Bank of Baroda Saving Account
16 Jul 2024
Bank of Baroda Saving Account
Opening a savings account is a smart financial move for two main reasons. First, it provides a safe and convenient place to store your money. Second, it allows you to earn interest on your balance. Specifically in India, consider a Bank of Baroda savings account. It offers competitive interest rates, zero balance options, and free ATM withdrawals, among other benefits. This post will cover all you need to know about a Bank of Baroda savings account.
Before diving into the types, features, and more, here are the interest rates for BOB savings accounts:
Bank of Baroda Savings Account Interest Rate, 2024
Below are the interest rates for various BOB savings accounts, also known as savings bank deposits:
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Minimum Balance
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Interest Rate (p.a.)
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Up to Rs. 1 Lakh
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2.75%
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Above Rs. 1 Lakh to less than Rs. 10 Crore
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2.75%
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Above Rs. 10 Crore to less than Rs. 50 Crore
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2.75%
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Above Rs. 50 Crore to less than Rs. 100 Crore
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3.00%
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Disclaimer: Interest rates may change. Please check the bank's website for the latest data.
Types of Bank of Baroda Savings Accounts
Bank of Baroda offers a variety of savings accounts tailored to meet the needs of its diverse customer base. These include:
BOB Salary Package for the Brave Beginners - Agniveers
This special savings account is designed exclusively for those serving in the Indian Army, Indian Navy, or Indian Air Force. It falls under the Government of India's Agnipath Scheme, and enrollees are referred to as Agniveers. Below are the details for this unique BOB savings account:
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Eligibility:
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Members of the Indian Army, Indian Navy, or Indian Air Force
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Purpose:
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To facilitate financial management for our soldiers and offer complimentary personal accident insurance
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Insurance:
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Death Coverage: Up to ₹75 lakhs for on-duty incidents, ₹60 lakhs for off-duty incidents Permanent Total/Partial Disability Coverage: Up to ₹60 lakhs Air Accident Insurance Coverage: Up to ₹100 lakhs
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Minimum Balance Requirement:
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None
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NetBanking:
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Available
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Mobile Banking:
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Available
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Debit Card:
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Available; Agniveer Debit Card – RuPay version
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Baroda Advantage Savings Account
The Bank of Baroda offers this straightforward and user-friendly deposit option. Below are the main features, eligibility criteria, and benefits of the BOB Advantage Savings Account:
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Eligibility
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Indian resident, minimum age 18 years
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Purpose
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To encourage savings and financial inclusion, particularly for the middle and lower-middle economic sectors
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Passbook
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Available
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Cheque book
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Available
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Minimum Balance Requirement (Quarterly)
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- Rural Branches: Rs 500
- Semi-urban Branches: Rs 1,000
- Urban/Metro Branches: Rs 2,000
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NetBanking
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Available
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Mobile Banking
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Available
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Debit Card
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Available
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Bank of Baroda Salary Accounts
Bank of Baroda provides four salary accounts for civilians and four salary & pension accounts specifically for defense personnel. Details are mentioned below:
FOR DEFENSE EMPLOYEES
BOB Salary and Pension Solutions for Indian Military Personnel:
- Designed for members of the Indian Army (including Rashtriya Rifles), Indian Navy, and Indian Air Force.
- Free Personal Accidental Insurance: Rs 75 lakhs for on-duty death, Rs 60 lakhs for off-duty death for serving personnel.
- Free Personal Accidental Insurance for veterans: up to Rs 40 lakhs.
- Lifetime free Yoddha Debit Card.
- Lifetime free Credit Card (eligibility criteria apply).
BOB Salary and Pension Solutions for Indian Central Forces:
- Applicable to Assam Rifles, Border Security Forces, GREF (Border Roads Organization – BRO), Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force, Railway Protection Force, National Disaster Response Force, and Special Security Forces.
- Free Personal Accidental Insurance: Rs 75 lakhs for on-duty death, Rs 60 lakhs for off-duty death for serving personnel.
- Free Personal Accidental Insurance for veterans: up to Rs 35 lakhs.
- Lifetime free Yoddha Debit Card.
- Account opening facilitated via Video KYC and Tab Banking.
