Bank of Baroda provides an array of savings accounts to the customers, each carefully designed to suit individual needs. With Bank of Baroda Savings Accounts, customers will be able to easily track and manage their finances. BoB savings account can be accessed through any of the 5230 Indian branches or the ATMs. With personalized services, attractive features and other unique benefits, saving money will be a pleasure with Bank of Baroda savings account.
Revision of Interest Rates on Bank of Baroda Savings Bank Deposits
|Particulars||Rate of Interest|
|Saving Deposits Balance upto Rs. 50 lakh.||3.50% p.a|
|Saving Deposits Balance above Rs. 50 lakh.||4.00% p.a|
How do I open a Bank of Baroda Savings Account?
A customer wishing to open a savings account with Bank of Baroda should submit the application form to any of the nearest physical branches. The applicant can download the application form from Bank of Baroda web portal and can submit it at a branch. Also, in case of queries, customers can make use of the “Inquiry” facility available on the Bank of Baroda website. The applicant must keep all necessary KYC documents like ID proof and address proof ready to complete the documentation formalities.
Types of Bank of Baroda Savings Account
The following types of savings account are offered by Bank of Baroda.
- Baroda Centenary Savings Account
Available at all CBS branches in the country, this is a superior savings account that comes with many value added services. Cardholders get a free debit card and also the advantage of immediate credit of outstation cheques up to Rs.25,000. Also, with the auto sweep facility, funds will be transferred to term deposits in case it exceeds a certain fixed amount. Auto reverse sweep will be done to savings accounts from term deposits if need be to honor cheques.
- Savings Bank Account
The simplest of all savings account, this scheme from BoB also brings many advantages with it. This savings account is available for salaried employees working in public & private companies, central & state government, life and general insurance company agents and for students. This account is easy to operate and the deposits are insured by DICGC. It also offers other advantages like provision for nomination, flexible options for money withdrawal and no hidden costs.
- Super Savings Account
Offered to high value resident customers, this scheme is available in urban and metro centres. It brings many advantages to the account holder like free outstation cheque collection, reverse and auto reverse sweep facility and free issual of demand drafts.
- Baroda Basic Savings Account
This no-frills, basic savings account can be opened with zero balance and there is no ceiling on the amount held in the account. This basic account can be opened by all resident individuals eligible to open a savings account. Specially crafted for common people with low and middle income like daily wage workers, housewives, workers in unorganized sectors, students and other people with low net worth, this account will meet the requirements of a savings account and also offer added advantages.
- Baroda Salary Advantage Savings Account
A savings account with a host of advantages, this savings scheme will offer facilities like overdraft, interest on credit balance, no minimum balance requirements and no maximum ceiling on the amount that can be held in the account. This account can be opened by employees of central & state government, PSUs, MNCs, reputed public limited companies etc.
- Baroda Bachat Mitra
This savings account is essentially an overdraft facility secured by a pledge of term deposit. There is no minimum balance requirement and no charges will be levied for the non-maintenance of minimum balance. For the fixed deposit facility that comes with this account, the minimum period is 12 months and the maximum period is 120 months.
- Baroda Pensioners Savings Bank Account
With a minimum value of only Rs.5, this account can be opened. The cardholders will be offered features like Baroda Connect internet banking facility, accidental death insurance cover worth Rs.1 lakhs, immediate credit of outstation cheques and free debit card. Free unlimited cheque book facility is also available and all pensioners are eligible to apply for this scheme offered by Bank of Baroda.
- Baroda Jeevan Suraksha Savings Bank Account
Offered at all branches, this account can be opened by any resident individuals between 18 to 60 years of age. Account holders also get life insurance cover from “IndiaFirst Life Insurance Company Limited (IFLIC) for an amount of up to Rs.5 lakh. This account can be opened with Rs.5000 only and the minimum balance on a daily basis requirement is Rs.5 lakh.
Bank of Baroda Minimum Balance Requirements
|Baroda Centenary Savings Account||-|
|Savings Bank Account||-|
|Super Savings Account||-|
|Baroda Basic Savings Ac||NA|
|Baroda Salary Advantage Saving Account||No requirements|
|Baroda Bachat Mitra||No requirements|
|Baroda Pensioners Savings Bank Account||No requirements|
|Baroda Jeevan Suraksha Savings Bank Account||Rs.1000 on a daily basis|
Eligibility for Bank of Baroda Savings Account
- Zero Balance Savings Bank Account
This account can be opened by central, state government employees, private/public limited companies, students, agents of general & life insurance companies and those receiving compensation for property acquisition from government.
- Basic Savings Account
This account can be opened by all resident individuals and is recommended for people earning low or medium income such as daily wage earners, workers in unorganized sector and housewives.
- Baroda Salary Advantage Saving Account
This account can be opened by regular state and central government employees. employees of PSUs, state and central government, semi-government organizations, universities, reputed public limited companies and select private limited companies.
The minimum age to open this account is 21 years and the minimum take home salary of the applicant should be Rs.5,000.
- Baroda Bachat Mitra
Applicants over 18 years are eligible to open this account either singly or jointly.
- Baroda Jeevan Suraksha Savings Bank Account
Any resident individual between the age of 18 years to 60 yrs can open this account.
Documents Required for Bank of Baroda Savings Account
Applicants will be asked to submit the following documents when opening a Bank of Baroda Savings account.
- Duly filled application form
- Passport size photographs
- Introduction as per bank norms.
- IT declaration
- ID and address proof like PAN card, voter card, passport, driving license etc.
News About Bank of Baroda Savings Account
Bank of Baroda also cuts interest rates on savings accounts
Following State Bank of India’s move to cut interest rates on deposits in savings accounts, banks across the country are doing the same, including Bank of Baroda. Bank of Baroda has cut the interest rates on deposits up to Rs.50 lakh by 50 basis points to 3.5% per annum. For deposits above Rs.50 lakh, the interest rate remains the same at 4%. According to a statement from Bank of Baroda, the bank said that they have decided to introduce a 2-tier savings bank interest rate. Effective from Saturday (August 5), the interest rate on savings bank balance of up to Rs. 50 lakh has been reduced to 3.5 per cent from the current annual 4 per cent. For balances above of Rs. 50 lakh, the bank has retained the rate at 4 per cent. As already mentioned, on July 31, the country's largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs.1 crore and below.
8th August 2017
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