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What is Bank of Baroda Insta Saving Account?

Bank of Baroda Insta Saving Account

Digital savings accounts are savings account that you can open online from the comfort of your home. Bank of Baroda Insta Saving Account is a digital savings account that individuals can open instantly online. Moreover, it is a zero balance account without any monthly average balance.

Who can open the Insta Saving Account?

Individuals with PAN, Aadhaar number with a registered mobile number, email id and mobile number can open the Bank of Baroda Insta Saving Account.

Resident Indian individuals above the age of 18 years can open the account.

Features of Bank of Baroda’s Insta Saving Account

  • You can open Insta Saving Account from the comfort of your home without visiting the bank branch.
  • The account comes with instant account opening. This means that you will receive your bank details on your email id after the online account opening process.
  • Bank of Baroda’s Insta Saving Account is a zero balance account without any minimum balance commitment.
  • It is a zero-interest account. You don’t receive any interest on your deposits before completing the full KYC account.
  • You can access your account and carry out various banking facilities like fund transfer and bill payment through mobile banking and internet banking.  
  • Pay for your online purchases, groceries, travel tickets using the bank’s debit card, mobile banking or internet banking.
  • You can choose your branch during the online account opening process.
  • You need to convert the account to a full-fledged saving account within 12 months from the account opening date to continue using the account. To complete the full KYC process, you can visit your branch and submit the necessary KYC documents and your signature. After the bank’s approval, you can avail all the benefits of a regular savings account.
  • Before completing the full KYC process, the maximum balance you can keep in your account is Rs.1 lakh. Moreover, the maximum cumulative credits in your account cannot exceed more than Rs.2 lakh in a financial year.
  • You can opt for a physical debit card during the account opening process. The debit card is RuPay Classic variant and comes with various offers and benefits. Individuals can use RuPay debit cards within India, and international transactions are not allowed.
  • Account holders can withdraw cash through the cardless withdrawal facility.
  • Cash can be deposited through cash deposit machines.
  • Instant funding of your account is possible through your UPI ID, IMPS or NEFT.
  • Bank alert customers about their account activity through SMS alerts.

FAQs

What are the features of the Bank of Baroda Insta Click Savings Account?

Bank of Baroda Insta Click Savings Account is a digital savings account that customers can open from the comfort of their home through their Aadhaar number and PAN.

What is the account’s average monthly balance (AMB)?

Bank of Baroda Insta Click Saving Account is a zero balance account without any AMB.

What is the interest rate?

The account is a zero-interest account.

What documents are required to open the Insta Click Savings Account?

Aadhaar number and PAN are required to open the BoB’s instant savings account.

Can I apply for the Bank of Baroda Insta Click Savings account without PAN?

You will need PAN to open the digital saving account. You can click here to know how to apply for a PAN card.

I don’t have the mobile number registered with Aadhaar. Can I apply for the account?

Your mobile number registered with Aadhaar is essential as you will receive an OTP that you need to input to proceed with the account opening process.

I am an NRI. Can I open the savings account online?

NRIs cannot apply for the account.

What is my home branch?

Depending on your PIN code, you can select your home branch during the account opening process.

How can I apply for a physical debit card?

You can apply for a physical debit card during the account opening or through the Mobile Banking App M Connect Plus.

Will I get a cheque book?

You need to visit the bank branch and complete the full KYC process of your account to get a cheque book.

How can I deposit money?

You can fund your digital account through another bank’s net banking and mobile banking. Also, you can use your UPI ID to fund your account from another bank.   
You can deposit cash through the cash deposit machines available at the bank branch’s e-lobby.  

Can I open a joint account?

Currently, the account is meant for individual use.

How can I start using the bank’s mobile banking app after my account is opened?

After your account is opened, you can enter your mobile number and one-time MPIN to log in to the bank’s mobile banking app.

Can I withdraw cash from my account?

You can withdraw cash from your account with the help of your physical debit card. You can withdraw money through cardless withdrawal facility by generating OTP from the bank’s mobile banking application.

How can I complete the full KYC of my account?

Visit the bank branch with your KYC documents and signature to complete the full KYC of your account.

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