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Bank of Baroda Savings Account

Savings Account
  • Instant money transfer
  • 24x7 ATM withdrawals
  • Attractive rate of interest

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.

  • Baroda Mahila Shakti Saving Account
  • This scheme is offered to women who have a savings account in Bank of Baroda. If you are availing this scheme you will be able to enjoy higher interest rate with flexi-fixed deposit facility. Under this scheme there are attractive offers on beauty, lifestyle, groceries, etc. You can also avail a personal accidental insurance including a concessional interest rate on two-wheelers and educational loans.

  • Baroda Senior Citizen Privilege Saving Account
  • If you are a resident of India and above the age of 60 years, then you can avail this scheme offered by Bank of Baroda. You are offered a 1st year free Visa Platinum Debit card with withdrawal limit up to Rs.1 lakh and purchase limit on PoS (Point of Sale) of up to Rs.2 lakh. You are also offered a 50% waiver on your processing fee if you avail a reverse mortgage loan from Bank of Baroda. You can make unlimited transactions from any Bank of Baroda ATM.

  • Baroda Salary Privilege
  • You can avail this loan if your net monthly salary is Rs.2 lakh and above. Under this scheme, you are offered an Accidental Death Insurance Cover along with 100% waiver on the processing fee if you avail a housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda. You are also eligible to receive a lifetime free Baroda Premier Credit Card with 5x reward points on availing this saving account scheme from Bank of Baroda.

  • Baroda Salary Premium
  • You can avail this scheme if your net monthly salary is Rs.1 lakh and above but less than Rs.2 lakh. Under this scheme, you are offered an Accidental Death Insurance Cover along with 75% waiver on the processing fee if you avail a housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda. You are also offered a lifetime free Baroda Premier Credit Card with 5x reward points on availing this scheme from Bank of Baroda.

  • Baroda Salary Super
  • You can avail this scheme if your net monthly salary is Rs.50,000 and above but less than Rs.1 lakh. You are eligible to receive 50% waiver on the processing fee if you avail a housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda including an Accidental Death Insurance Cover. You are also eligible to receive a discount of 10% on your locker rentals under this scheme.

  • Baroda Salary Classic
  • This scheme is suitable for you if you are working at an entry level or a trainee in a company and your monthly salary is Rs.10,000 and less than Rs.50,000. Under this scheme you are eligible to receive an accidental death insurance cover along with 25% on the processing charge for housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda.

  • Baroda Advantage Savings Account
  • This is a zero-balance savings account for both salaried and self-employed individual. The customer can enjoy various features of this savings account and will also receive a debit card, cheque book, and a passbook. The lender pays all the interest on all the savings account, and I calculated daily. The interest is then transferred to your account on a quarterly basis.

  • Baroda Champ Account
  • This savings account scheme can be availed by students between the age 0 year and 18 years. A low quarterly average balance of Rs.1,000 has to be maintained and the account can be used to pay the school fee and no charges are levied by the lender. The demand draft and NEFT/IMPS facility are free per month for the payment of school fee of up to Rs.1 lakh. There is no issuance charge levied on the issuing of debit cards, though renewal charges will be applicable. Students can avail the internet and mobile banking facility after the age of 15 years.

  • Baroda Government Bodies SB Account
  • This savings account can be availed by self-help groups mainly by to variants – General Self-Help Group, and Self-Help Group for Women Empowerment. A minimum balance of Rs.1,000 must be maintained in order to avail the benefits of this savings account scheme.

  • Baroda SB Self-Help Group
  • This savings account can be availed by self-help groups mainly by to variants – General Self-Help Group, and Self-Help Group for Women Empowerment. A minimum balance of Rs.1,000 must be maintained in order to avail the benefits of this savings account scheme.

Bank of Baroda Minimum Balance Requirements

Savings Account schemes Minimum Balance Requirement
Baroda Centenary Savings Account NA
Super Savings Account NA
Baroda Basic Savings Ac NA
Baroda Salary Advantage Saving Account NA
Baroda Pensioners Savings Bank Account NA
Baroda Mahila Shakti Saving Account NA
Baroda Senior Citizen Privilege Saving Account NA
Baroda Salary Privilege NA
Baroda Salary Premium NA
Baroda Salary Super NA
Baroda Salary Classic NA
Baroda Advantage Savings Account NA
Baroda Champ Account NA
Baroda Government Bodies SB Account NA
Baroda SB Self-Help Group NA

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.

  • Baroda Mahila Shakti Saving Account
  • This account can only be opened by a woman who is aged 18 years and above and is a resident of India.

  • Baroda Senior Citizen Privilege Saving Account
  • The person looking to open this particular account should be aged 60 years and above and must be a resident of India.

  • Baroda Salary Privilege
  • The applicant should be of the age 18 years,and above and must have a monthly salary of Rs.2 lakh and above in order to eligible to open this account. He/she should be a resident of India.

  • Baroda Salary Premium
  • The applicant should be of the age 18 years and above and must have a monthly salary of Rs.1 lakh and above bust less than Rs.2 lakh. He/she must be an Indian resident.

  • Super Savings Account
  • Any person aged 18 years and above and who resides in a metro or an urban area is eligible to open this bank account. The person should be a resident of India in order to be eligible to open this savings account.

  • Baroda Salary Super
  • The person looking to open this particular saving account must be 18 years and above and should draw a monthly salary of Rs.50,000 and above but less than Rs.1 lakh.

  • Baroda Salary Classic
  • The person must be 18 years and above and must draw a monthly salary of Rs.10,000 and above but less than Rs.50,000

  • Baroda Advantage Savings Account
  • The person looking to open this particular account should either be a salaried or a self-employed individual and must be a resident of India and should be above the age 18 years and above.

  • Baroda Centenary Savings Account
  • The person looking to open this account must be a resident of India and should be of the age 18 years and above.

  • Baroda Champ Account
  • The person must be between the age 0 year and 18 years and should be a resident of India.

  • Baroda Pensioners Savings Bank Account
  • Any person who is 18 years and above and is a resident of India can open this particular bank account.

  • Baroda Govt Bodies SB Account
  • This account can only be opened in the name of the government bodies with respect to grant or subsidies which is to be released for the implementation of various government programs and schemes.

  • Baroda SB Self Help Group Account
  • This account can only be opened in the name of a Self-Help Group.

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.

Other Products

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.

    8 August 2017

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