Bank Of Baroda (BOB) Savings Account Opening, Interest Rate, Minimum Balance, Charges

Want to Open a savings account in the Bank of Baroda (BOB)? Bank of Baroda also offers A zero-balance savings account with no Monthly Average Balance required. Check out Bank of Baroda Savings Account Interest Rate, Minimum Balance, Account Types, charges, features, benefits, limits, Debit Cards, deposits, and More.

BOB Savings Account

Sayajirao Gaekwad III Founded Bank of Baroda is an Indian Multinational public-sector bank that operates in the Finance, investment banking, life insurance, and wealth management sectors. Bank of Baroda has a wide range of 9,693 Branches and 10,033+ ATMs. Bank of Baroda is India’s second largest public sector bank by market capitalization after State Bank of India (SBI) and provides premium banking services.

Bank of Baroda has become a well-known name in the public banking sector. Bank of Baroda Provides Services like Corporate banking, Retail banking, Investment banking, Private banking, Mortgage loans, Home Loans, Business loans, Gold Loans, Fixed and Recurring Deposits, Wealth, Investment & Asset Management, Mutual funds, Index funds, Insurance, and Credit cards.

Bank of Baroda offers 9 to 10 types of savings accounts to its customers. Also, Bank of Baroda’s savings account interest rate starts from 2.75% to 3.35%. This interest rate is slightly higher than the State Bank of India. SBI provides a 2.70% to 3.00% interest rate.

Bank of Baroda also provides a zero-balance savings account like BOB BRO & LITE Savings Accounts, in that you don’t need to maintain a minimum monthly average balance. The formula for calculating The Average Monthly Balance (AMB) is AMB = Sum of the closing balances of each day in the month ÷ The number of days in the month.

Also, the Bank of Baroda runs multiple subsidiaries like BOB Capital Markets Ltd., Nainital Bank Ltd., Baroda Global Shared Services Ltd., IndiaFirst Life Insurance Company Ltd., Baroda BNP Paribas Asset Management India Private Ltd., Baroda BNP Paribas Trustee India Private Ltd., BarodaSun Technologies Ltd.. As of February 2024, Bank of Baroda’s total market capitalization is $16.94 Billion, and the second largest public sector bank.

So let us know from opening a savings account in Bank of Baroda to zero balance account opening, Digital Savings Account Types, Interest Rate, Minimum Balance, features, charges, benefits, limits, Debit Card, and account closure process.

Bank of Baroda Savings Account minimum balance

Bank of Baroda has many types of Savings Accounts and they all have different Minimum Monthly Average balances. But generally, The minimum balance amount ranges from as low as Rs.500 to Rs.5,00,000 depending on account type. But there is a zero-balance Bob BRO Savings Account and Bob LITE Savings Account in which you don’t need to maintain a Monthly average balance.

Bank of Baroda Savings Account interest rate

Let us know what interest rate the Bank of Baroda gives you for a Savings Account. Bank of Baroda gives you interest ranging from 2.75% to 3.35% annually, this interest rate is based on the amount you deposited. Bank of Baroda provides interest quarterly. For more details, you can refer to the table given below.

Balance	Rate of Interest (2024)
Deposits Less Than Rs.1 lakh	2.75% p.a
Deposits between Rs. 1 lakh to Rs. 100 crore	2.75% p.a
Deposits between Rs. 100 to Rs. 200 crore	2.90% p.a
Deposits between Rs. 200 to Rs. 500 crore	3.05% p.a
Deposits between Rs. 500 to Rs. 1,000 crore	3.35% p.a
Deposits Rs.1,000 crore and above	3.35% p.a

* These charges may differ with time.

Document Required for Open Saving Account in Bank of Baroda

If you are a citizen of India, 18 years or above, Minors above 10 years are also eligible, Hindu undivided family (HUF), or Foreign Nationals Residing in India, then you can open a savings account in Bank of Baroda. But for this, you need KYC documents and address proof for account opening.

