Bank of Baroda Savings Account

Bank of Baroda Savings Account Interest Rate 

The Bank of Baroda savings account interest rates are: 

Note: Interest rates are applicable from February 2024. The Bank of Baroda savings account interest rate is subject to change. 

Key Features of Bank of Baroda Savings Accounts

A Savings Account saves money securely while allowing easy access to funds. The features of a Bank of Baroda Savings Account are: 

1. Hassle-Free Money Tracking: 

   With a savings account, get a passbook for quick record-keeping and a cheque book for traditional payments.

2. Effortless transactions: 

   Send and receive payments directly through your savings account.

3. Banking at your fingertips: 

   Access and manage your account anytime, anywhere, using the bank's internet and mobile banking services.

4. Convenient card access: 

   All savings account holders receive an ATM cum debit card for cash withdrawals and purchases.

5. Streamlined bill payments: 

   Pay all your bills directly from your savings account.

Eligibility Criteria for Bank of Baroda Savings Accounts

To open a savings account at Bank of Baroda, the specific eligibility criteria is to be fulfilled. 

The candidate must be/have:

• A resident at least 10 years old.
• An independent reader and writer.
• Individually or jointly competent to enter into a contract.
• Have valid KYC (Know Your Customer) documents.
• Foreigners and Hindu Undivided Families (HUFs) are also eligible to open savings accounts.
• Ability to open accounts alone or jointly with a partner.
• Capable of specifying operating instructions like 'Either or Survivor', 'Former or Survivor', or 'Anyone or Survivor' for joint accounts.

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Total Investment

₹

₹500 ₹30L

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Rate of Interest (Yearly)

%

1% 15%

Rate of Interest (Yearly)

Time Period

Years

1 Year 15 Years

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Total Investment

Interest Earned

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Types of Bank of Baroda Savings Account

The customers get a wide array of Bank of Baroda Savings Account types to meet their diverse needs. The various types of Bank of Baroda Savings Accounts are:

Documents Required for Bank of Baroda Savings Accounts

The documents required while opening a savings bank account at the Bank of Baroda are: 

1. Identity Proof:

   • PAN Card
   • Passport
   • Government/Defence ID Card
   • Voter ID Card
   • Driving License
   • Pension Payment Orders issued to the retired employees by Central/State Government Departments, Public Sector Undertakings
   • Photo ID Cards issued by Post Offices
   • Photo identity Cards issued to bona fide students by a University, approved by the University Grants Commission (UGC) and/or an Institute approved by the All India Council for Technical Education (AICTE)

2. Proof of address:

   • Salary slip
   • Voter ID card
   • Passport
   • Driving license
   • Income tax assessment order
   • Utilities like electricity bill, landline bills-not older than 2 months.
   • Bank statement
   • Letter from employer/public authority (should be validated by bank)
   • Ration card
   • Retired government employees can produce pension payment orders
   • Registered leave and license agreement or sale deed or lease agreement.
   • Please note, every time there is a change of address or change in any other detail furnished to the bank, the applicant will need to immediately notify it to the bank along with updated document proofs.

3. PAN card

   • 2 latest passport size photographs

Bank of Baroda Account Opening Procedure

Opening a Bank of Baroda savings account can be done both online and offline. 

1. Online Method 

   Step 1: Go to the official website of Bank of Baroda.

   Step 2: Click ‘Account’.

   Step 3: Click ‘Open Savings Account Digitally’.

   Step 4: Click ‘Apply Online’.

   Step 5: Select from the dropdown Baroda Savings Accounts (Open through Video KYC (V-KYC)).

   Step 6: For the specific account type you want to open, click ‘Apply Online’.

   Step 7: After having the required documents displayed on the screen, click on ‘Yes’.

   Step 8: Fill out the online application and complete the process. 

2. Offline Method 

   Step 1: Visit your nearest Bank of Baroda branch 

   Step 2: Request the savings account application form from a bank official.

   Step 3: Fill out the application form with all your personal and account details.

   Step 4: Attach a recent photograph and self-attested photocopies of your identity and address proof, carrying originals for verification.

   Step 5: Submit the completed form and documents to the bank representative.

   Step 6: Make the initial deposit if it's required for your chosen account type.

   Step 7: The bank will process your application and activate your account.

Bank of Baroda Savings Account Charges

These charges apply if the Monthly Average Balance (MAB) in your account falls below the required amount for your branch category.

Accounts Exempt from Minimum Balance Charges:

Charges for not maintaining the minimum balance will not be applicable for the following account types:

• Savings Bank - No Frill Account
• Baroda Basic Saving Bank Account
• Baroda Pensioner's Saving Bank Account
• Baroda Salary Advantage Account
• Any other Savings Bank scheme/product with specific terms and conditions allowing exemption.

Benefits of Bank of Baroda Savings Account

The Bank of Baroda Savings Account offers the following advantages: 

• Liquidity: Enjoy instant access, letting you access your money whenever you need it.
• Funds Safety: Your money is safe from loss or theft, and insured by DICGC up to ₹1 lakh.
• Boosted Earnings: Benefit from auto-sweep, turning surplus funds into higher-interest fixed deposits.
• Effortless Payments: Set up automatic debits for bills and loan EMIs, ensuring timely payments.
• Simple Transfers: Easily send money using digital methods like NEFT, RTGS, IMPS, and UPI.

Bank of Baroda Minimum Balance for Savings Account

For a Bank of Baroda savings account, the minimum balance you need to maintain, known as the Quarterly Average Balance (QAB), varies by the type of account and your branch's location:

• Rural branches require ₹500
• Semi-urban branches require ₹1,000
• Urban / Metro branches require ₹2,000

Conclusion

Your IndusInd Bank Savings Account acts as more than just a place to save; it's a dynamic partner that helps your funds grow, even as you use them. Thanks to its inherent liquidity, your money is always within reach precisely when you need it. Let the IndusInd Bank Savings Account be your guide to achieving both your immediate and future financial aspirations.