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Bank of Baroda Savings Account

Bank of Baroda is India’s second largest public sector bank with national and international banking & financial services. It has been serving over 82 million customers in over 22 countries for more than a century. Bank of Baroda (BOB) is a pioneer of hi-tech banking solutions. It offers banking solutions to individuals, whether they are looking to conduct simple every day transactions or working towards achieving their professional goals.

What is a Savings Account?

Bank Of Baroda Savings Account

A savings account is the most basic form of account that allows an individual or an institution to conduct their every day banking transactions via multiple channels – Branch banking, internet banking, mobile banking, etc. The balance maintained in the savings account accrues a nominal interest that is credited to the account on a regular basis. It is a convenience offered to individuals looking for a safe way to save surplus money.

Bank of Baroda Savings Account

Bank of Baroda has a dynamic and user-friendly banking solution to suit individual needs. Convenient Internet banking tools allows customers to access their account from anywhere anytime. Their global presence, with more than 5000 branches and 7000 ATMs, helps customers to avail their services from anywhere across the world. Their Core Banking Services is extended to include Enterprise wide General Ledger, Risk Management, Cheque Truncation, Credit cards, NEFT, RTGS, SWIFT, Internet Payment Gateway, HR services, Payroll services and many more.

Bank of Baroda is truly a modern bank since it has highly secure and dynamic web services for quick and hassle-free banking.

Types of Bank of Baroda Savings Accounts

Super Savings Account

  • A premium savings account for high value residents especially available in Metro and Urban branches
  • Auto Sweep facility for balances above Rs. 50000
  • No charges for DD or Banker’s chequeissuance
  • Outstation Cheque collection free of charge and immediate clearance of outstation cheques up to Rs. 25000
  • Free Any Branch Banking
  • Concessions on Demat account maintenance charges

Baroda Shubh Savings Account

  • Unlimited free cheque book facility
  • Free Demand Drafts or Banker’s cheque facility
  • Immediate clearance of outstation cheques up to Rs. 25000
  • Waiver of Processing Charges on Retail Loans like Home loans and Car loans

Baroda Salary Accounts

  • A host of Salary Accounts to provide convenient banking solutions for salaries professionals
  • Different types of salary accounts to suit different income groups – Baroda Salary Privilege, Baroda Salary Premium, Baroda Salary Classic, Baroda Salary Super, Baroda Salary Advantage Savings Account
  • Exclusive Relationship Manager available on call
  • Special discounts on processing charges for Housing Loan, Car Loan, Education Loan, Mortgage Loans and Personal Loan
  • Free Life time Baroda Premier Credit Card with 5x reward points
  • Free cheque leaves every year
  • Accidental Death Insurance Cover
  • Complimentary Zero Balance Account for spouse
  • Special waivers on issuance charges for Travel card

Baroda Centenary Savings Account

  • A superior savings bank account available at all CBS branches in India
  • Auto Sweep facility
  • Outstation Cheque collection free of charge and immediate clearance of outstation cheques up to Rs. 25000
  • Free debit cards

Baroda Basic Savings Account

  • A simple account for convenient and hassle-free banking
  • Debit card and Internet Banking facilities to all account holders
  • 50 cheque leaves free per year
  • No minimum balance requirement

Baroda Champ Account

  • Account for kids older kids in the age group of 10-24
  • Low Quarterly Average Balance requirement
  • Free DDs for School/College fees payment
  • NEFT/IMPS free for amounts upto 1Lakh
  • Free Debit card
  • Internet banking and Mobile banking facilities for kids above the age of 15

Baroda Bachat Mitra

  • A Fixed deposit linked savings bank account for individuals over the age of 18
  • Since account is linked to FD, no requirement of minimum balance
  • Overdraft facility available up to 80% of FD deposit

