Baroda Super Savings Account
The Baroda Super Savings Account from the Bank of Baroda is a superior savings account that offers various value-added propositions to resident customers of high value.
This scheme is available in urban and metro cities and offers many advantages to the customer. Some of the most beneficial features of the Baroda Super Savings Account include an auto reverse sweep facility, free outstation cheque collection, reverse sweep facility, and free issuance of demand drafts.
Features and Benefits of Baroda Super Savings Account
The main features and benefits of the savings account are:
- Auto/reverse sweep facility: Bank of Baroda provides auto/reverse sweep facility that comes with flexibility in sweep out amount as well as threshold. This facility enables auto transfer of funds exceeding certain fixed amount to short deposit and in case the account requires funds to generate higher interest with high liquidity, auto retransfer from short deposit to the account is also possible.
- Only when account balance reaches Rs.60,000, first sweep out of Rs.10,000 is possible.
- You can request the bank to increase the threshold of Rs.50,000 to multiples of Rs.1,000.
- The sweep out amount can also be increased from Rs.10,000 to multiples of Rs.10,000.
- Sweep is carried out on every Monday.
- Free collection of outstation cheques: Account holders of the Super Savings Account are also entitled the facility of collection of outstation cheques without any charge. However, postage out of pocket expenses are recoverable.
- Free issuance of Demand Drafts: The bank does not charge account holders of the Baroda Super Savings Account for issuing Demand Drafts, draw on Indian branches. Even banker’s cheques are issued free of cost to meet customer's’ personal needs.
- Discount on Demat account: Account holders are also eligible for a 25% discount on maintenance or annual custody charges for Demat account, opened at the branch.
- Unlimited cheque book facility: The bank offers an unlimited cheque book facility without any additional charge.
- Deposit lockers: Account holders of the Baroda Super Savings Account can also avail safe deposit locker facility on priority basis. However, it is subject to availability.
Interest Rates on Term Deposits and NRO Deposits
Tenors | Rs.1 crore to Rs.10 crore |
7 – 14 days | 3% |
15 – 45 days | 3% |
46 – 90 days | 4.50% |
91 – 180 days | 4.50% |
181 – 270 days | 5.25% |
Above 271 days and below 1 year | 5.75% |
1 year | 6.75% |
Above 1 year and under 2 years | 6.75% |
Above 2 years and under 3 years | 6.75% |
Above 3 years and under 5 years | 6.25% |
Above 5 years and under 10 years | 6.25% |
Interest Rates for Senior Citizens
Tenors | Below Rs.2 crore |
7 – 14 days | 3.50% |
15 – 45 days | 3.50% |
46 – 90 days | 5.00% |
91 – 180 days | 5.00% |
181 – 270 days | 5.75% |
Above 271 days and below 1 year | 6.25% |
1 year | 7.25% |
Above 1 year and under 2 years | 7.25% |
Above 2 years and under 3 years | 7.25% |
Above 3 years and under 5 years | 6.90% |
Above 5 years and under 10 years | 7.25% |
How to apply for a Baroda Super 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 Super Savings Account
You will be required to submit the following while opening the account:
- Identity proof such as Passport, Driving license with photo, Voter’s ID, etc.
- Address proof such as Aadhaar Card, PAN Card, Passport, etc.
- NREGA issued job card - duly attested by an officer of the State Government, is also accepted as Identity proof.
- An introduction as per bank’s norms.
- Letter issued by the Unique Identification Authority of India with details of the applicant such as name, Aadhar number, and address.
Fees and charges
Given below are some of the important fees and charges associated with the Baroda Super Savings Account:
Particulars | Charges |
Cheque Book | Nil (unlimited cheque book facility) |
Passbook | First Passbook – No charge Duplicate Passbook – Rs.50 per Passbook |
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 | Nil |
Transactions at other ATMs | Five transactions/month – Nil More than five transactions – Rs.20/transaction |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Baroda Super Savings Account
- How much does Bank of Baroda charge towards speed clearing of cheques?
There are no charges for amounts up to Rs.1 lakh. You have to pay Rs.150 for amounts above Rs.1 lakh.
- How much will I have to pay the bank for retrieval of charge-slips?
You are required to pay Rs.400 per charge-slip retrieval.
- Do I have to pay any fine if I don’t not maintain minimum QAB in the Baroda Super Savings Account?
Yes, the bank levies Rs.1,000 exclusive of Service Tax per quarter if minimum QAB is not maintained in the account.
- Can I transfer my Super Savings Account from Bank of Baroda to another bank’s branches?
Yes, you can transfer your account to another bank’s branch, provided the bank is also offering the same product.
- What does the Baroda Super Savings Account welcome kit contain?
The welcome kit from BoB contains a passbook, cheque book, product details, and phone numbers of the bank’s branches.
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