Bank Of Baroda Savings Account

Want to open a savings account with Bank of Baroda? We’ve got all the key information that you might require right here in this blog. But first, what is a savings account and why do you need one? Skip this introduction section if you want to dive right into 

• Bank of Baroda saving account interest rate
• Bank of Baroda saving account minimum balance 
• Bank of Baroda saving account types 
• Bank of Baroda saving account eligibility criteria 
• Bank of Baroda saving account opening and registration process

Introduction – what is a savings account and why do you need one

Whether you are getting a Bank of Baroda savings account or a savings account from another bank, you need a savings bank account to carry out transactions in a legal manner.  Accepting over a certain amount of payments in cash might make the transactions questionable in the eyes of the law. As such, a company will insist that they pay salary or professional fees into a salary account or a savings account. 

You also need a savings account to gain access to credit and debit cards that you can use to make payments for stuff you might buy online. Some travel destinations also require to see proof of your financial strength and only accept bank statements for this purpose. 

In the most basic sense, a savings account keeps your money safe, secure and accessible. You do not have to hide it anywhere in your home like you might have done with your piggy bank or birthday money when you were a child. 

A savings account always pays out some amount of interest and by clocking every transaction, it can help you to save up instead of spending everything you earn. However, it is important to note that the interest earned on a savings account (or simply gathering money in a savings account) – although it is a good way to collect capital – might not be the most ideal means of growing capital. You might need to look at investment avenues, rather than saving avenues, if you want to grow your capital. 

Bank of Baroda saving account interest rate

The interest rate on your savings account is anywhere between 2.75% and 3.20% on various types of Bank of Baroda savings accounts. Every bank will tell you that their interest rates are the most competitive. However, you should go around comparing the interest rates at various banks, and hold these up against the fees and charges, to see where you are getting the best earnings. 

Bank of Baroda saving account minimum balance 

The quarterly average balance in your BOB savings account needs to be Rs. 500 for rural areas and Rs. 1,000 for urban areas. In the case of BOB, the zero balance facility is only extended to state or central government salaried employees 

Bank of Baroda saving account types

BOB offers not just various savings accounts for various requirements but subtypes within these categories. For example, there are 4 types of accounts for senior citizens and 3 types for military, 3 types for government employees, 2 types for women and so on. There are also 4 types of salary accounts based on income and requirements. 

The various savings account types are: 

1. Baroda Advantage Saving Account
2. Super Savings Account
3. Jeevan Suraksha Savings Bank Account
4. Baroda Champ Account (for minors)
5. Baroda Mahila Shakti Saving Account
6. Baroda SB Self Help Group
7. Baroda Pensioners Savings Bank Account
8. Baroda Senior Citizen Privilege Scheme
9. Baroda Platinum Saving Bank Account (for HNIs)
10. Baroda Salary Classic Account
11. Baroda Salary Premium
12. Baroda Salary Privilege
13. Baroda Super Salary Account
14. Salary and Pension Solutions for Indian Military Personnel
15. Salary and Pension Solutions for Indian Central Forces Personnel
16. Baroda Police Forces Salary Package
17. Salary and Pension Solutions for Central/State Government employees for drawing Salary/Pension
18. Government Savings Account (Baroda Gov Bodies SB Account)

Bank of Baroda saving account eligibility criteria 

As long as you are a citizen of India you can go ahead and open a BOB savings account. Minors can do so with the guidance of a legal guardian.

For specific categories like defense and government service and for accounts specifically for women, senior citizens and pensioners, one might need to show proof that they are eligible for the specific category or account type. 

Bank of Baroda saving account opening and registration process

You can simply visit the Bank of Baroda website to download the account opening forms and upload your documents. You will usually need to submit the filled and signed form with attested photographs, proof of identity, proof of address and proof of income source or income sources at the nearest branch to get your account up and running. 

Conclusion: Get a Bank of Baroda savings account quickly and conveniently to start saving your capital securely. Choose from 18 account types and get special benefits, discounts and offers linked to your account category.