Bank of Baroda Savings Account is a type of deposit account offered by Bank of Baroda, one of the largest public sector banks in India. This account is designed for individuals who want to save their money and earn interest on their deposits.
With Bank of Baroda Savings Account, customers can enjoy various benefits such as easy access to their funds, online banking facilities and attractive interest rates. The account comes with a host of features including Debit Card, SMS Banking and Mobile Banking, making it a convenient and secure option for saving money.
Bank of Baroda Savings Account Types
Bank of Baroda offers different types of savings accounts to suit the needs of different customers. Some of the types of Bank of Baroda savings accounts are:
|Baroda Basic Savings Account||Baroda Basic Savings Account||No-frills savings account with minimum balance requirements.|
|Baroda Small Savings Account||Baroda Small Savings Account||A basic savings account for people with limited income and savings.|
|Baroda Shatabdi Savings Account||Baroda Shatabdi Savings Account||A savings account with special features and benefits to celebrate the 100th anniversary of Bank of Baroda.|
|Baroda Salary Advantage Savings Account||Baroda Salary Advantage Savings Account||A salary account for employees of corporate entities and institutions.|
|Baroda Mahila Shakti Savings Account||Baroda Mahila Shakti Savings Account||A savings account designed for women with special features and benefits.|
|Baroda Senior Citizen Savings Account||Baroda Senior Citizen Savings Account||A savings account for senior citizens with special interest rates and benefits.|
|Baroda Advantage Savings Account||Baroda Advantage Savings Account||A savings account that offers higher interest rates and additional benefits for higher balances.|
|Baroda Super Savings Account||Baroda Super Savings Account||A premium savings account that offers high interest rates, exclusive privileges and personalized services.|
|baroda champ account||Baroda Champ Account||A savings account for kids that comes with features like personalized debit card, financial literacy tools and rewards for good academic performance.|
|Baroda Pensioners Savings Bank Account||Baroda Pensioners Savings Bank Account||A savings account designed for pensioners with special features and benefits like free check book, ATM card and online banking.|
Each type of Bank of Baroda savings account is designed to cater to specific customer segments and offers a unique set of features and benefits. Customers can compare different types of accounts and choose the one that best suits their financial goals and needs.
Features and Benefits of Bank of Baroda Savings Account
Bank of Baroda Savings Account comes with a host of features and benefits that make it an attractive option for individuals who want to save their money. Here are some of the key features and benefits of Bank of Baroda savings account:
- Easy account opening process with minimal documentation.
- Low minimum balance requirements for most accounts.
- Attractive interest rates on deposits, which are calculated on a daily basis.
- Option to avail personalized debit card, which can be used for online and offline transactions.
- Free SMS alerts and email details for account holders.
- Option to link the account to Mobile Banking and Internet Banking services for easy access to account information and transactions.
- Facility to set up standing instructions for bill payments, recurring deposits and other transactions.
- Availability of add-on facilities like sweep-in and sweep-out, auto-sweep and multi-city check.
- Special features and benefits for specific account types, such as higher interest rates for senior citizens and special rewards for children’s accounts.
These features and benefits make Bank of Baroda Savings Account a convenient and secure option for customers to save their money and manage their finances.
Eligibility and Documents Required to Open Bank of Baroda Savings Account
To open a Bank of Baroda savings account, customers need to meet certain eligibility criteria and submit specific documents. here are the details:
- Any person who is an Indian resident including minor can open Bank of Baroda Savings Account.
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can also open NRE/NRO savings account with Bank of Baroda.
- Proof of Identity: PAN Card, Aadhaar Card, Passport, Voter ID Card, Driving License, or any other photo identity card issued by the Government.
- Address Proof: Aadhaar Card, Passport, Voter ID Card, Driving License, Utility Bill (Electricity, Telephone, Gas), or Bank Account Statement.
- Two passport size photographs.
- In case of minors, the account can be opened in the name of the child with the parent or guardian as joint account holder. The parent or guardian is required to provide proof of identity and address, as well as the child’s birth certificate.
It is important to note that the specific documents required may vary depending on the type of account being opened and the policies of the bank. Customers are advised to contact nearest Bank of Baroda branch or visit Bank’s website for more details.
How to open Bank of Baroda Savings Account?
Customers can open Bank of Baroda Savings Account in the following ways:
Online: Customer can visit Bank of Baroda website and fill online account opening form. Once the form is submitted, the bank representative will contact the customer to complete the account opening process.
personally: Customer can visit the nearest Bank of Baroda branch along with the required documents and fill the account opening form. The bank representative will then verify the documents and complete the account opening process.
mobile app: Bank of Baroda also provides a mobile app which customers can download and use to open a savings account. The app can be used to fill the account opening form and submit the required documents.
during the account opening processCustomers will be required to provide their personal details, contact information and select the type of savings account they wish to open. Once the account is opened, customers will receive their account number, debit card and other relevant information. It is necessary to maintain the required minimum balance in the account to avoid penalty or charges.
Bank of Baroda Savings Account Fees and Charges
Bank of Baroda savings account comes with various fees and charges that customers should be aware of. Here are some of the major fees and charges associated with Bank of Baroda savings account:
|Account opening fee: Nil for most savings accounts.|
|Minimum Balance Charge: Penalty is levied if the account balance falls below the minimum balance. The minimum balance requirement varies depending on the type of savings account.|
|Debit Card Issuance Fee: Nil for most savings accounts.|
|Annual Maintenance Charges (AMC) for Debit cards: Nil for the first year, charges for subsequent years vary depending on the type of savings account.|
|Cash Withdrawal Fee: A certain number of free cash withdrawals are allowed per month, after which charges apply.|
|Non-financial transaction charges: Charges are applicable for non-financial transactions such as balance enquiry, mini statement and check book request.|
|Demand Draft/Cheque Issuance Charges: Charges are applicable for Demand Draft and Check Issuance Services.|
|Electronic Funds Transfer Charges: Charges are applicable for NEFT, RTGS and IMPS transactions.|
The specific fees and charges associated with a Bank of Baroda savings account may vary depending on the type of account, location of the account and other factors. Customers are advised to contact nearest Bank of Baroda branch or visit Bank’s website for more details.