Bank of Baroda is a central public sector bank that falls under the aegis of the Ministry of Finance, Government of India. As the name suggests, it has its headquarters in Vadodara and a network of bank branches and ATMs across the country. It also has an internet banking option, enabling account owners to execute various transactions online. Customers can also avail of a Bank of Baroda Savings Account.
Bank Of Baroda Savings Account
Bank of Baroda offers a range of savings accounts to serve a wide range of customers' unique needs. Opening a Bank of Baroda Savings Account allows customers to easily manage their financial assets, earn interest, and transact.
Customers can access their Bank of Baroda via the bank's network of 5230 Indian branches and ATMs. The bank offers various services, savings schemes, and benefits to help customers securely increase their savings.
Bank of Baroda Saving Accounts Interest Rates
A snapshot of Bank of Baroda saving accounts interest rates offered with effect from 15/06/2022:
|Savings deposit balance||Interest Rates|
|Saving Deposits Balance up to INR 1 lakh||2.75% p.a.|
|Saving Deposits Balance above INR 1 lakh but less than INR 100 crore||2.75% p.a.|
|Saving Deposits Balance above INR 100 Crore but Less than INR 200 Crore||2.9%|
|Saving Deposits Balance above INR 200 crore but less than INR 500 crore||3.05%|
|Saving Deposits Balance above INR 500 crore but less than INR 1,000 crore||3.35%|
|INR 1,000 crore and above||3.35%|
How to open a Bank of Baroda Savings Account
To open a Bank of Baroda savings account, a customer needs to accurately fill out and submit the relevant application form at their local physical Bank of Baroda branch.
They can download the application form from the Bank of Baroda's website, fill it out and submit it at a branch along with the relevant Know Your Customer (KYC) documents, which offer proof of identity and address proof. They can access details about the various Bank of Baroda saving accounts on the website before choosing the relevant one.
Key documents needed to open a Bank of Baroda Savings Account
To complete the documentation process, savings accounts applicants must submit the following documents to open a Bank of Baroda Savings Account:
- A filled the application form
- Proof of identity (submit any one: PAN card, Aadhaar card, voter card, passport, driving license, Employee ID, Photo ID card issued by the Central/State government, NREGA job card) )
- Address proof ( submit any one: Aadhaar card, Utility bill (electricity, gas, water, telephone), voter card, passport, driving license, Bank account statement or passbook of the bank, Ration card, letter stamped/signed/recognized from a gazetted officer or public authority)
- Two passport-size photographs
The applicant must ensure that the signature is standardized across all documentation.
Bank of Baroda Savings Account features:
- A Bank of Baroda Savings Account comes with a passbook and chequebook feature
- Account holders have access to the internet and mobile banking services
- Account holders can receive payments and make payments from a Bank of Baroda Savings Account
- Auto debits and auto credits can be set up from your savings accounts
- Savings bank account holders can access internet banking and mobile banking for their needs
- Banks offer ATM cum debit cards to savings bank account holders
- A credit card is accessible to all savings account holders.
- It is possible to pay bills from your savings account and do shopping using a debit card and credit card.
- Banks also send transaction alerts to their customers via SMS and email as a part of SMS banking services
Choose the right Bank of Baroda Savings Account
Applicants can choose from a range of Bank of Baroda savings accounts services based on their eligibility, features and unique profile:
Baroda Advantage Savings Account
- This savings account is ideal for both salaried and self-employed individuals in the early stages of their careers because it has a low minimum balance of INR 500 (rural), INR 1000 (semi-urban), and INR 2000 (urban).
- It comes with 30 cheque leaves free per financial year, mobile banking, and a free passbook and chequebooks.
- Account holders are eligible for a debit card.
- They also earn interest on their deposits which are transferred every quarter.
Bank of Baroda Salary Classic Savings Account
- This zero-balance savings account is relevant for new joinees in the workforce earning a monthly salary of between INR 10000 and INR 50,000.
- It comes with a free debit card, credit card, remittance facility, and an overdraft facility.
- Account holders are eligible to get a 25% waiver on the processing of mortgage loans, housing loans, education loans, and auto loans.
- They also have access to a relationship manager to guide them on potential investments and address other banking needs.
Bank of Baroda Super Salary savings account
- This scheme is designed keeping in mind the needs of junior management executives. Account holders must have a net monthly salary between INR 50,000 and INR 1 lakhs.
