What will I have to pay to the bank if I want to close my account in less than one year?
The bank levies Rs.500 for account closure within a year.
- Will I be charged any fee for the passbook while opening of the account?
No, the first passbook is free.
- How much does Bank of Baroda charge for duplicate passbook, in case I lose my original?
The bank charges Rs.50 for getting a duplicate passbook.
- Will I be charged for collection of outstation cheques?
No, this facility is free.
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