Bank of Baroda Savings Account

Note: The above-mentioned interest rates are effective from 27 February 2024 and are subject to change.  

How do I open a Bank of Baroda Savings Account?

A customer wishing to open a savings account with the Bank of Baroda should submit the application form to any of the nearest physical branches. The applicant can download the application form from the Bank of Baroda web portal and can submit it at a branch. Also, in case of queries, customers can make use of the "Inquiry" facility available on the Bank of Baroda website. The applicant must keep all necessary Know Your Customer (KYC) documents like ID proof and address proof ready to complete the documentation formalities.

Features of Bank of Baroda Savings Account 

Given below are some of the basic features of the Bank of Baroda savings account:  

1. You will get access to BoB’s Internet and Mobile Banking services which you can use anytime to transfer funds, bill payments, and account management. 

1. You will get a free ATM/debit card for cash withdrawals and shopping. 

1. One can get updates through real-time SMS and email alerts for every transaction, which adds an extra layer of security and transparency. 

1. A free cheque book and passbook will be provided in which you can maintain your financial records easily. 

1. You will get 24/7 access to customer service through helplines, mobile app support, and branch banking across India and abroad. 

1. You can easily pay your bills and do shopping with your savings account. 

Benefits of Bank of Baroda Savings Account 

There are several advantages to opening a savings account. These are as follows:   

1. Security of Funds: Bank of Baroda provides a safe environment if you want to secure your savings. Moreover, in case of bank failure, your deposits are insured up to Rs.1 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. 

2. Easy Access to Your Money: A savings account offers you high liquidity, which means that you can easily access your funds anytime through ATMs, mobile apps, or online transfers. Also, you can pay your electricity bills, mobile charges, or EMIs through mobile banking. 

3. Simple and Quick Transfers: You can quickly and easily transfer your funds from your savings account. With options like UPI, IMPS, NEFT, and RTGS, you can send money to anyone and anytime, using your mobile phone. 

4. Shared Access with Joint Account: You can also open joint savings accounts if you want shared access to funds. It helps in maintaining the budget and keeping track of expenses, which eventually makes financial planning easier. 

5. Earn More with Auto-Sweep: You will get an auto-sweep option with the Bank of Baroda savings account. In this option, your extra funds above a set limit are moved into fixed deposits automatically. You will be paid higher interest on that amount, which helps you to grow your savings more easily. 

Types of Bank of Baroda Savings Accounts:

The following types of savings account are offered by Bank of Baroda.

1. Super Savings Account: Super Savings Account offered to high value resident customers, this scheme is available in urban and metro centres. It brings many advantages to the account holder like free outstation cheque collection, reverse and auto reverse sweep facility and free issuance of demand drafts.
2. Baroda Pensioners Savings Bank Account: Baroda Pensioners Savings Account can be opened with just Rs.5. The cardholders will be offered features like Baroda Connect internet banking facility, accidental death insurance cover worth Rs.1 lakhs, immediate credit of outstation cheques and free debit card. Free unlimited cheque book facility is also available and all pensioners are eligible to apply for this scheme offered by Bank of Baroda.

1. Baroda Mahila Shakti Saving Account: This scheme is offered to women who have a savings account in Bank of Baroda. If you are availing this scheme you will be able to enjoy higher interest rate with flexi-fixed deposit facility. Under this scheme there are attractive offers on beauty, lifestyle, groceries, etc. You can also avail a personal accidental insurance including a concessional interest rate on two-wheelers and educational loans.
2. Baroda Senior Citizen Privilege Saving account: If you are a resident of India and above the age of 60 years, then you can avail of this scheme offered by the Bank of Baroda. You are offered a list year free Visa Platinum Debit card with a withdrawal limit of up to Rs.1 lakh and a purchase limit on PoS (Point of Sale) of up to Rs.2 lakh. You are also offered a 50% waiver on your processing fee if you avail of a reverse mortgage loan from Bank of Baroda. You can make unlimited transactions from any Bank of Baroda ATM.

