Bank of Baroda is a well-known public sector bank, classified under the aegis of the Ministry of Finance, Government of India. Bank of Baroda savings account can be operated from any of its Indian branches or ATMs. This bank opens accounts on zero balance. You will get many types of facilities in this bank. In this, the interest rate will be given based on the amount. In this article, you will get all the information about interest, benefits, eligibility and how to apply etc.
Bank of Baroda Interest Rates
| Remanent | BOB Savings Account Interest Rate |
| Less than Rs 1 lakh | 2.75% |
| More than Rs 1 lakh and less than Rs 10 crore | 2.75% |
| From Rs 10 crore to Rs 50 crore | 2.75% |
| From Rs 50 crore to Rs 100 crore | 3.00% |
| From Rs 100 crore to Rs 200 crore | 3.00% |
| From Rs 200 crore to Rs 500 crore | 3.05% |
| From Rs 500 crore to Rs 1,000 crore | 4.10% |
| More than Rs 1,000 crore | 4.50% |
What is KYC in Bank
- These criteria apply to everyone who wants to open a bank account.
- KYC is the basic information that banks need to know about applicants. This information is supported by the necessary documents submitted by the applicant to prove his identity.
- Its purpose is to prevent fraud and monitor suspicious high-value transactions that may be related to illegal trading, money laundering or other financial scams.
Benefits/Features of Bank of Baroda
- This bank includes a passbook and cheque book along with the savings account.
- Account holders will get the facility of mobile banking and internet banking.
- This bank will provide ATM/Debit cards to the account holders.
- Will provide credit card to every savings account holder.
- It’s possible to pay bills from your savings account and make purchases with a debit or credit card.
- The bank further allows savings account holders to receive payments.
- You can arrange for auto debit and auto credit from your savings accounts.
- Savings bank account holders can use online banking and mobile banking to meet their financial needs.
Bank of Baroda Eligibility
- The applicant must be a resident of India.
- This account can be opened by a single individual or jointly.
- They should not have NRI eligibility.
- The person applying should not be an eligible trust, society and organization.
- Customers who have a BOB Basic Savings Account are not eligible to open any other savings account. Any other account must be closed within 30 days of opening a Basic Savings Account.
Bank of Baroda Savings Account Minimum Balance
| Account Types | minimum balance |
| Baroda Platinum Savings Account | Rs.1 lakh |
| Baroda Senior Citizen Privilege Savings Account | Rural – Rs. 500 Semi-urban – Rs. 1,000 Urban/Metro – Rs. 2,000 |
| Baroda Mahila Shakti Savings Account | Rural – Rs. 1,000 Semi-urban – Rs. 2,000 Urban/Metro – Rs. 3,000 |
| Super Savings Account | Metro/Urban – Rs 20,000 |
| Baroda Family Savings Accounts | Rs 0.50 lakh to Rs 5 lakh |
| Baroda Professional Savings Account | 25,000 |
| Baroda Advantage Savings Account | Rural – Rs. 500 Semi-urban – Rs. 1,000 Urban/Metro – Rs. 2,000 |
| Baroda SB Self Help Group Account | Rs 1,000 |
| Baroda Jeevan Suraksha Savings Account | Rs 1,000 |
Minimum balance penalty and interest
| Urban/Metro | Rs. 250 per quarter |
| Rural branches, Semi-urban branches, Senior citizens or pensioners at any branch | Rs 125 per quarter |
| Urban/Metro interest rate is Rs 1,500-2,000 | 25% |
| Rs 1,000-1,499 | 50% |
| Rs 500-999 | 75% |
| Less than Rs 500 | 100% |
| Interest for rural areas is Rs 375-500 | 25% |
| Rs 250-374 | 50% |
| Rs 125-249 | 75% |
| Under Rs 125 | 100% |
Bank of Baroda Savings Account Limit
When you open an account in Bank of Baroda, you can deposit cash of Rs 50,000 or more in it. For this, you have to submit PAN as per the Income Tax requirement. If your PAN is registered, you can deposit up to Rs 2 lakh cash per day through debit card, and if your PAN is not registered, you can deposit up to Rs 49, 999 in your savings account. If you are transacting by card, you can deposit up to Rs 20,000 in cash per day. If any suspicious or fake note is found in the cash machine, a receipt is given to the customer. The machines do not accept any kind of torn, taped or mutilated notes.
How to Open a Savings Account
- First of all download Bank of Baroda app on your phone.
- Click on the hamburger icon located in the top left corner of the screen.
- Then click on Account and select ‘Open Savings Account Digitally.
- If you agree to all the terms and conditions, click Yes.
- After that enter your mobile number and take the OTP from the mobile number given in your account and enter it.
- After this, enter your Aadhaar number and PAN card number. Along with this, enter the rest of your information.
- After completing this information the bank official will contact you after the verification is complete.
- After this the savings account application will be completed.
- Now, you have to go through the video KYC process for further verification.
- Once you complete the video KYC, your new BOB savings account can start operating.
Required bank documents
- PAN card
- Passport
- Voter ID Card
- Driving License
- Government/Defence ID card
- Pension Payment Order
- Photo identity card issued by post offices
- Photo identity card issued to students by a University approved by the University Grants Commission (UGC) or an Institution approved by the All India Council for Technical Education (AICTE)
- Passport
- Pay slip
- Driving License
- Income Tax Assessment Order
- Utilities like electricity bill, landline bill, etc. should not be more than two months old.
- Bank statement
- Voter ID Card
- Ration Card
- Pension Payment Order
- Registered sale deed or lease agreement
- PAN card
- Two passport size photographs
How to close Bank Savings Account
- To close the savings account, the applicant will have to submit a written letter.
- Fill out the form to close the bank. Fill in all the details asked in the form – including the account holder’s name, mobile number, account number and the mode by which they want to deposit funds in their account, including cheque, cash or transfer of funds to another account.
- The account holder has to sign the closure form and submit it to the officer-in-charge or your branch manager at any local branch of BOB.
- While submitting the savings account closure form, the account holder has to submit his passbook, chequebook and debit card. Apart from this, if there is any unused cheque left, it also has to be submitted.
Read More: Union Bank Saving Account: Interest, Benefits, Eligibility, Helpline Number and How to Apply
- The account holder will also have to submit KYC documents along with proof of documents including PAN card.
- After submitting all the documents to the bank, the account holder’s request for cancellation of his savings account will be initiated.
- After the verification is complete the account holder will have to withdraw the balance.
FAQs Related to Bank of Baroda
What is the minimum balance in Bank of Baroda savings account?
There is no requirement to maintain a minimum balance for savings accounts. However, for savings accounts that do require a minimum balance to be maintained, the balance amount ranges from Rs 500 to Rs 1 lakh.
How much does a savings account open in Bank of Baroda?
Government Savings Account opens in Bank of Baroda for Rs.1000.
How many types of accounts are there in Bank of Baroda?
Bank of Baroda offers its customers various types of savings accounts to choose from such as Super Savings, Salary, Privilege, Senior Citizen and Minor accounts.
What happens if minimum balance is not maintained in Bank of Baroda?
The maximum charge for non-maintenance of minimum QAB is Rs 200 for metro and urban branches and Rs 100 for semi-urban branches.