Bank of Baroda (BOB) Savings Account Interest Rate & Minimum Balance 2024

Bank of Baroda is a well-known public sector bank, categorised under the aegis of the Ministry of Finance, Government of India. The main headquarters is located in Vadodara, as the name suggests. Bank of Baroda savings account can be operated from any of its Indian branches or ATMs. 

A savings account is easy to use because of its personalised services and other unique benefits. Bank of Baroda savings account interest rate starts from 2.75% and goes up to 3.35%, depending on the balance amount.

Read this article to know more about the Bank of Baroda savings account, its features and benefits, the interest rate, and other details required for account holders to know before opting for a savings account. 

Bank of Baroda Savings Account

Opening a savings account is an ideal option to meet your everyday needs. Bank of Baroda savings account is quite simple, convenient, and easy to handle. You can save and manage your money easily. Once you open a savings account, the bank provides a chequebook and a passbook. You can also apply for mobile banking, debit card, and net banking to carry out various online transactions anytime. 

Bank of Baroda offers customers a wide array of savings accounts, each designed carefully to meet the needs of individuals. With the Bank of Baroda savings account, you can easily manage your finances and track your savings amount. Customers can access their savings accounts from Bank of Baroda Indian branches or ATMs. Bank of Baroda is a highly secure bank offering dynamic web services to let customers increase their savings. 

Types of Bank of Baroda Savings Account 

The Bank of Baroda, recognised as one of the most popular banks in India, offers a wide range of savings accounts to customers. From daily transactions to fulfilling your professional goals, the Bank of Baroda savings account will enable you to meet all your banking needs. You can transact and access your BOB bank account from anywhere you want. 

The popular types of BOB savings accounts are as follows:

Baroda Platinum Savings Account

With the Baroda Platinum Savings Account, the cash withdrawal limit is high. You can withdraw Rs.1 lakh per day, and the purchase limit is Rs.2 lakh per day. Moreover, you will get access to a personalised Visa platinum chip debit card. This will enable you to carry out transactions anywhere, anytime. In addition, the account offers its customers a 10% discount on annual locker charges along with free alerts via SMS/E-mails. 

Baroda Senior Citizen Privilege Savings Account

Indian residents aged 60 years or above are eligible to open this account. Opening this account, you will get free unlimited transactions on BOB ATMs. You can also avail a free BOB prime credit card with lucrative cashback on all your spending. In addition, this account provides its customers with a 25% waiver on locker rental charges and a free Visa platinum debit card for the first year. 

Baroda Mahila Shakti Savings Account

As the name reveals, this savings account is especially for women. Opening this account, you will avail of a first-year free Rupay platinum debit card, Rs. 2 lakh insurance for accidental coverage, and a 0.25% discount on the interest rate for a two-wheeler loan. Apart from this, you can also avail a discount on auto, mortgage, and personal loan processing charges. 

Baroda Salary Classic

If your income range lies between Rs.10,000 and Rs.50,000, you are then eligible to opt for this savings account. You will be eligible for an overdraft facility immediately after the credit of a third salary of up to Rs.50,000. This account covers the benefits of accident insurance and a lifetime free Baroda select credit card. 

Super Savings Account

Opening this account will give you a free unlimited chequebook and a flexible auto or reverse sweep facility. Interest payment in every quarter is available. This savings account is suitable for all individuals, including salaried people, self-employed persons, businessmen, professionals, housewives, and even minors over 10 years of age. 

Baroda Family Savings Accounts

This savings account offers concessions on locker rental charges, manual NEFT/RTGS charges and Demat AMC. It also provides a waiver on chequebook charges, processing charges and interest rates of retail loans. A minimum of 2 family members can open this account, and the maximum is 6 members. Family members include spouses, parents, in-laws and children.

Baroda Professional Saving Account

Professionals, such as doctors, CA, CFA, CS, engineers, MBA, advocates, and architects, can open this savings account. This account offers a free Rupay select debit card for the first year and an additional VISA platinum debit card upon request. You also get free 50 cheque leaves annually and free NEFT or RTGS through BOB World or any branch.

Baroda Advantage Savings Account

This is the most common type of savings account. You get a chequebook and a passbook. They will get multiple withdrawal options and are eligible for debit cards, mobile banking and net banking.

Baroda Champ Account

There is no minimum balance limit to open this account. Champ account is ideal for children aged between 0 and 18 years. Children from 10 years of age can use the Internet and mobile banking facilities. Issuance of theme-based Rupay Baroda champ debit cards is available for children above 10 years of age. 

