Bank of Baroda (BOB) is one of the premier nationalised financial and banking Services Company. The bank, headquartered in Vadodara, Gujarat, is one of the largest banks in India. Bank of Baroda offers an array of banking products and services to its customers, savings accounts being one of them. Each of its savings accounts is designed in a way to suit the requirements of the customer segment to which the product caters. With a BOB savings account, customers can easily manage and track their finances. BOB savings accounts can be accessed through any of the Indian branches and ATMs. Savings with BOB is preferred because of the nature of the bank’s personalised services, unique benefits and attractive features.
Bank of Baroda offers a host of savings accounts for its customers to take care of all of their banking needs. Premium accounts, salary saving accounts, basic saving accounts or specialised accounts for senior citizens or minors, BOB women’s savings bank account – the bank has every variety of savings accounts that a customer needs. Let us have a look at the various types of BOB savings accounts offered by the bank in detail along with BOB savings account eligibility criteria.
- Baroda Centenary Savings Account
A BOB savings account with attractive features. This is the reason this product is also called a superior savings bank account. The list of the savings bank account’s features are enumerated below:
- The BOB savings account provides an auto sweep facility wherein the excess balance in the Savings Account after a certain pre-determined minimum limit is transferred to a fixed deposit account to earn a higher rate of interest.
- In case the balance in the savings bank account is not sufficient to meet any debit transaction, the amount from the linked fixed deposit account is swept out to meet the savings accounts deficit
- The BOB savings account provides for free collection of outstation cheques and immediate credit of such cheques up to a value of Rs. 25,000.
- A free Debit – cum – ATM card is issued with the account
- BOB savings account interest rate is calculated and paid on a quarterly basis.
- Savings Bank Account
A simple BOB savings account with the following features:
- There are no hidden costs in the savings accounts and the account operation is very simple for common man to understand it easily.
- The BOB savings account provides a zero balance facility which keeps the account operative even in case the balance becomes zero. This facility is available only to the Central or State Government employees, employees of public or private limited companies, agents of life and general insurance corporations, students and those who are receiving compensation from the Government for acquisition of their properties.
- The deposits of this savings accounts are insured by DICGC just like all other banks
- The customer can withdraw money via cheques or withdrawal forms issued by the bank
- Nomination facility is available with this BOB saving account
- There is no minimum or maximum tenure of deposit and money can be deposited anytime
The documentation for BOB savings account is provided below:
- Passport sized photograph
- Residence proof
- A copy of Aadhar Card
- An introduction as per the bank’s norms
- IT Declaration via Form 60 or 61
- Super Savings Account
A premium BOB savings account with a range of added features which are as follows:
- The savings account with BOB is s suitable for high net worth individuals and is offered at the metro and urban centres of the bank only
- Issuance of Demand Draft drawn on Indian Banks and Banker’s Cheque is free of cost.
- Free collection of outstation cheques drawn in favour of the accountholder and immediate credit of such cheques up to a value of Rs. 25,000
- The account provides an auto sweep facility wherein the excess balance in the savings bank account exceeding Rs. 20,000 is transferred to a fixed deposit account at a minimum value of Rs. 10,000 for a minimum period of 181 days to earn a higher rate of interest.
- In case the balance in the savings accounts is not sufficient to meet any debit transaction, there is a reverse sweep facility wherein the amount from the linked fixed deposit account is swept out to meet the BOB savings account deficit in multiples of Rs. 1,000
- Interest is calculated and paid on a quarterly basis with BOB savings accounts.
- Safe deposit lockers are available on a priority basis with BOB savings accounts.
- BOB offers a free debit card and any branch banking facility
- Customers get 25% discount on the AMC of Demat Accounts
- One can make use of free Standing Instruction and unlimited cheque book facilities
- BOB offers a Welcome Kit at the time of savings accounts opening containing a passbook, cheque book, product details, phone numbers of the branches of the city
- Facility of free transfer of savings account with BOB from one branch to other BOB branches on request of the accountholder
- Nomination facility is available with all of BOB savings accounts
- A minimum requirement of Rs. 20,000 as average quarterly balance is to be maintained
- A penalty of Rs. 1,000 per quarter will be levied in case of non-maintenance of the average quarterly balance
- If the account is closed before 12 months, a service charge of Rs. 500 will be levied by the bank
- Passport sized photograph
- Residence proof
- An introduction as per the bank’s norms
- Baroda Basic Savings Account
A simple BOB savings account with the following features:
- This savings account from BOB has no hidden charges and is suitable for people from low income groups to provide banking facilities to them.
