Bank of Baroda Zero Balance Account

Bank of Baroda offers several convenient financial products to allow customers to hold their wealth securely while earning attractive interest rates. One such financial service is a zero-balance savings account, where you can open an account without any minimum deposit amount. 

This article covers details regarding Bank of Baroda zero balance savings accounts, its features, eligibility, opening process and the required documents. 

What Is a Zero Balance Account in Bank of Baroda Savings Account? 

A Bank of Baroda Zero Balance account is a type of savings account which you can create without any minimum balance. Also, you can operate this account easily without worrying about maintaining a minimum amount to keep your account active. 

The policy of no minimum Quarterly Average Balance (QAB) sets apart a Zero Balance account from regular savings accounts. QAB policy requires you to hold a predefined minimum amount in your account. Failing to do so will lead banks to charge an interest on the remaining amount. 

However, this does not apply to a zero-balance account. You can open such an account with no minimum deposit. Also, in case your account holds very low or no balance, banks will not penalise you or charge interest for a low balance. 

Band of Baroda offers the following types of zero-balance savings accounts:

• BoB Advantage Savings Account
• BoB Champ Account
• B3 Silver Account
• Government Savings Account
• Baroda Salary Classic
• Baroda Pensioners Savings Bank Account
• BOB BRO Savings Account
• BOB LITE Savings Account

Bank Of Baroda Zero Balance Account Interest Rates

The interest rate for savings accounts with Bank of Baroda ranges between 2.75% to 3.35% per annum. The table below displays the interest rates that the Bank of Baroda offers for all types of savings accounts:

Eligibility Criteria to Open Bank Of Baroda Zero Balance Account

Here are the general eligibility criteria to open a Bank Of Baroda Zero Balance Account:

• Applicants should be Indian citizens above 18 years of age.
• Applicants must have a valid government-approved ID and proof of address. 
• Legal guardians/ parents of a minor can open an SBI savings account on their behalf. 

Documents Required to Open A Bank of Baroda Zero Balance Account

Here is a list of documents for Bank of Baroda Zero Balance Account that you will require for both online and offline application procedures:

• Passport sized photos
• Identity proof documents like an Aadhaar card, PAN, passport, Voter ID, driving licence or government-authorised photo identity
• Address proof documents like Aadhaar card, PAN, utility bills, rent agreement or bank account statement 

Bank of Baroda Zero Balance Account Opening Online

Here are the steps for Bank of Baroda Zero Balance account opening online:

Step 1: Visit the Bank of Baroda website. 

Step 2: Select the type of savings account you want to open and click on ‘Apply Online’.

Step 3: Select the type of account holder, go through the instructions and click ‘Yes’ to proceed.

Step 4: Select the language and fill the form with the required details, such as basic details, Aadhaar and PAN details, address and branch selection and personal details.

Step 5: Upload the documents and submit the application.

Step 6: The bank executives will reach out to you. Show the KYC documents to process the video KYC for further verification.

Step 7: Once you are done with video KYC, your account will be opened.

How Do You Open the Bank of Baroda Zero Balance Account Offline?

If you are not comfortable with the online zero balance account opening process, you can opt for its offline alternative as well. Here are the steps to open a zero balance account by visiting Bank of Baroda offline:

Step 1: Visit a Bank of Baroda branch nearest to your location. 

Step 2: Place a request for a zero balance account to one of the bank authorities. 

Step 3: You will receive an application form to open a Bank of Baroda zero balance account. 

Step 4: Fill up the application form with correct details like your name, address, and phone number. Besides these, you will also need to provide your PAN, Aadhaar and other identity details. Therefore, consider keeping these documents handy. 

Step 5: Provide details regarding your nominee and submit the form with the documents required. 

Step 6: After verification and approval, the bank will soon activate your Bank of Baroda zero balance account. 

You will also receive BOB zero balance account activation kit soon after. This will include your chequebook, passbook, and debit cards. Now, your zero balance account is ready for use. 

Fees Of Bank of Baroda Zero Balance Account

With the Bank of Baroda Zero Balance Account, you do not need to pay any charges as per QAB policy. Therefore, you can open this account without worrying about maintaining a minimum balance. 

However, you must pay the following associated fees to hold a zero-balance account with Bank of Baroda:

• Account Maintenance Charges: BOB might charge a certain amount on a monthly or quarterly basis. 
• Transaction Cost: Any form of transaction like cash deposits, NEFT/RTGS, demand draft or cheque issuance above a particular limit might attract this charge. 
• An account statement or account closure request might lead the bank to levy extra charges on your zero-balance account. 
• BOB might charge a fee for SMS or email transaction notifications or balance requests. 
• Bank of Baroda's zero balance account also offers debit cards.  They might charge a small amount for ATM withdrawal, card maintenance and similar charges. 

Bank of Baroda Zero Balance Account Welcome Kit

Once your Bank of Baroda zero balance account is ready, you will receive a welcome kit from the bank. The welcome kit includes the following items: 

• Account Documents: These are your account opening forms, paperwork works and your signed agreement. 
• Debit card to access cash in your Zero balance account from any ATM.
• Account details like account holders’ names, type of account, and account number.
• Information brochures that include booklets detailing BOB’s contact information and service policy. 
• Welcome letter: BOB will send you a customised welcome letter thanking you for availing of their service. 
• Chequebook to conduct payments and deposits using your BOB zero balance account. 

Bank of Baroda Zero Balance Account Helpline

For any queries regarding Bank of Baroda zero balance account, you can contact the bank's helpline number: 1800 5700 (for domestic calls) and +91 79-66296009 (for abroad calls).

This is everything you need to know about the Bank of Baroda Zero Balance account. Now that you are ready to apply for a zero-balance savings account with the Bank of Baroda, consider keeping all your documents handy. This will allow you to conveniently fill in the details and activate your zero balance account in no time. 

It is also important to note that discrepancies in information in the account opening form and submitted documents can lead to delay or rejection of your application. So, consider reviewing the details you entered before submitting the application form. 

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