- Account holders are eligible to receive a 50% waiver on the processing fee on retail loans, a 100% waiver of processing charges for personal loans, a 5% discount on locker charges, 50% waiver on issuance charges for gift/travel cards.
- Account holders are eligible for a free lifetime select credit card variant, which comes with a complementary Air Accidental Insurance of INR 15 lakhs and accidental insurance cover of INR 5 lakhs.
Bank of Baroda Salary Premium savings account
- This scheme is designed keeping in mind the needs of middle management executives. Account holders must have a net monthly salary between INR INR 1 lakh and INR 2 lakh.
- Account holders are eligible for a free Rupay Platinum Debit Card for the first year, after which they will be charged INR 150 + applicable taxes per year.
- The daily cash withdrawal limit is INR 50,000, and the online purchase limit is INR 1,00,000.
- The debit card comes with accidental insurance of INR 2 lakhs.
- Account holders are eligible for a free lifetime premier credit card, which comes with complimentary Air Accidental Insurance of INR 50 lakhs and accidental insurance cover of INR 10 lakhs.
Bank of Baroda Baroda Salary Privilege savings account
- This savings account is meant for those individuals whose net monthly salary is INR 2 lakhs and above.
- Account holders are eligible for an overdraft facility of up to INR 3 lakhs and a complementary zero-balance account for the account holders' browse.
- A sweep facility is available for interested account holders, and a 100% waiver on the processing of retail loans.
- Discounts on locker rentals, Demat AMC, debit card issuance and renewal fee and issuance fee of prepaid cards, and free remittance facility on RTGS/NEFT/IMPS.
- Account holders can receive a free VISA Platinum Debit Card for life, complementary air accidental Insurance of INR 50 lakhs and another Accidental Insurance cover of INR lakhs linked to the credit card.
Bank of Baroda Platinum Savings Account
- This saving account is designed to suit the needs of high-networth individuals (HNIs).
- The Bank of Baroda savings account minimum balance for Platinum users is INR 1 lakh.
- Account holders can withdraw cash up to INR 1 lakh per day from the ATM
- Account holders are eligible for free unlimited NEFT/RTGS/IMPS, unlimited chequebooks, no charges for cash deposit at the base branch, 50% waiver on issuance charges of travel cards, free SMSs, 10% discount on annual locker charges, and zero ledger folio charges.
- Waiver of 100% on DEMAT AMC charges
Bank of Baroda Super Savings Account
- The account is meant for salaried individuals, business people, and self-employed professionals who can maintain a monthly minimum balance of INR 20,000.
- The account offers attractive features such as an auto sweep facility that helps build savings and a reverse sweep facility to help maintain the minimum balance.
- It comes with an Unlimited Free Cheque Book Facility and a free debit card for the first year.
Baroda Mahila Shakti Saving Account
- The savings account is specifically designed to create more value for women consumers.
- Account holders earn a higher interest rate and access a Flexi-fixed deposit facility.
- They are eligible for a RuPay Platinum Debit Card with two lakhs of accident insurance coverage up to 70 years of age.
- They are eligible for a discount of 0.25% on the interest rate on two-wheeler loans, a 25 % waiver on processing charges for auto and mortgage Loans, and a 100% waiver of processing charges on personal loans.
- There are no joining fees to get access to a credit card.
Baroda Senior Citizen Privilege Savings account
- Resident senior citizens above 60 years are eligible to open this savings account.
- The Bank Of Baroda saving accounts interest rate for senior citizens is slightly higher.
- Account holders are offered a Visa Platinum Debit card (free for the first year) with a withdrawal limit of up to INR lakh, with a purchase limit on PoS (Point of Sale) of up to INR 2 lakh.
- A sweep facility is available on request over and above INR 50,000/- in multiple of INR 10,000/- for 181 days & reverse sweep in multiple of INR 1000.
- They also receive a 50% waiver on the processing fee for a reverse mortgage loan from the Bank of Baroda.
- Senior citizens can make unlimited transactions from any Bank of Baroda ATM.
Bank of Baroda Pensioners Savings Bank Account
- Citizens who have retired on Superannuation / VRS from any Central Govt Department/ State Govt. Department/Local Bodies/PSU are eligible for pension to open this account and retired Defence Services Personnel of any age.
- They can open this zero-balance savings account with a minimum amount of INR 5.