Baroda Pensioners Savings Bank Account

  • Account opening for a low initial deposit of just Rs. 5/-
  • Auto Sweep facility
  • Overdraft facility for an amount equal to two months’ pension
  • Immediate clearance of outstation cheques up to Rs. 25000
  • Free Debit card
  • Internet banking, ‘Baroda Connect’, and BOBCARD Silver card with one year of accidental death insurance of Rs. 1Lac
  • Free unlimited cheque book facility

Baroda Jeevan Suraksha Savings Bank Account

  • A savings bank account linked with a life insurance policy
  • All account holders offered life insurance cover from IndiaFirst Life Insurance Co. Ltd (IFLIC)
  • Life insurance cover does not require medical check up
  • Insurance can be renewed annually
  • Accounts can be opened either individually or jointly and both the account holders can avail the insurance cover
  • 20 cheque leaves free for every 6 months
  • Auto Sweep facility available

Bank of Baroda Savings Account Minimum Balance

The minimum balance varies with different savings account. Check with the bank for the latest fees and charges.

Savings Account TypeQuarterly Average Balance (QAB)
Super Savings AccountRs. 20,000
Shubh Savings AccountRs. 15,000
Regular Savings Account

Rs. 1000 for Metro & Urban branches

Rs. 500 for Semi-urban & Rural branches

Baroda Basic Savings Bank AccountNIL
Baroda Pensioners Savings AccountNIL

Interest rates on Bank of Baroda Savings Accounts

Savings Bank DepositsInterest Rate (% p.a.) (w.e.f. 05.08.17)
For Balance upto Rs. 50/- Lakh3.50
For Balance above Rs. 50/- Lakh4.00

Savings Account Charges

There are a few fees and charges associated with the maintenance of a Savings Bank Account

CategoryCharges
Issue of duplicate Passbook/statementRs. 100
Issue of additional cheque bookRs. 5 per cheque leaf
Charges for non-maintenance of QABRs. 50 - Rs. 1000

Addition / deletion of names in Joint Accounts/

Change in operational instructions (including Lockers)

Rs. 100 per occasion
Modification or change in NominationRs. 50
Standing instructionsRs. 50 + remittance fees
Cheque returned chargesRs. 125 – Rs. 750
Charges for inoperative accountsNIL
SMS Alert chargesRs.15/- per quarter

Opening a Bank of Baroda Savings Account

Simply walk into the nearest branch of Bank of Baroda and talk to a customer service representative. Having the following KYC documents handy can speed up the process:

  • Identity proof
  • Address proof
  • Latest passport size photographs

Alternatively you can fill in the necessary details on the website and a bank representative will visit you to collect the documents. In 48hrs you will have your cheque book and debit card delivered to you.

Bank of Baroda Savings Account: FAQS

1. What is the best interest rate that I can get on my savings account?

The current interest rate offered for balances below Rs.50 lakh is 3.5% and 4% for above Rs.50 lakhs. For the latest interest rates, it is advisable to contact the nearest branch.

2. How frequently is the interest credited for my savings account balance?

Interest earned on your savings account balance is credited to your account on a quarterly basis.

3. Are there any charges for non-maintenance of minimum balance in my savings account?

Bank of Baroda has various Savings Bank account products that do not require you to maintain a minimum balance. However, some premium savings bank accounts attract a very nominal charge for non-maintenance of minimum balance. It is wise to check with the bank before opening the account.

4. What are some of the services I can avail at a Bank of Baroda ATM?

Bank of Baroda ATMs allow you perform a number of banking transactions apart from dispensing cash

a. Account Information

b. Cash/Cheque deposit

c. Regular Bill payments

d. Mini statement

e. Mobile recharge

5. Is there a limit on the cash withdrawal using my ATM card?

The cash withdrawal limit on an ATM card is set by the bank depending on the type of savings account linked to the card. For cash withdrawals at Bank of Baroda ATMs, a usual limit of up to Rs. 40000 is set. However, for other bank ATMs the cash withdrawal limit is set at Rs. 25000 in a day

Customer Reviews

4 / 5 (65 Reviews)
18 Sep 2018

VERY GOOD

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