BOB Salary and Pension Solutions for Indian Police Forces
For employees in CBI and State Police Forces:
- Lifetime free RuPay debit card
- Complimentary Personal Accidental Insurance for Serving Personnel (Cover up to Rs 75 lakhs for on-duty deaths and up to Rs 60 lakhs for off-duty deaths)
- Complimentary Personal Accidental Insurance for Veterans (Death cover up to Rs 30 lakhs)
- Lifetime free credit card, subject to eligibility
- Personalized chequebooks and demand drafts (DDs) – free and unlimited
- Free fund transfers via RTGS/NEFT/IMPS through all modes
For Civilians
BOB Salary and Pension Solutions for Central/State Govt. employees for drawing Salary/Pension:
- Lifetime free Debit Card as per Salary Structure
- 20% discount on locker rental
- Lifetime free Premier Credit Card, subject to eligibility
- Comprehensive Personal Accidental Insurance up to Rs. 40 lakhs
- Overdraft facility available
- 100% waiver on processing charges for home loans, auto loans, education loans, mortgage loans, and personal loans
BOB Salary Classic Account
For net monthly salary of Rs 10,000 to Rs 50,000:
- Unlimited free transactions at Bank of Baroda ATMs
- Overdraft facility up to Rs 50,000
- Free BOB Easy credit card
- Free Baroda RuPay Classic Debit Card for the first year
- Complimentary zero balance account for spouse
- Sweep-in facility available
- 5% discount on locker rentals
BOB Super Salary Account
- For net monthly salaries ranging from Rs 50,000 to Rs 1 lakh
- Overdraft limit up to Rs 1 lakh
- 5% discount on locker fees
- Full waiver on personal loan processing charges
- Optional sweep-in facility
- Free zero balance account for spouse
Baroda Salary Premium Account
- For net monthly salaries between Rs 1 lakh and Rs 2 lakhs
- Overdraft limit up to Rs 2 lakhs
- 5% discount on locker fees
- Full waiver on personal loan processing charges
- 75% discount on gift/travel card issuance
- Full waiver on Depository Services/Demat AMC fees
- Optional sweep-in facility
- Free zero balance account for spouse
- Lifetime free Baroda Premier credit card
Baroda Salary Privilege Account
- For net monthly salaries exceeding Rs 2 lakhs
- Overdraft limit up to Rs 3 lakhs
- 20% discount on locker fees
- Full waiver on personal loan processing charges
- 75% discount on gift/travel card issuance
- Full waiver on Depository Services/Demat AMC fees
- Optional sweep-in facility
- Free zero balance account for spouse
- Lifetime free Baroda Premier credit card
- Discount on depository services
Bank of Baroda Minor Savings Account – Baroda Champ Account
Designed specifically for minors aged 0-18 years, the Baroda Champ Account offers unique features and benefits tailored for young savers.
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Feature
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Description
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Age Eligibility
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0 - 18 years old
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Minimum Balance
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No minimum balance required
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Debit Card
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Optional RuPay Debit Card issued for children aged 10+
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Internet Banking
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Available for children aged 10+ (parental supervision recommended)
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Mobile Banking
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Available for children aged 10+ (parental supervision recommended)
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School Fee Payment
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Free 1 DD per month (maximum Rs. 1 lakh)
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Auto-Sweep Facility
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Optional - Automatically transfers excess funds to a linked fixed deposit for potentially higher interest
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Maximum Balance
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Rs. 1 Lakh
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Account Management
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Parent/Guardian as primary account holder
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Bank of Baroda Savings Account for Women
The Baroda Mahila Shakti Saving Account is tailored for Indian women, promoting female empowerment (Mahila Shakti). Its features include:
- For individual women aged 18 and above
- Higher interest rates compared to regular BOB savings accounts
- Personal Accident Insurance
- 25% discount on annual locker rental
- BOB Easy Credit Card with no joining fee
- Waiver on the first-year DEMAT annual maintenance charges
- Free SMS alert facility for the first year
Bank of Baroda Savings Account for Pensioners
Eligibility:
- Retired individuals from Central/State Govt Departments, Local Bodies, PSUs, or those retired on VRS.
- Retired Defence Services personnel of any age
Account Perks:
- Zero balance account
- Can be initiated with just Rs 5
- Free unlimited cheque book facility
- Life insurance coverage
Bank of Baroda Savings Account for Senior Citizens
Eligibility:
- Resident Indians aged 60 years and above
- Pensioners seeking pension facilities
Account Benefits:
- Free BOB Prime credit card
- 50% waiver on processing fees for reverse mortgage loans
- Unlimited free transactions at BoB ATMs
Bank of Baroda Savings Account for Professionals
Eligibility:
- Professionals such as Doctors, Engineers (B.Tech/M.Tech/BE/ME), Architects, Chartered Accountants (CA), and MBAs
- Legal professionals (LLB/LLM)
Account Requirements and Benefits:
- Minimum quarterly balance of Rs 25,000
- Free RuPay Select Debit Card for the first year
- Free 50-leaf cheque book for the first year
- Free SMS alerts for the first year
- Exclusive credit card offers based on eligibility
- Daily ATM cash withdrawal limit up to Rs 1.5 lakhs
- Daily POS/e-commerce transaction limit up to Rs 5 lakhs
Bank of Baroda Online Savings Account
- Opened via Video KYC
- Eligibility: Available to Indian Tax Residents aged 18 and above; exclusively for new customers
- Account Type: Single-name accounts only
- Requirements to Open a BOB Digital Savings Account:
- Aadhaar Number
- PAN
- Valid mobile number linked to Aadhaar
- Valid email ID
- Internet connection
- Device with Webcam & Microphone (Mobile, Tablet, Laptop, or Desktop)
Features of Bank of Baroda Savings Accounts
Bank of Baroda offers a variety of savings accounts with some common features:
- Zero balance account options
- Accounts tailored for different sectors (e.g., military, police, government, corporate)
- Varied interest rates based on account balance
- Complimentary debit cards with ATM functionality
- Internet and Mobile Banking for most accounts
For detailed features and benefits, refer to specific BOB savings account options.