- Account holders can avail of an overdraft facility that amounts to two months of pension.
- They also have access to an accessible unlimited chequebook facility, debit card, internet banking facility, and access to life insurance.
Salary and Pension Solutions for Indian Military Personnel
- This product is introduced to support members of the Indian military. It is relevant for both salaried employees as well as retired army personnel.
- Account holders have access to unlimited free transactions at all BOB and other bank ATMs
- The account offers personal accidental insurance, death coverage between INR 60 lakhs to INR 105 lakhs, and disability coverage between INR 30 to 60 lakhs.
- Account holders are eligible for free lifetime debit and credit cards with additional insurance coverage.
Bank of Baroda Champ Savings Account
- Account holders must be between 0 and 18 years.
- This is a zero minimum balance account with a transaction limit of INR 5000 daily.
- There are no charges on school fees, with free DD for fees payment
- NEFT/ IMPS (outward & inward) free for an amount of INR 1 lakh per month.
- A RuPay Baroda Champ Debit Card is available to account holders above 10 years of age.
- Students can avail of the internet and mobile banking facility after age 10.
Baroda Government Bodies SB Account
- This is government savings account for Central and State Government departments.
- This is a zero-balance account.
- Free access to internet banking, e-statements, free unlimited chequebooks, and SMS service. A sweep facility is also available.
Baroda SB Self-Help Group
- Self-help groups, including women SHGs, can avail of this savings account
- A minimum balance of INR 1,000 must be maintained to avail of the benefits of this savings account scheme.
Account holders can access an overdraft facility to the tune of INR 3 lakhs
Eligibility for Bank of Baroda Savings Account
|Baroda Savings Advantage Account||18 years and above||-|
|Baroda Salary Classic||18 years and above||INR 10,000 to INR 50,000|
|Baroda Salary Super||18 years and above||INR 50,000 to INR 1 lakh|
|Baroda Salary Premium||18 years and above||INR 1 lakh but less than INR 2 lakh|
|Baroda Salary Privilege||18 years and above||More than INR 2 lakh|
|Baroda Platinum account||High network individuals (HNIs)||-|
|Super Savings account||18 years and above. Salaried class people, Businessmen, Self-employed, Professionals, Business Executives, Housewives, minors above the age of 10 years etc||-|
|Baroda Mahila Shakti Saving Account||Women above 18 years of age||-|
|Baroda Senior Citizen Privilege Saving Account||60 years and above||-|
|Pensioners savings account||Superannuation / VRS from any Central Govt Department/ State Govt. Department/Local Bodies/PSU are eligible for pension to open this account and retired Defence Services Personnel of any age.||-|
|Salary and Pension Solutions for Indian Military Personnel||Indian Military Personnel||-|
|Baroda Champ Account||0-18 years||-|
|Baroda Govt Bodies SB Account||Government agencies/bodies/departments||-|
|Baroda SB Self-Help Group||Self Help Group General and Self Help Group - Women Empowerment||-|
How is the interest calculated on a savings account?
The interest on the savings bank account is calculated daily, taking into account the closing balance in the account on a particular day and applying the applicable interest rate based on the deposit slab. The interest amount is then rounded up to the nearest rupee.
The calculated interest is then credited to one savings account every quarter. Bank quarters are as follows: February to April, May to July, August to October, and November to January. The final interest amount is credited within 15 days of the quarter ending. However, the value date is the first of the month. Hence, the interest is credited every year in February, May, August, and November.
How is a savings bank account different from a current account?
There are several differences between a savings bank account and a current account.
- A savings bank account benefits professionals who earn a monthly income, as they are eligible for limited monthly withdrawals. A savings bank account generates interest, and the minimum balance is relatively low. Some savings bank accounts do not come with an overdraft facility.
- Current accounts are more suitable for entrepreneurs and traders who frequently need to make withdrawals and other transactions. The account does not generate interest, and the minimum balance is usually higher. It comes with an overdraft facility.
How much money can I deposit in my savings account?
There is no upper ceiling for the amount of money account holders can deposit. The higher the minimum balance, the higher the rate of interest earned.
There are so many savings accounts - which one is relevant for me?
The type of savings account relevant to you depends upon your profile. Various savings accounts are available for professionals on a monthly income, entrepreneurs, self-employed people, management executives, homemakers, and minors.