1. Baroda Salary Privilege: You can avail of this loan if your net monthly salary is Rs.2 lakh and above. Under this scheme, you are offered an Accidental Death Insurance Cover along with a 100% waiver on the processing fee if you avail of a housing loan, auto loan, education loan, mortgage loan, or personal loan from the Bank of Baroda. You are also eligible to receive a lifetime free Baroda Premier Credit Card with 5x reward points on availing of this saving account scheme from Bank of Baroda.
2. Baroda Salary Premium: You can avail this scheme if your net monthly salary is Rs.1 lakh and above but less than Rs.2 lakh. Under this scheme, you are offered an Accidental Death Insurance Cover along with 75% waiver on the processing fee if you avail a housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda. You are also offered a lifetime free Baroda Premier Credit Card with 5x reward points on availing this scheme from Bank of Baroda.

1. Baroda Salary Super: You can avail of this scheme if your net monthly salary is Rs.50,000 and above but less than Rs.1 lakh. You are eligible to receive 50% waiver on the processing fee if you avail a housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda including an Accidental Death Insurance Cover. You are also eligible to receive a discount of 10% on your locker rentals under this scheme.
2. Baroda Salary Classic: This scheme is suitable for you if you are working at an entry level or a trainee in a company and your monthly salary is Rs.10,000 and less than Rs.50,000. Under this scheme you are eligible to receive an accidental death insurance cover along with 25% on the processing charge for housing loan, auto loan, education loan, mortgage loan, or a personal loan from Bank of Baroda.

1. Baroda Advantage Savings Account: Baroda Advantage Savings Account zero-balance savings account for both salaried and self-employed individual. The customer can enjoy various features of this savings account and will also receive a debit card, cheque book, and a passbook. The lender pays all the interest on all the savings account, and I calculated daily. The interest is then transferred to your account on a quarterly basis.
2. Baroda Champ Account: This savings account scheme can be availed by students between the age 0 year and 18 years. A low quarterly average balance of Rs.1,000 has to be maintained and the account can be used to pay the school fee and no charges are levied by the lender. The demand draft and NEFT/IMPS facility are free per month for the payment of school fee of up to Rs.1 lakh. There is no issuance charge levied on the issuing of debit cards, though renewal charges will be applicable. Students can avail the internet and mobile banking facility after the age of 15 years.

1. Baroda Government Bodies SB Account: This savings account can be availed by self-help groups mainly by to variants - General Self-Help Group, and Self-Help Group for Women Empowerment. A minimum balance of Rs.1,000 must be maintained in order to avail the benefits of this savings account scheme.
2. Baroda SB Self-Help Group: This savings account can be availed by self-help groups mainly by to variants - General Self-Help Group, and Self-Help Group for Women Empowerment. A minimum balance of Rs.1,000 must be maintained in order to avail the benefits of this savings account scheme.
3. Baroda Platinum Savings Account: Under this account, no charges are levied in case cash is deposited at the base branch. You can withdraw cash of up to Rs.1 lakh in a day at an ATM. The purchase limit for a day is Rs.2 lakh. SMS and email alerts are given at no additional cost. You can transfer money via Immediate Payment System (IMPS)/ National Electronic Fund Transfer (NEFT)/ Real Time Gross Settlement (RTGS) at no additional cost.
4. Salary and Pension Solutions for Indian Military Personnel: Depending on the officer's rank, a Silver, Gold, Diamond, or Platinum account may be provided. In case you opt for a home loan, the processing fee will be waived. Overdraft facility and Personal Accident Insurance (free of cost) will be provided.

Eligibility for Bank of Baroda Savings Account:

Documents Required for Bank of Baroda Savings Account

Applicants will be asked to submit the following documents when opening a Bank of Baroda Savings account.

1. Duly filled application form
2. Passport size photographs
3. Introduction as per bank norms.
4. IT declaration
5. ID and address proof like Permanent Account Number (PAN) card, voter card, passport, driving license etc.