How to Open a Bank of Baroda Savings Account Online:
Note: BOB online savings account video KYC is available from 9 AM to 5:30 PM, Monday to Friday, excluding bank holidays.
Steps to Open a BOB Online Savings Account:
- Visit the BOB website or use the BOB mobile banking app.
- Fill out and submit the account opening form online.
- Authorize access to your Aadhaar details and provide your PAN; upload your photograph.
- Click the link sent to start the online KYC process.
- Allow the bank to access your device's location, camera, and microphone.
- Begin a video call with a bank representative.
- Show your original PAN and Aadhaar cards during the video call.
- The bank representative will take your photograph during the video call.
- You will be notified once your KYC is validated and your account is opened.
Documents Needed for Bank of Baroda Savings Account
The required documents to open a savings account at Bank of Baroda can differ based on the account type and the customer’s profile. Below is a list of generally required documents for various savings accounts:
For a Regular Savings Account:
- KYC application form
- ID Proof (e.g., PAN card, Aadhaar card, Passport, etc.)
- Proof of address (Aadhaar card, Passport, Utility bills, etc.)
- Passport size photographs
These documents are typically mandatory unless specified otherwise.
For a BOB Minor Savings Account:
- KYC application form (signed by the minor’s guardian)
- Identity and address proof of the guardian
- Identity and date of birth proof of the minor (Birth certificate, Passport, School certificate, etc.)
- Passport size photographs of both the minor and the guardian
- Introduction from an existing account holder (if applicable)
For a BOB Senior Citizen Savings Account:
- Age proof (Birth certificate, Pension payment order, etc.)
- Passport size photographs
For a BOB Pensioner Savings Account:
- Pension payment order
- Passport size photographs
It is advisable to verify with the Bank of Baroda branch or their website for the most current and detailed list of required documents for opening a savings account.
Eligibility Criteria for Bank of Baroda Savings Account
Below are the fundamental requirements to open various types of savings accounts at Bank of Baroda:
- Eligibility for BOB Defence-related Savings Account
- Employees of the Indian Army, Indian Navy, or Indian Air Force.
- Eligibility for BOB Regular Savings Accounts
- Indian resident aged 18 years and above.
- Eligibility for BOB Savings Account for Minors
- Indian resident aged 0 to 18 years.
- Eligibility for BOB Pensioners Savings Account
- Individuals retired on superannuation or VRS from any Central/State Government Department, Local Bodies, or PSU.
- Retired Defence Services Personnel regardless of age.
- Eligibility for BOB Senior Citizens Savings Account
- Indian residents aged 60 years and above.
- Eligibility for BOB Online Savings Account
- Tax resident Indian individuals aged 18 years and above; only for new bank customers.
- Eligibility for BOB Savings Account for Professionals
- Professionals such as:
- Doctors in any branch of medicine.
- Tech / M. Tech / BE / ME / Architect / Engineer.
- CA / ACCA / ICWA / CFA / CS / CFM.
- MCA / MBA / PGDBA / PGDBM / LLB / LLM.
Comparison Between Bank of Baroda Savings Account and Current Account
Presented below is a table highlighting the key particulars and details for both Bank of Baroda Savings Account and Current Account:
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Feature
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Savings Account
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Current Account
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Purpose
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Earn interest on deposited funds, suitable for individuals
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Manage frequent transactions, ideal for businesses and high-volume transactions
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Minimum Balance
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May have a minimum balance requirement (check with bank for details)
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No minimum balance requirement
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Interest Rate
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Yes, interest is earned on the account balance (interest rate varies depending on balance)
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No interest earned
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Transaction Limits
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Typically lower transaction limits compared to current accounts
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Typically higher transaction limits to accommodate business needs
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Cheque Book
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Usually offered
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Usually offered
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ATM Card
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Usually offered
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Usually offered
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Account Fees
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May have charges for exceeding free transactions or not maintaining minimum balance (check with bank)
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May have monthly charges or charges per transaction
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Online Banking
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Yes, available for managing account and transactions
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Yes, available for managing account and transactions
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Mobile Banking
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Yes, available for managing account and transactions
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Yes, available for managing account and transactions
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Bank of Baroda Savings Account Customer Care
The below-mentioned are the customer care numbers for Bank of Baroda customers:
- BOB Customer Care Toll-Free Number: 1800 5700 (IVR Service)
- BOB Missed Call Number for Balance Enquiry: 8468 00 11 11
- BOB Card Customer Care: 1800 102 5627
Missed Call Service:
- Balance Inquiry: Give a missed call to 8468001111.
- Mini Statement (Last 5 Transactions): Give a missed call to 8468001122.
Website:
You can also find information about your account and potentially contact customer care through the Bank of Baroda website:
https://www.bankofbaroda.in/
Important Notes:
- It's always best to double-check the latest contact information directly with the Bank of Baroda website or mobile app.
- Before calling customer care, have your account information readily available to expedite the process.
