BOB Savings Account

BOB savings accounts are available at any of the 5230 Indian branches or ATMs. Saving money with a Bank of Baroda savings account will be easy because of its personalized services, appealing features, and other unique benefits. The BOB Savings Account interest rates starts from 2.75% and can reach up to 3.35%. 

Customers can choose from a variety of savings accounts, each carefully designed to meet their specific needs. One can also track and manage their finances using Bank of Baroda Savings Accounts. 

Bank of Baroda Saving Account Interest Rate 2024

Balances

BOB Saving Account Interest Rate

Below Rs. 1 lakh

2.75%

More than Rs. 1 lakh less than Rs. 100 crore

2.75%

Rs. 100 crores and up to Rs. 200 crore

2.90%

Rs. 200 crores and up to Rs. 500 crore

3.05%

Rs. 500 crores and up to Rs. 1,000 crore

3.35%

More than Rs. 1,000 crore

3.35%

Features of the Bank of Baroda Savings Account

  • A passbook and cheque book is included with a Bank of Baroda Savings Account.
  • Account holders get access to internet banking and mobile banking.
  • As part of SMS banking services, banks also send transaction alerts to customers by SMS and email.
  • Banks provide ATM/debit cards to savings account holders.
  • Every savings account holder has access to a credit card.
  • It is possible to pay bills with your savings account and shop with a debit or credit card.
  • A Bank of Baroda Savings Account allows account holders to receive and make payments.
  • You can set up auto debits and auto credits from your savings accounts.
  • Savings bank account holders can use online banking and mobile banking to meet their financial demands.

Bank of Baroda Online Saving Account Opening Online

Applicants who want to start a BOB savings account can do so in a few simple steps for Bank of Baroda saving account opening online:

Step 1: Navigate to the bank of Baroda on your phone.

Step 2: In the top left corner of your screen, click on the hamburger icon.

Step 3: Go to "Accounts" and choose "Open a Savings Account Digitally."

Step 4: If you agree to all of the terms and conditions, continue by clicking "Yes."

Step 5: In the next step, enter your email address, cell phone number, and the OTP you should have received, and check all the boxes.

Step 6: Enter your PAN and Aadhaar number now.

Step 7: Choose the nearest branch and provide your personal and nominee information.

Step 8: Select the additional services you want to purchase and click Next.

Step 9: The account opening application is now complete, and you must complete the video KYC for verification.

Step 10: After completing the video KYC, you can begin using the new BOB savings account.

Who Can Open the BOB Savings Account?

In order to open this account, you must first fulfil the eligibility criteria set out by the Bank of Baroda for the Basic Savings Account:

  • Any resident of India
  • Can be opened by a single individual or jointly
  • NRIs are not eligible
  • Trusts, Societies, Organisations are not eligible
  • Customers who have a BOB Basic Savings Account are not eligible to open any other savings account. Any other account held will have to be closed within 30 days of opening the Basic Savings Account.

Charges Associated with the Bank of Baroda Savings Account

Type of Charge

Amount (Rs.)

Standing Instructions

Rs. 50

Inoperative Account

-

Withdrawal

Rs. 125

Change in Nomination

Rs. 100

Additional Cheque Book

Rs. 4 (per cheque)

Cash Deposit

Rs. 50

Documents Required

In order to open a Bank of Baroda Savings account, applicants must submit the following papers.

  • Application form duly completed.
  • Passport-size pictures.
  • A permanent Account Number (PAN) card, voter card, passport, driving license, and other forms of identification and address proof are acceptable.
  • Introduced in accordance with bank regulations.
  • IT certification.

Types of Savings Accounts in Bank of Baroda

Following are the various types of Savings Accounts that can be opened at Bank of Baroda-

- Pensioners Savings Bank Account of Baroda

This account could be started with Rs.5. Cardholders will receive benefits such as Baroda Connect internet banking, accidental death insurance coverage of Rs.1 lakh, rapid credit of outstation checks, and a free debit card. A free limitless cheque book facility is also available, and all retirees are entitled to apply for this Bank of Baroda scheme.

- Baroda Mahila Shakti Saving Account

This scheme is available to women who have a Bank of Baroda savings account. If you use this scheme, you will be able to earn a higher interest rate on your Flexi-fixed deposit. There are enticing offers on cosmetics, lifestyle, grocery, and other items under this scheme. You can also get personal accidental insurance, as well as a low-interest rate on two-wheelers and educational loans.

- Super Savings Plan

This scheme is open to high-value resident clients in urban and metro areas. It provides several benefits to account holders, such as free outstation cheque collection, reverse and auto reverse sweep, and free issuance of demand drafts.

