Bank of Baroda Savings Account
A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC, and provides a nominal interest rate. A savings account is often the first bank account for many people of all ages.
A savings bank account is easy to open and simple to operate. With a savings account, you get easy access to your safely stored cash at any point of time. It is one of the most liquid forms of savings – i.e. you can withdraw it any time. You can use a savings account to save money for specific expenditure like a vacation or for daily expenses. It can also be used to save for a rainy day. A savings account helps you keep a track of all the transactions made, including deposits and withdrawals, and makes your personal budgeting much easier.
There are various fees associated with a savings account as well. You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary with the issuing bank. There is also a limit on the number of withdrawals you can make in a month without paying a penalty. Again, this depends on the type of savings account you opt for and the bank’s policies.
There are some downsides to having a savings account as well. The interest is far lower when compared to that of, say, a Fixed Deposit account. Though savings account are liquid investments and easily accessible in times of need, they offer low returns in comparison to other forms of savings.
Even with the low interest rates, a savings account is popular with the old and the young, as it inculcates a habit of saving and provides easy access to money.
Bank of Baroda Savings Account
A Bank of Baroda savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Bank of Baroda Savings Account.
Features and Benefit of Bank of Baroda Savings Account
There are various benefits to having a savings account with Bank of Baroda. Following is an overview.
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Internet Banking
Types of Bank of Baroda Savings Accounts
Baroda Centenary Savings Account
- Auto transfer of funds exceeding certain fixed amount to Term Deposit
- Free collection of outstation cheques drawn in favor of account holder
- Immediate Credit of outstation cheques up to Rs. 25,000
- Free Debit Card
- Interest payable on Quarterly basis
Savings Bank Account
- A simple zero balance savings account; easy to operate
- Insured by DICGC
- Provision for nomination available
Super Savings Account
- Immediate credit of outstation cheques up to Rs. 25,000
- Quarterly payment of interest
- Safe Deposit Lockers on priority basis (subject to availability)
- Free Debit Card cum ATM Card
- Free standing instructions
- Unlimited cheque book facility
Baroda Basic Savings Account
- 50 Free Cheque Leaves in a year
- Debit Card and Internet Banking facility
- Standing instruction, ECS (debit) etc. can be availed
- Zero Charges levied for non-operation/ activation of in- operative/ dormant account
Baroda Bachat Mitra
- Overdraft facility in Savings Account secured by Pledge of Term Deposit
- No minimum balance required for savings account
- Minimum amount of deposit accepted for FD is Rs.10,000 and thereafter in multiples of Rs.1000/- with a minimum period of 12 months and maximum period of 120 months.
Baroda Pensioners Savings Bank Account
- Opening amount Rs. 5 only
- Overdraft facility can be availed in Savings Bank account up to a maximum of 2 months pension amount, only if any other credit facility is not being availed by the pensioner
- Bank of Baroda staff pensioners are also eligible under this scheme
- Immediate credit of outstation cheques up to Rs. 25000/- as per Bank's policies
- Free Debit Card, Baroda Connect / Internet Banking and "BOBCARD Silver" for 1st year with accidental death insurance cover of Rs. 1 lac
- Free unlimited cheque book facility
Baroda Jeevan Suraksha Savings Bank Account
- Accounts can be opened in single name as well as in joint names (maximum two)
- Existing Savings bank accounts can also be converted into “Baroda Jeevan Suraksha Savings Bank account retaining the same account number.
- 20 Cheques Leaves free of cost (half yearly)
- 100 withdrawal per half year shall be allowed
- Facility of getting Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” up to an amount of Rs. 5.00 lac (minimum Rs. 1.00 lac and thereafter in multiples of Rs. one lac) without any medical examination and only against submission of Declaration of Good Health (DOGH)”, at the cost of customer at premium rates which can be chosen by the account holder
- Insurance cover is annually renewable after payment of premium.
Bank of Baroda Savings Account Minimum Balance
The minimum balance required in Bank of Baroda savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
|Type of Savings Account||Minimum Balance Required|
|Savings Bank Account||-|
|Super Savings Account||Quarterly Average Balance: Rs.20000|
|Baroda Basic Savings Account||-|
|Baroda Bachat Mitra||-|
|Baroda Jeevan Suraksha Savings Bank Account||Rs. 1000 on a daily basis|
Bank of Baroda Savings Account Interest Rate
Bank of Baroda savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.
Bank of Baroda Savings Account Charges
Different Bank of Baroda savings account have a different schedule of charges. It is best to contact Bank of Baroda directly for the most up to date charges.
How to open a Bank of Baroda Savings Account
Bank of Baroda savings account opening is easy and hassle-free. You can visit your nearest Bank of Baroda branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.
You can also download the application form online on their website, fill it and submit it at your nearest branch along with a copy of all the relevant KYC documents and a passport-size photograph.
You can choose the branch of your choice and even provide nomination information. You would be required to upload the required KYC documents like ID proof, address proof, and a passport size photograph.
Bank of Baroda Savings Account FAQS
What is the best interest rate on a Bank of Baroda saving account?
The interest rates can go up to as high as 4%. For the latest interest rates, it is best to contact the nearest Bank of Baroda branch.
Who is eligible to open a Basic Savings Account with Bank of Baroda?
All resident individuals, singly or jointly (maximum two persons) are eligible to open an account. This zero balance account is suited for all those who cannot keep a minimum average balance in the account.
NRIs, Trusts, Societies, Clubs, etc., are not eligible for this product.
Is it possible to open a Bank of Baroda savings account online?
Unfortunately, no. Only the account opening form is available online on their website. You can download it, fill the form and visit the branch along with your KYC documents.