Bank of Baroda Advantage Savings Account

What is a bob Advantage Savings Account?

The bob Advantage Savings Account is a regular savings account for those customers who are seeking convenient banking services with flexible operations. Customers can open an account through various opening modes like RLBO, TAB and Video KYC (VKYC).

Eligible account holders can easily manage their deposits, access digital banking facilities and use multiple withdrawal options. It gives deposit insurance coverage under the Deposit Insurance and Credit Guarantee Corporation (DICGC) guidelines.

Features and Benefits of bob Advantage Savings Account

For customers looking for the best savings account, the bob Advantage Savings Account offers the following features.

• The minimum monthly average balance (MAB) is ₹2,000 for metro/urban branches, ₹1,000 for semi-urban branches and ₹500 for rural branches.
• No maximum limit on deposits, except minor accounts (age 10–14 years) where the limit is ₹1 lakh.
• Earn interest on savings deposits
• Nil charges for non-maintenance of Monthly Average Balance (MAB)
• Mobile banking and internet banking facilities are available
• Flexible account operation and multiple withdrawal options are offered for convenient banking
• A debit card facility is provided
• Deposit insurance coverage under DICGC guidelines
• Single or joint operation options available as per customer requirements and RBI guidelines

Eligibility and Documents Required for bob Advantage Savings Account

Customers who want to open this Bank of Baroda Savings Account should meet eligibility criteria and complete the KYC process. The essential criteria, including documentation requirements are:

Eligibility

• All resident individuals, including minors (above the age of 10 years and who are able to read & write on their own)
• Eligible non-individual entities as per RBI guidelines

Documents Required

• PAN Card or Form 60
• Aadhaar Card
• Passport
• Driving Licence
• Voter ID Card
• NREGA Job Card
• National Population Register letter
• Utility bills (not older than two months)
• Property or municipal tax receipt
• Pension payment order (where applicable)

The additional documents required for non-individual entities are

• Certificate of Incorporation
• Memorandum and Articles of Association
• Partnership Deed
• Trust Deed
• Registration Certificate
• PAN details
• Authorisation documents

How to Open a bob Advantage Savings Account?

Bank of Baroda allows customers to open a bob Advantage Savings Account online or offline as per convenience.

Online Account Opening Process

• Go to the official Bank of Baroda website
• Choose the bob Advantage Savings Account from given list of savings accounts
• Submit your personal details and other information
• Proceed to video KYC verification
• Upload the required documents like ID proof and PAN card
• Submit the filled application form and wait for bank verification
• Upon verification, you will get your account details through registered communication channels

Offline Account Opening Process

• Visit the nearest Bank of Baroda Branch
• Fill the bob Advantage Savings Account application form
• Enter your personal information and select a specific account operation mode
• Attach the valid KYC documents with the application form
• Bank officials verify your submitted details and documents
• After approval, your account will be activated

Terms and Conditions for bob Advantage Savings Account

Individuals must be aware of the terms and conditions applicable before opening this savings account in India.