Bank of Baroda Savings Account
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Bank of Baroda is one of India’s largest banks in India, with a strong domestic presence of approximately 5,400 branches, 10,000 ATMs and cash recyclers. It offers different products such as savings account.
A savings account is one of the most basic bank account which allows you to save your money while ensuring its security and also earns a nominal interest on saved money. Along with all these services, various other benefits like debit cards, discounts on locker rentals, etc. can be availed on the savings account.
Bank of Baroda Savings Account helps the customers to save money and also earn by providing interest on the idle money deposited in their savings accounts. The bank calculate interest on a daily basis that is paid to the customer’s bank account quarterly. Bank of Baroda Savings Account offers additional benefits for youth and minors. Customers can access Bank of Baroda Savings Account anywhere and anytime through an extensive network of branches and ATMs.
The key features and benefits associated with Bank of Baroda savings account are:
| Savings Account Product | Minimum Quarterly Average Balance (QAB) |
| Super Savings Account | Rs. 20,000 |
| Shubh Savings Account | Rs. 15,000 |
| Regular Savings Account | Rs. 1000 for Metro & Urban areas Rs. 500 for Semi-urban & Rural areas |
| Baroda Basic Savings Bank Account | NIL |
| Baroda Pensioners Savings Account | NIL |
| Deposit Amount in Bank Account | Interest Rate (% per annum) |
| For Balance up to Rs. 50/- Lakh | 3.50% |
| For Balance above Rs. 50/- Lakh | 4.00% |
| Saving Account | Minimum Balance | Eligibility and Associated Benefits |
| Super Savings Account | QAB of Rs. 20,000 | Eligibility Criteria: An Indian resident of 18 years age and above. Customized for high value resident customers.Available in urban and metro centres. Auto Sweep facility is available for balances above Rs. 50000 No charges for Demand drafts or Banker’s cheque issuance Free of charge outstation Cheque collection The bank provides an immediate clearance of outstation cheques up to Rs. 25000/- for account holders. Concessions are available on Demat account maintenance charges |
| Baroda Centenary Savings Account | N.A | Superior savings bank account is available at all CBS branches in India Auto Sweep facility is available Free of charge outstation Cheque collection The bank provides an immediate clearance of outstation cheques up to Rs. 25000/- for account holders. Free debit cards are provided |
| Baroda Basic Savings Account | NIL | Baroda Basic Savings Account is for convenient and hassle-free banking services Debit card facility and Internet Banking facility for all account holders 50 cheque leaves free each year Zero minimum balance requirement |
| Baroda Salary Advantage Saving Account | NIL | Baroda Salary Advantage Saving Account offers a wide array of Salary Accounts in order to provide convenient banking solutions for salaried professionals. Bank of Baroda offers various types of salary accounts for different income groups such as Baroda Salary Privilege, Baroda Salary Premium, Baroda Salary Classic, Baroda Salary Super and Baroda Salary Advantage Savings Account. A zero balance savings account for both salaried as well as self-employed individuals. Exclusive Relationship Manager is being available on call for assistance.Special discounts are offered on processing fee for Housing Loan, Car Loan, Education Loan, Mortgage Loans and Personal Loan. Free Life time Baroda Premier Credit Card for customers with 5x reward points is also available. Free cheque leaves each year.Accidental Death Insurance Cover for customers. Complimentary Zero Balance Account is also available for account holder’s spouse. Special waivers on issuance charges of Travel card.Free debit card, cheque book and a passbook. |
| Baroda Salary Privilege | Eligibility Criteria: An Indian resident of 18 years age and above with net monthly salary is Rs.2 lakh or above. A free Accidental Death Insurance Cover along with 100% discount on the processing fee to avail a housing loan, auto loan, education loan, mortgage loan or a personal loan from Bank of Baroda. Lifetime free Baroda Premier Credit Card is offered along with 5x reward points. | |
| Baroda Salary premium | Eligibility Criteria: An Indian resident of 18 years age and above with net monthly salary is Rs 1 lakh or above but less than Rs.2 lakh. A free Accidental Death Insurance Cover along with 75% discount on the processing fee to avail a housing loan, auto loan, education loan, mortgage loan or a personal loan from Bank of Baroda. Lifetime free Baroda Premier Credit Card is offered along with 5x reward points. | |
| Baroda Salary Super | Eligibility Criteria: An Indian resident of 18 years age and above with net monthly salary is Rs 50, 000 and above but less than Rs.1 lakh. A free Accidental Death Insurance Cover along with 50% discount on the processing fee to avail a housing loan, auto loan, education loan, mortgage loan or a personal loan from Bank of Baroda. Lifetime free Baroda Premier Credit Card is offered along with 5x reward points. Applicant is also eligible to receive a 10% discount on locker rentals. | |
| Baroda Salary Classic | Eligibility Criteria: An Indian resident of 18 years age and above with net monthly salary is Rs 10, 000 and less than Rs.50, 000. A free Accidental Death Insurance Cover along with 25% discount on the processing fee to avail a housing loan, auto loan, education loan, mortgage loan or a personal loan from Bank of Baroda. | |
| Baroda Bachat Mitra | NIL | Baroda Bachat Mitra is an account linked to Fixed deposit account for individuals over the age of 18. As the account is linked to FD, so there is no requirement of minimum balance Overdraft facility is also available up to 80% of FD deposit. |