But if you want to Open a Digital Account like a Bob BRO Savings Account and a Bob LITE Savings Account, then you only need to PAN Card and an Aadhaar card with a registered mobile number, That’s it.

Required Document for Open Saving Account:

• Latest passport-size photographs
• Identity Proof – Driving License, Passport, Voter’s ID, Aadhaar Card
• Address Proof – Passport, Driving License, Voter’s ID, Utility Bill, Bank Statement, Bank Account Passbook
• Job card issued by NREGA duly signed by an officer of the State Government.
• Letter issued by the National Population Register containing details of Name and Address.
• Signature Proof – PAN Card, Driving License, Passport

Read More: ICICI Bank Savings Account Opening, Interest Rate, Minimum Balance, types, Charges

Bank of Baroda Savings Account types

Bank of Baroda Savings Account is very beneficial for the salaried class, businesspeople, professionals, business executives, self-employed people, housewives, senior citizens, students, and minors over the age of 10.

Bank of Baroda offers 9 to 10 types of savings accounts like Baroda Advantage Savings Account, BOB BRO Savings Account, BOB LITE Savings Accounts, Baroda Super Savings Account, Baroda Champ Account, Baroda Family Savings Account, Baroda Jeevan Suraksha Savings Account, Baroda Mahila Shakti Savings Account, Baroda Senior Citizen Privilege Savings Account, Baroda Bank Mitra Bachat Khata, and Baroda Pensioners Savings Account for customers.

Let’s get details on Bank of Baroda’s savings accounts Features, Minimum Balance, Interest Rate, Eligibility Criteria, and other requirements.

1. Baroda Advantage Savings Account

Baroda Advantage Savings Account provides A simple, convenient, and hassle-free option to save and manage your money. This savings account comes with an extensive range of features and benefits including a debit card, mobile banking, low maintenance fees, and many more benefits.

Features: Internet Banking, Mobile Banking, Multiple withdrawal options, Free passbook and a chequebook, Attractive Interest Rates, 30 cheque leaves free per financial year, 6 types of debit cards, and No hidden costs.

Eligibility: Citizen of India, The applicant should be 10 years or older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Urban / Metro – Rs. 2000, Semi-urban – Rs. 1000, Rural – Rs. 500.

Debit Card: 6 variants of Debit Cards (free for 1st year).

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Per day per transaction limit of Rs.50000.

2. Baroda Super Savings Account

Bank of Baroda’s Super Savings Account is specially designed for Salaried class people, Businessmen, Self-employed, Professionals, Business Executives, and Housewives to give superior benefits. This power-packed savings account comes with Internet Banking, a Flexible auto sweep facility, a plethora of add-on benefits, and Debit Card facilities.

Features: Internet Banking, Mobile Banking, Free UPI, NEFT & RTGS transactions, Flexible auto/reverse sweep facility, Quarterly payment of interest, Free standing instructions, Free unlimited cheque book facility.

Eligibility: Citizen of India, The applicant should be 10 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Metro/Urban: Rs. 20,000.

Debit Card: Debit Card (free for 1 year).

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Maximum Rs. 50,000/- per day withdrawal allowed.

3. Baroda Champ Account

Bank of Baroda Champ Savings Account comes with more exclusive benefits for children between the ages of 0-18 years. This account helps your child for saving money at an early age under the guidance of parents. In this account you don’t need to maintain a Monthly Average Balance, this is a zero-balance account and comes with a RuPay Baroda Champ Debit Card.

Features: No charges on School Fee Payment, 1 DD free per month, NEFT/ IMPS free of Rs.1 lac per month, Internet Banking, Mobile Banking, RuPay Baroda Champ Debit card is available for kids above 10 years, 30 free cheque leaves will be issued for the first year.

Eligibility: Citizen of India, children between the ages of 0-18 years, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: RuPay Baroda Champ Debit Card (Issuance Fee: ₹0)

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Overall transaction limit of Rs. 5,000 per day.

