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Bank of Baroda Savings Account: Types, Interest Rates, Eligibility

Bank of Baroda is a government-based financial service organization providing services since July 20, 1908. Due to the government’s enormous role in the organization and functioning of this bank, it has become one of the most reliable and growing banks across India. It is a public sector bank with an average customer of 155 million. Some various banks or organizations have partnered with the Bank of Baroda as they have launched their schemes. Bank of Baroda provides a wide range of services to their customers. However, the best part is that it places a fantastic focus on the people’s needs of people.

Moreover, it also provides a range of career opportunities to ordinary people. Bank of Baroda is a vast bank network spread across India with an average of 97 branches. It is the second-highest government bank in India. Bank of Baroda provides quick and easy access to the customer. You can easily open your account with the help of the nearest bank branch. Moreover, all the procedures and treatments are hassle-free, so you do not have to worry about other things. This article will discuss the online account opening in the Bank of Baroda, eligibility, benefits, etc.

Eligibility criteria for opening the account in the Bank of Baroda 

If you want a reliable journey to secure your money, Bank of Baroda is one of the safest platforms to erase all your worries. However, an individual must follow the following eligibility criteria to open an account in a Baroda bank.

  1. The individual must be a citizen of India.
  2. The individual must be 18 years old or above.
  3. Parents who want to secure money for their child’s future can open a savings account. However, once they turn 18, you can transfer it to the insured’s name.
  4. The individual needs to have all the necessary proof, such as identity cards, government proof, etc.

Documents required for opening a savings account

If you want to open a savings account, then you’ve to submit the following:

  1. IT certificate
  2. Aadhar card
  3. Passport size photo
  4. PAN card
  5. Voter ID card
  6. Driving license
  7. Filled application form

How to open a bank account with the Bank of Baroda?

Bank of Baroda is quite a famous bank in India and Is renowned for its services to its customers. You can easily open a bank account with the Bank of Baroda by following some quick steps. However, the Bank of Baroda provides a range of services as it is not limited to account opening only. An individual can open their account in 2 ways:

  • Online 
  • Offline

How to open an account online?

Nowadays, not all of us can visit the bank branches to open an account. However, the Bank of Baroda made it easy for us to open an account without officially seeing the bank. You can surf the Bank of Baroda’s official website for help, whether opening an account or any other information. However, a step-by-step tutorial for opening a Bank of Baroda online is given below:

  1. Firstly, you have to visit the official website of the Bank of Baroda
  2. Once you open the site. You’ll see the homepage, and then you have to choose between the two options for account opening.
  1. Click on the saving account. Then, a pop-up will appear in front of you, where you’ll see various savings accounts.
  2. Once you select the savings account, there is an option in which you can open a zero balance account.
  3. Click on the form and download it.
  4. Fill out the form with all the necessary details.
  5. Once you fill out the form, click the Contact Us button.
  6. This will help you connect with the nearest Bank of Baroda branch, and you can talk to them about your queries.
  7. Once everything is settled, an agent will visit you for everything required and verification.
  8. Once this verification is done, you’ll receive your passbook, cheque, and debit card. However, now you can start depositing your money in your savings account.

How to open an account offline?

If you want to open your account offline, follow the instructions below.

  1. Firstly, you have to visit the nearest branch of Bank of Baroda. Then, ask the receptionist or employee about opening a savings account.
  2. They will provide you with a form.
  3. Read and complete the form with the bully and carry the required documents.
  4. After attaching the document, you can submit the form to the bank, and later, the bank will keenly verify all the documents. 
  5. Once verification is done, the insured can make their first deposit as per the minimum balance amount.
  6. After the deposition, you will only receive the checkbook, e-booATM, and ATM card. 

Types of Savings Accounts at Bank of Baroda

There is a wide range of savings accounts through which an individual can choose. However, the types of saving accounts offered by Bank of Baroda are:

  1. Regular savings account

Regular savings accounts can be used for saving for a short period. People can deposit their savings here and get a better interest rate every financial year. You can withdraw up to a limit anytime. You can open this savings account online or by visiting the nearest branch.

  1. corporate salary account

As you can understand from the name, these savings accounts are especially launched for corporate workers who want to save money from their salaries. This account doesn’t require any minimum balance as it is a zero-balance account. This account also provides the facility of overdraft. Moreover, the insured can even take advantage of a sweep facility.

  1. Children’s savings account

Children’snsavingsally Children access saving accounts there. They open a savings account for their children in which they can save money to satisfy their children’s needs and demands in the future. These accounts are also extended so that parents can use this money for their ward’s education or marriage. The maximum balance you can maintain in this account is 1,00,000 INR. 

  1. Women saving account

Women saving accounts offer a range of facilities to their female customers to save up their money for themselves and their families. It also provides various benefits and facilities as well. The idea behind these women’s savings accounts is to help make women financially independent.

Interest rates of Bank of Baroda savings account

The Bank of Baroda provides different savings accounts according to people’s needs and requirements. However, before opting for any savings account, one should know about the interest rate of each account.

Account balance Interest rates based on per annum
Till 1 lakh INR  2.75%
Above 1 lakh to less than10 crore INR 2.75%
More than ten crore to less than 50 crore 2.75%
More than 50 crores to less than 100 crore 3.00%
More than 100 crore to less than 200 crore 3.00%
More than 200 crore to less than 500 crore 3.05%
More than 500 crore to less than 1000 crore 3.35%
1000 crore INR and above 3.35%

Features of the Bank of Baroda savings account

The bank’s services have been an excellent eye-catcher for many years. However, this is why people want an account in the Bank of Baroda. The Savings account will help you save money for your family and loved ones. However, some of the features of the Bank of Baroda savings account are:

  1. The individual with savings will be provided with a debit by the bank.
  2. The individual can easily withdraw or deposit money in their savings account. Moreover, you can make or receive payments through your BOB savings account.
  3. The best part of these savings account accounts is that individuals can withdraw money anytime. 
  4. If you want to open a savings account as a sense of security for your loved ones, you’ll also get good returns on your balances.
  5. If, for some reason, the insured fails to pay the payment money, then they will receive a message or text from the bank as a reminder.
  6. Individuals with a savings account will also receive a passbook and chequebook. Those with a savings account can easily transact through the Internet or mobile banking.

Benefits of Bank of Baroda savings account

Before opening a savings account, a question always arises about the needs, benefits, and requirements of a savings account. However, saving accounts is beneficial to keep accounts to a certain extent. Here are some advantages that will help you understand why you need a savings account.

  1. The prime benefit of the Bank of Baroda savings account is the amount of liquidity it provides to its customers. Individuals can withdraw money as they want as there are no such restrictions.
  2. The savings account provides a wide range of safety features for your hard-earned money. It will protect your account from any theft and fraud as it is a reliable place.
  3. The savings account offers easy and quick money transfers without any hassle. Moreover, the deposition or withdrawal is also straightforward.
  4. The savings account also provides a money transfer facility online or through net banking.
  5. If your balance in the savings account increases more than the limit, it will turn into a fixed deposit, and you’ll be provided with the interest.
  6. The savings accounts are not limited to the funds only. You can convert your money into assets or even transfer money into your demat account.

We all want to have a stable lifestyle. But we often need to save our money for later use, which wastes our hard-earned money. However, saving accounts are considered best in these situations as they keep your hard-earned cash and provide various benefits to their customers. Moreover, it also makes it easy for us to have constant earnings, and we can deposit or withdraw money as we want. We have discussed all the details about opening a savings account, its benefits, features, etc., which will help you if you’re considering opening one.

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