| Baroda Pensioners Savings Bank Account | N.A | Eligibility criteria: All pensioners are eligible to apply for this scheme offered by Bank of Baroda. Account can be opened for an initial deposit of as low as Rs. 5 Auto Sweep facility is available.Overdraft facility is also provided for an amount equal to two months’ pension of the account holder pensioner.T The bank provides an immediate clearance of outstation cheques up to Rs. 25000 for account holders. Free BOBCARD Silver Debit Card that comes with one year of accidental death insurance of Rs. 1 lakhs.Internet banking through ‘Baroda Connect’ to ease banking services. Free unlimited cheque book facility is provided. |
| Baroda Jeevan Suraksha Savings Bank Account | Minimum Balance of Rs. 1,000 on daily balance basis. | Eligibility Criteria: An Indian resident of 18 years age and above. This savings bank account is linked with a life insurance policy for account holder from IndiaFirst Life Insurance Co. Ltd (IFLIC) and this Life insurance cover does not require medical check up. Life Insurance can be renewed annually Baroda Jeevan Suraksha Savings Bank Account can be opened individually or jointly and both the account holders can avail the insurance cover 20 cheque leaves free each six months. Auto Sweep facility is also available |
| Baroda Shubh Savings Account | Unlimited free cheque book facility for account holder. Free of charge Demand Drafts or Banker’s cheque facility for account holders. The bank provides an immediate clearance of outstation cheques up to Rs. 25000/- for account holders. Waiver for Processing Charges on various Retail Loans like Home loans and Car loans. | |
| Baroda Champ Account | Baroda Champ Account is specially designed for older kids in the age group of 10-24 years. Low Quarterly Average Balance.Free DDs for School/College fees payment NEFT/IMPS free for an amount up to Rs. 1Lakh Free Debit card facility.Internet banking, Mobile banking facilities for kids above the age of 15 years. This savings account can be opened by students under the age of 18 years. This account requires a low quarterly average balance of Rs.1, 000 to maintain the account This account can be used to pay the school fee, and no charges are levied by the lender on the payment. Free demand draft and NEFT/IMPS facility per month school fee payment of up to Rs.1 lakh. Zero issuance charge for the issuing of debit cards. Students can avail the internet banking as well as mobile banking facility after the age of 15 years. | |
| Baroda Mahila Shakti Savings Account | This account is customized for women who has a savings account in Bank of Baroda. Customers will be able to enjoy higher interest rate as flexi-fixed deposit facility will be available. Attractive offers available on beauty, lifestyle and groceries etc. A ccount holder can also avail a personal accidental insurance. Concessional interest rate on two-wheelers loans and educational loans. | |
| Baroda Senior Citizen Privilege Account | Eligibility Criteria: Applicant must be a resident of India and should be above the age of 60 years. Free Visa Platinum Debit card with withdrawal limit up to Rs.1 lakh for the first year. Purchase limit on PoS (Point of Sale) is up to Rs.2 lakh. 50% discount on processing fee to avail a reverse mortgage loan from Bank of Baroda. Unlimited transactions from any Bank of Baroda ATM are allowed. | |
| Baroda SB Self Help Group | Minimum Balance of Rs. 1,000 on daily balance basis | This savings account can be opened by self-help groups mainly by two variants – General Self-Help Group and Self-Help Group for Women Empowerment. |
| Baroda Platinum Savings Account | Zero charges are levied if cash is deposited at the base branch. Account holder can withdraw cash of up to Rs.1 lakh in a day from an ATM. Purchase limit per day is Rs. 2 lakh. Free SMS and email alerts are given. Fund transfer via IMPS/NEFT/RTGS at no additional cost. | |
| Salary and Pension Solutions for Indian Military Personnel | On the basis of officer’s rank, Silver, Gold, Diamond, or Platinum account is provided. If you opt for a home loan, the processing charges are waived. Free of cost Overdraft facility along with Personal Accident Insurance will be provided. |
Customer wishing to open a savings account with Bank of Baroda can submit the correctly filled application form to the nearest physical branches. The application form is also available at Bank of Baroda web portal and can submit it at the home branch. Customers can use the “Inquiry” facility available on the Bank of Baroda website in case of any queries. The applicant should keep all necessary KYC documents ready to complete the documentation formalities.
The applicant will have to fill the application form. Applicant must fill all the fields to avoid rejection of the application. In case the applicant faces issues while filling in the form, he/she can contact an executive of Bank of Baroda for help. The customer can download the account opening form from the bank’s web portal homepage.
After the above-mentioned documents are ready and the form is filled, the applicant will be required to submit the form and the KYC documents at the Bank of Baroda branch.
Now, the bank executive will verify the documents in order to ensure that the name, date of birth, address, signature and other details in the KYC documents matches with the details filled in application form.
After the verification process, the account holder will have to make an initial deposit depending on the minimum balance requirement of the savings account he/she chooses to open. Initial deposit can be made at the cash deposit counter of the bank.
After the deposit is made, the executive will give you a debit card, passbook and other relevant bank documents with regard to the savings account.