4. Baroda Family Savings Account

With Bank of Baroda’s Family Savings Account, you can connect your Family Members Accounts under One account. This account has 3 segments Baroda Silver Family, Baroda Gold Family, and Baroda Diamond Family. You can choose whichever you want with Min. of 2 Members and Max. of 6 Members.

This account comes with features like Free NEFT transactions from your phone, Free SMS/Email Alerts, Standing instructions, 24X7 Web Chat, WhatsApp Banking, and Digital banking.

Features: Free UPI, RTGS, NEFT Transaction, Net Banking and Mobile Banking, Internet Banking, bobWorld, Missed Call facility, 24X7 Web Chat, WhatsApp Banking, Fully Loaded Credit Card.

Eligibility: Citizen of India, Hindu Undivided Families (HUFs), Close Relatives (Spouse, Father, Father in Law, Mother, Mother in Law, Brother, Sister, Children, Son in Law, and Daughter) KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: ₹50,000 to ₹5,00,000.

Debit Card: Baroda Family Debit Card

Interest Rate: 2.75% to 3.35% Per Annum.

5. Baroda Jeevan Suraksha Savings Account

Bank of Baroda’s Jeevan Suraksha Savings Account comes with customer-friendly features and Life insurance covers up to Rs. 5 lakh. You need to maintain a daily minimum balance of Rs. 1000. An Existing savings account can be converted to a Baroda Jeevan Suraksha Saving Account.

Features: Internet Banking, Free UPI, RTGS, NEFT Transaction, Life insurance covers up to Rs. 5 lakh, Cash deposits & Cash withdrawals are free of cost, A Free passbook, and a free debit card for the first year.

Eligibility: Citizen of India, The applicant should be 18 years or under age, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India, and KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Rs. 1,000.

Daily Minimum Balance: Rs.1,000.

Debit Card: A free debit card for the first year.

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Maximum Rs. 50,000/- per day withdrawal allowed.

Read More: Kotak Mahindra Bank Savings Account Minimum Balance, Interest Rate, Charges, zero-balance

6. Baroda Mahila Shakti Savings Account

Bank of Baroda Mahila Shakti Savings Account is specially designed to support women’s empowerment and Mahila Shakti with the benefit of great features. This Savings Account also provides Free UPI, NEFT & RTGS transactions, higher interest rates, Free cash withdrawals, and many such benefits.

Features: Free Internet Banking, Higher interest rates, Free RuPay Debit Card, Free UPI, NEFT & RTGS transactions, Free SMS Alert for 1st year, No Joining Fees on Bank of Baroda Easy Credit Card.

Eligibility: Citizen of India, Women only, The applicant should be 18 years or above, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Metro/Urban: Rs. 3,000, Semi-Urban: Rs. 2,000, Rural: Rs. 1,000.

Debit Card: Free RuPay Debit Card (Issuance Fee: ₹0)

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Maximum Rs. 50,000 per day withdrawal is allowed.

7. Baroda Pensioners Savings Bank Account

Manage your financial needs anytime with the Bank of Baroda Pensioners Savings Bank Account with an Interest Rate of 2.75% to 3.30% Per Annum. This Savings Account is open with just Rs. 5. Pensioners can easily open this savings account online. This is a zero-balance account with Free UPI, NEFT & RTGS transactions, an Overdraft facility, a Free unlimited cheque book, and life insurance.

Features: Internet Banking, an Overdraft facility, Free UPI, NEFT & RTGS transactions, a Free unlimited cheque book, a Higher Cash Deposit limit, and life insurance.

Eligibility: Citizens of India, Pensioners, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Rs. 5.

Monthly Average Balance: Nil.

Debit Card: Free Debit Card

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Maximum of Rs. 50,000 per day withdrawal allowed.

8. Baroda Senior Citizen Privilege Savings Account

Now senior citizens can Stop worrying and relax with the Bank of Baroda Senior Citizen Privilege Savings Account. This account is specially designed for Senior Citizens with the best offers, higher interest rates, and flexible fixed deposits.