Baroda Pensioners Savings Bank Account

This savings account is extremely beneficial for pensioners. Pensioners can open this account with Rs.5 only. This account is a zero balance account with a free unlimited chequebook. All pensioners retired from any central government department, state government department, local bodies, or PSU are eligible to open this account. This account also provides life insurance. 

Baroda SB Self-Help Group Account

This account is exceptionally important for self-help groups – general and women empowerment. To open this account, you must have a minimum balance of Rs.1,000. This account provides investors with free 30 cheque leaves in a financial year. 

Baroda Jeevan Suraksha Saving Account

Individuals below 70 years can opt for this savings account and avail of the life insurance facility of up to Rs.5 lakh. An individual or more than one individual is eligible for this savings account. To open this account, the minimum balance must be Rs.1,000. The distinguishing feature of this account is you can convert your existing savings account into the ‘Baroda Jeevan Suraksha Savings Bank Account’ without even changing the account number. 

BOB BRO Savings Account

This account is a zero-balance account with an auto sweep facility for students with no minimum balance. Anyone aged between 16 and 25 can open this account. You can also avail of free chequebooks, free SMS alerts, and more. This savings account also offers collateral-free education loans up to Rs.40 lakh to premier institutes. Apart from this, the BOB BRO savings account provides attractive loyalty reward points once investors download the BOB World app. 

BOB LITE Savings Account

You can open this savings account with a zero balance. By availing of this account, you can get a free Rupay platinum debit card based on how you maintain a minimum quarterly average balance. You also get attractive discounts and offers on shopping, travel and E-commerce through credit and debit cards. 

Bank of Baroda Savings Account Interest Rate 

Here is the Bank of Baroda savings account interest rate:

Bank of Baroda Savings Account Minimum Balance 

The Bank of Baroda savings account minimum balance differs for the different types of accounts. The table below provides the minimum balance required to be maintained for the popular types of BOB savings accounts:

Bank of Baroda Savings Account Maximum Balance 

There is no upper limit for depositing money in the Bank of Baroda savings account. Thus, there is no restriction on the maximum amount a customer can deposit in the Bank of Baroda savings account.

Penalty for Not Maintaining Minimum Balance in Bank of Baroda Savings Account 

Here are the penalty charges for not maintaining a minimum balance in the Bank of Baroda savings account:

People residing in Metro/Urban areas will be charged a penalty as follows:

People residing in rural areas will be charged penalty as follows:

People residing in semi-urban areas will be charged penalty as follows:

Bank of Baroda Savings Account Charges 

You must pay certain fees and charges while maintaining a Bank of Baroda savings account. They are listed below as follows:

Bank of Baroda Cash Deposit Limit in Bank of Baroda Savings Account 

You can deposit cash amounts of Rs.50,000 and above upon opening a savings account at the Bank of Baroda. For this, you need to submit a PAN as per the income tax requirement. However, the cash deposit limit is different at cash machines. 

At cash machines

• If your PAN is registered, you can deposit cash amounts of up to Rs.2 lakh per day with a debit card and Rs.49,999 if your PAN is not registered in your savings account.
• If you are carrying out cardless transactions, you can deposit cash of up to Rs.20,000 per day.

If cash machines find any suspicious or fake notes, a receipt is given to the customers. Machines do not accept any kind of torn, taped or mutilated notes. 

How to Open a Savings Account in Bank of Baroda? 

To open a Bank of Baroda savings account online, follow the below-mentioned steps:

Step 1: Install the Bank of Baroda app on your phone.

Step 2: Click on the hamburger icon located in the top left corner of the screen.

Step 3: Click ‘Accounts’ and choose ‘Open a Savings Account Digitally’.

Step 4: Click ‘Yes’ if you agree to all the terms and conditions.

Step 5: In the next step, enter your mobile number, product type, and sub-product and click ‘Generate OTP’ to receive the code.

Step 6: Enter your basic details along with Aadhaar number and PAN card number. 

Step 7: Once completed, bank executives will verify the documents and reach out to you.

Step 8: The Savings account application will then be completed. Now, you need to process the video KYC for further verification.

Step 9: Once you are done with video KYC, you can begin operating the new BOB savings account.