- Savings Account for Senior Citizens Offered by Baroda

If you are a resident of India and above the age of 60, you are eligible for the Bank of Baroda's scheme. You are given a free Visa Platinum Debit card for the first year, with a withdrawal limit of up to Rs.1 lakh and a purchase limit of up to Rs.2 lakh at PoS (Point of Sale). When you opt for a reverse mortgage loan from the Bank of Baroda, you will also be given a 50% discount on your processing charge. You can make an unlimited number of transactions at any Bank of Baroda ATM.

- Baroda Salary Bonus

If your net monthly pay is Rs. 1 lakh or more but less than Rs.2 lakh, you are eligible for this scheme. If you take out a home loan, auto loan, school loan, mortgage loan, or personal loan from Bank of Baroda, you will be given an Accidental Death Insurance Cover as well as a 75% waiver on the processing cost. When you use this scheme from Bank of Baroda, you will also receive a lifetime free Baroda Premier Credit Card with 5 times more reward points.

- Salary Privilege at Baroda

If your net monthly earnings are Rs. 2 lakh or more, you are eligible for this loan. If you take out a home loan, auto loan, school loan, mortgage loan, or personal loan from Bank of Baroda, you will be granted an Accidental Death Insurance Cover as well as a 100% waiver on the processing cost. When you open a savings account with the Bank of Baroda, you will also be eligible for a lifetime free Baroda Premier Credit Card.

- Classic Salary of Baroda

This scheme is for you if you work at an entry-level or as a trainee in a company and your monthly pay is less than Rs.50,000. This scheme entitles you to an accidental death insurance policy as well as a 25% reduction in the processing charge for a Bank of Baroda housing loan, auto loan, school loan, mortgage loan, or personal loan.

- Salary Super Baroda

If your net monthly pay is Rs.50,000 or more but less than Rs.1 lakh, you are eligible for this scheme. If you take up a home loan, auto loan, school loan, mortgage loan, or personal loan from the Bank of Baroda that includes Accidental Death Insurance Cover, you will be entitled to a 50% processing fee waiver. Under this arrangement, you are also eligible for a 10% discount on locker rent.

- Baroda Advantage Savings Account

This is a savings account with no balance for both salaried and self-employed individuals. This savings account provides the consumer with a number of benefits, including a debit card, a cheque book, and a passbook. The lender pays all of the savings account interest, which I compute daily. On a quarterly basis, the interest is deposited into your account.

- SB Account of Baroda Government Bodies

This savings account is available to self-help groups in two forms: general self-help groups and self-help groups for women's empowerment. To take advantage of the merits of this savings account system, a minimum balance of Rs.1,000 must be maintained.

- Self-Help Group of Baroda SB

This savings account is available to self-help groups in two forms: general self-help groups and self-help groups for women's empowerment. 

- Account Baroda Champ

Students between the ages of 0 and 18 can participate in this savings account scheme. A low quarterly average balance of Rs.1,000 is required, and the account can be utilized to pay the school fee with no costs imposed by the lender. For payments of up to Rs.1 lakh in school fees, the demand draft and NEFT/IMPS facilities are free per month. There is no issuance fee for debit cards. However, there will be a fee for renewal. After the age of 15, students can use the internet and mobile banking.

Benefits of Opening the BOB Savings Account

One of the advantages of creating a savings account is that it provides you with liquidity.

- Funds Safety

A savings bank account is a safe place to put your money rather than keeping it on hand where it could be lost or stolen. Another attribute to keep in mind is that each account is guaranteed for up to Rs. 1 lakh by the Deposit Insurance and Credit Guarantee Corporation.

- Payments through Automatic Debit

Banks allow consumers to set up automated debits for utility payments and invoices. In such circumstances, the utility or telecom firm files a demand with the bank, and the bank debits the account automatically. This is a convenient way to make timely payments. When you take out a loan - you could set up an auto debit from your savings account, which automatically debit the installment from your savings account.

- Easy Money Transfers

Fund transfers from a savings account are relatively straightforward. There are various means of fund transfer that are conveniently accessible through both internet banking and mobile banking. A savings bank account holder can use NEFT, RTGS, IMPS, and UPI to transfer funds.

- Auto Sweep Facility

Most banks feature an auto sweep service that converts monies above a certain limit into a fixed deposit. In comparison to ordinary savings rates, these funds receive interest at fixed deposit rates. The depositor can get the full benefits of holding money in a savings account by using this feature.

- Car Credits for Investment Income

One advantage of having funds in a savings account is that they can be linked to a Demat account and other assets. In such circumstances, dividend and interest income is automatically credited to the bank account. This ease ensures that all income is deposited into a single account.

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