This Savings Account also provides Free UPI, NEFT & RTGS transactions, a free Visa Platinum debit card, a Sweep facility, Free unlimited transactions on BoB ATM, and more. Pensioners can also open this savings account.

Features: Internet Banking, free Visa Platinum debit card for the first year, Cash withdrawal limit up to Rs.1 lakh, Sweep facility, Free BOB Prime credit card, Free unlimited transactions on BoB ATM, Chequebook, E-mail Statements, SMS Alert Facility.

Eligibility: Citizen of India, Senior Citizens, The applicant should be 60 years or above, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Urban/Metro: Rs. 2,000, Semi-Urban: Rs. 1,000, Rural: Rs. 500.

Debit Card: Visa Platinum Debit Card (Issuance Fee: ₹0)

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Debit Card Cash withdrawal limit up to Rs.50, 000/- per day.

Bank of Baroda Savings Account zero balance

Bob BRO Savings Account and Bob LITE Savings Account is a zero-balance account and you don’t need to maintain a Monthly Average Balance. Get a 2.75% to 3.35% Interest Rate Per Annum with quarterly pay, Internet Banking, email statements, and more. For more details check out account types.

1. Bob BRO Savings Account

Bank of Baroda Bob BRO Savings Account is a zero balance account that provides the complete digital banking ecosystem and opens in less than 5 minutes. This Savings Account also provides Free UPI, NEFT & RTGS transactions, a Free Cheque book, and a Free Rupay Platinum Debit card. This account is perfect for students.

Features: Internet Banking, Free UPI, NEFT & RTGS transactions, Free Rupay Platinum Debit card, No Minimum Balance Requirement, Free Cheque book, 1 Free DD/ Banker Cheque per Annum, Free SMS Alerts, Collateral Free Education Loan up to Rs.40 Lac.

Eligibility: Citizen of India, The applicant should be 16 to 25 years older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Free Rupay Platinum Debit card.

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Per day per transaction limit of Rs.50000/-.

2. Bob LITE Savings Account

Bank of Baroda Bob LITE Savings Account is a zero balance account, But you need to maintain an Average Monthly Balance of 3000 – Metro/Urban, Rs. 2000 – Semi Urban, and Rs. 1000 – Rural for a Free Rupay Platinum Debit Card. This Savings Account also provides Free UPI, NEFT & RTGS transactions, and a Free Rupay Platinum Debit card.

Features: Internet Banking, Free UPI, NEFT & RTGS transactions, Free Cheque book, 1 Free DD/ Banker Cheque per Annum, Free SMS Alerts, and a Free Rupay Platinum Debit card.

Eligibility: Citizen of India, The applicant should be 18 years or older, minors above the age of 10 years, Salaried class people, Businessmen, Self-employed, Professionals, Business Executives are also eligible, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Free Rupay Platinum Debit card (If maintain an Average Monthly Balance of 3000 – Metro/Urban, Rs. 2000 – Semi Urban, and Rs. 1000 – Rural, otherwise chargeable)

Interest Rate: 2.75% to 3.35% Per Annum.

Limits: Per day per transaction limit of Rs.50000/- is fixed.

Read More: HDFC Savings Account Charges, Interest Rate, Minimum Balance, types

Bank of Baroda Savings Account features

Bank of Baroda has some unique & premium features for Savings Accounts that can increase seamless banking experience.

• Bank of Baroda provides A secure and complete banking solution.
• Free Net Banking and Mobile Banking.
• Flexible and automatic reverse sweep capability.
• Widest ATM networks across the country.
• No-cost debit card.
• Utility bills can be scheduled and paid automatically.
• Unlimited free cheque book service.
• Free-standing instructions.
• Men, Women, senior citizens, and children can own accounts.
• Enjoy seamless banking transactions anywhere in the world.
• Discounts and Rewards on online shopping, cinema tickets, food, and travel.