Documents Required for Opening Savings Account in Bank of Baroda 

• Proof of identity, any one of the following:
  • PAN card
  • Passport
  • Voter ID 
  • Driving license
  • Government/Defence ID Card
  • Pension payment orders 
  • Photo ID cards issued by Post Offices
  • Photo identity cards issued to students by a University approved by the University Grants Commission (UGC) or an Institute approved by the All India Council for Technical Education (AICTE)
• Proof of address, any one of the following:
  • Passport
  • Salary slip
  • Driving license
  • Income tax assessment order
  • Utilities like electricity bills, landline bills, not older than two months.
  • Bank statement
  • Voter ID card
  • Ration card
  • Pension payment orders
  • Registered sale deed or lease agreement
• PAN card
• Two passport size photographs

How to Close Bank of Baroda Savings Account? 

Customers willing to close their savings account with the Bank of Baroda must follow the steps below:

Step 1: A written request letter needs to be submitted to the bank to close the savings account.

Step 2: Fill out the Bank of Baroda savings account closing form. 

Step 3: Enter all the necessary details to complete the application. Details include the account holder's name, mobile number, account number, and the method they would like their funds to get credited to their account, including cheque, cash, or fund transfer to another account.

Step 4: Account holders must sign the closing form and submit it to any local branch of BOB, either to the officer in charge or their branch manager.

Step 5: When submitting the savings account closing form, the account holder must provide their passbook, chequebook, and debit card. Moreover, if there are any unused cheques left, he/she should submit them as well.

Step 6: Documentation proof, including PAN card, must be submitted along with an attachment of the KYC documents. 

Step 7: Upon submission of all the necessary documents to the bank, the account holder's request for cancellation of their savings account will start.

Step 8: Once the verification is completed, the account holder needs to withdraw the balance amount, if there is any. 

Bank of Baroda Savings Account Features 

• Savings account with Bank of Baroda comes free of cost or for minimum charges.
• Account holders can apply for net banking with a savings account. They can thus access their bank statements and make direct payments from savings accounts.
• Allows four withdrawals in a month for free (includes ATM withdrawals from own or other banks network).
• 30 cheque leaves in a year for free.
• No fees are charged for any kind of inoperative account.
• Account holders are provided with ATM/Debit cards.
• You can also get auto debit and auto credit from your savings account.
• Opening a savings account with the Bank of Baroda enables account holders to make payments and receive them on time.

Bank of Baroda Savings Account Benefits

There are many benefits to opening a savings account with the Bank of Baroda. Some of the benefits associated with the Bank of Baroda savings account are:

• Safety of Funds

To ensure the safety of your funds, keep them in the savings bank account. Keeping the fund with you might get it lost or stolen. Also, keep in mind that each Bank of Baroda savings account is insured by the Deposit Insurance and Credit Guarantee Corporation of up to Rs.1 lakh. 

• Auto Sweep Facility

Bank of Baroda has an auto sweep facility where funds automatically get credited into fixed deposits once they exceed a particular limit. Interest earned on these funds remains the same as the fixed deposit rate. Thus, any investor can enjoy this feature by keeping their money in a savings account. 

• Easy Transfer of Money

The process of transferring funds from a savings account is straightforward. Investors can easily transfer their funds through mobile and internet banking. However, an account holder can use RTGS, NEFT, IMPS, and UPI to transfer funds to their respective savings account. 

• Automatic Debit for Payments

Customers can set up an automatic debit facility for paying bills. When banks debit money into the account, it makes payment easier, and the payment process takes place on time. While opting for a loan, you can set up the auto debit facility. This will enable your installment amount to get debited from your savings bank account. 

• No Hidden Cost

Opening a savings account with the Bank of Baroda involves no hidden costs. All costs involved with opening a savings account are revealed to customers, making the entire process easy for them. 

• Auto Credit for Investment Income

One of the main benefits of opening a savings account is you can link your savings account to a Demat account and other investments. This feature enables the income from dividends and interest to get credited into your bank account. Thus, the account holder must ensure that all income is transferred into one account only. 

• Free Registration for Standing Instructions

Opening a savings account with the Bank of Baroda will get you free registration for standing instructions from the same bank branch. However, charges are applicable for carrying out operations from any other branch. 

To conclude, savings banks are considered liquid bank accounts where you can earn interest on funds invested. With BOB, all individuals can open a zero-balance savings account within minutes. Opening a savings account with the Bank of Baroda is hassle-free and offers an interest income. Bank of Baroda's savings account interest rate attracts customers and helps their money to grow. 

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