Bank of Baroda Savings Account Opening Process

You can open a savings account in the Bank of Baroda via offline or online mode. You can go to the nearest Bank of Baroda branch or just request to open a Savings Account or go to a web portal or App to open your savings account.

Open a Bank of Baroda savings account online:

1. You can go on the Bank of Baroda web portal.
2. Go to “Accounts” and choose “Open a Savings Account Digitally.”
3. Agree to all of the terms and conditions, Enter your email and phone number, and verify the OTP.
4. Enter your PAN and Aadhaar Card number details.
5. Choose your nearest branch where you want to open an account. Provide your Details.
6. Select the additional services you want to add.
7. Check your details like name, address, phone number, Aadhaar number, and PAN before final SUBMIT.
8. Complete your Video KYC and you will have access to your bank account within 72 hours. Also, you will receive a welcome kit from the Bank of Baroda.

Bank of Baroda Savings Account Opening Offline:

1. Just Visit the nearest branch of the Bank of Baroda.
2. Share the basic details to open the account.
3. Provide your documents Aadhaar card, PAN card, and address documents.
4. Deposit the minimum amount, if required.
5. Verify your documents, and your account will be activated.

Read More: Axis Bank Savings Account types, Interest Rate, Minimum Balance & More

Bank of Baroda Savings Account charges

Bank of Baroda is operating in the public sector. To maintain their services, any bank needs to cut healthy charges from customers. Please read the Pricing & Charge documents carefully before opening an account in a bank.

Charges	Prices
Chequebook issuance charges	Rs. 2.50 to 4 per cheque leaf
Penalty for Not Maintaining Minimum Balance	₹125 – 250
Passbook issuance charges	Rs. 75 to 100 per duplicate passbook
Account opening charges with restrictive operations	Rs. 100
Account Closure charges	Rs.200 (if closed after 14 days to 1 year of A/C opening)

* These charges may be different with time.

Bank of Baroda Savings Account statement

It is time to move on to E-Statement, Bank of Baroda’s new and existing users can easily download e-statements online.

Bank’s Web Portal:

1. Just log in to Bank of Baroda’s net banking portal.
2. Navigate to the ‘Accounts’ Tab and click on the ‘Operative Accounts’ option.
3. Select the “Generate Account Statement” option and Click on the “Search Transactions” link
4. Choose an Account number and date range for the Statement.
5. Choose the .pdf file format and ‘Download’.
6. You can view the transactions directly by using display options.

On Mobile App:

1. Log in to the BOB World Mobile Banking app.
2. Go to the ‘More’ Section and Select the “Request Services” option.
3. Navigate to the “Certificate & Statement” option and choose “Account Statement.”
4. Choose an Account number and date range for the Statement,  Click the “Submit” button.
5. “Email sent successfully,” popup will be shown.
6. Shortly, you will receive an email containing a password-protected PDF file of your e-statement.

Also, You can visit your nearest Bank of Baroda branch and ask for a statement as per your preference.

Read More: IndusInd Bank Savings Account Interest Rate, Minimum Balance, Types, Charges

Bank of Baroda Savings Account closure form

Yes, you can close a Bank of Baroda account offline. For account closure, You must fill in the necessary details and Submit the physical Account Closure form request at your nearest branch along with the Debit Card, Passbook, and any remaining cheques to finalize the process.

If you close your Bank of Baroda Account between 14 days to 1 year then you should pay the Charges of Account closure. But, if an account is closed after 1 year or within 14 days of account opening, then you don’t need to pay any charges.

Here are the Savings Account Closure Charges:

1. Within 14 days – No Charge
2. 14 days to 1 year – ₹ 200/-
3. Beyond 1 year – No Charge.

Services Provide By Bank of Baroda

Services like Corporate banking, Retail banking, Investment banking, Private banking, Mortgage loans, Home Loans, Business loans, Gold Loans, Fixed and Recurring Deposits, Wealth, Investment & Asset Management, Mutual funds, Index funds, Insurance, and Credit card Provided by Bank of Baroda.

For More Info: Bank of Baroda

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