- The BOB minimum balance requirements for this BOI savings account is nil.
- There is no maximum limit on the amount of deposit in the account. In case of minors aged 10 – 14 years, however, a maximum amount of Rs. 1 lakh can be maintained in the account
- A free 50 leaves cheque book annually is provided for savings account with BOB
- The number of withdrawals in a month should not exceed 4
- BOB offers Debit Card, Internet banking, Standing Instructions and ECS facilities to the accountholders
- There is no limit on the number and amount of deposits made by the accountholder
- Introduction requirement and KYC norms have to be observed at the time of savings accounts opening
- Interest will be calculated and paid quarterly with this BOB savings account
- There are no charges for non-operation of the account or keeping the account dormant
- A customer choosing to open this account should not hold any other Savings Account with the bank and in case there is another Savings Account in the customer’s name, the same is required to be closed within 30 days of opening this account.
All resident individuals can open this savings bank account either solely or as joint savings account with 2 or more persons
- Baroda Salary Advantage Savings Account
A salary account for salaried individuals. The features of the savings accounts are as follows:
- The facility of overdraft is available up to a limit of Rs. 1 lakh subject to 90% of the net average salary of the last 3 months
- Free cheque book is issued to the accountholder of all the BOB savings accounts
- There is no requirement of maintaining a minimum balance
- There is no limit on the amount deposited and the credit balance in the account
The BOB savings account is available to regular employees of Central State or Central Government corporations, or State Government, PSUs, semi-government organizations, urban development authorities, educational institutions, universities, MNCs, reputed public limited companies and select private limited companies.
- Other requirements of BOB savings accounts: The employees must have a one year service record with the organization
- The minimum age of the employees should be 21 years and the net take home salary every month should be a minimum of Rs. 5,000
- Third party guarantee is required while opening the account
- Baroda Bachat Mitra
A savings account with BOB which also offers overdraft facility with the following features:
- There is no requirement of a minimum balance maintenance in the account
- Overdraft facility is allowed against the deposit by pledging the term deposit
- The term deposit to be opened should be a minimum amount of Rs. 10,000 and thereafter in multiples of Rs. 1,000. The minimum tenure of deposit is 12 months and the maximum term is 120 months or 10 years
- There is no limit on the maximum amount to be deposited in the deposit account or maintained as a credit balance in the Savings Account
- Overdraft facility is available up to a limit of 80% of the deposit amount with a minimum amount of Rs. 8,000 and a maximum of Rs. 1 lakh
- Interest rate for overdraft facility will be 1.5% over the Fixed Deposit interest rate for alternate months subject to a minimum of Rs. 25 per month.
- The Fixed Deposit receipt is to be pledged to the bank to avail the overdraft facility. FDRs of other banks will not be accepted as a security to avail the overdraft.
- Facility of free transfer of account from one branch to another branch on request of the accountholder
- Nomination facility is available for both the Savings Account and the Fixed Deposit account
- The BOB savings account charges is negligible
Individuals aged 18 years and above can open the account either solely or jointly.
- Baroda Pensioners Savings Bank Account
A type of savings account for pensioners with unique features suitable to them which are:
- The account can be opened with a minimum deposit of Rs. 5 only
- The account provides an auto sweep facility wherein the excess balance in the Savings Account exceeding Rs. 3,000 is transferred to a fixed deposit account at a minimum value of Rs. 1,000 for a minimum period of 180 days to earn a higher rate of interest.
- In case the balance in the savings bank account is not sufficient to meet any debit transaction, there is a reverse sweep facility wherein the amount from the linked fixed deposit account is swept out to meet the Savings Account deficit in multiples of Rs. 1,000 on the LIFO basis
- Overdraft facility is available to the customer if any other credit facility is not availed by him up to a maximum of last 2 months’ pension credited in the Savings Account.
- Immediate credit of outstation cheques up to a value of Rs. 25,000
- Free Debit card, Baroda Connect or internet banking facility of the bank and BOBCARD Silver for the first year which also includes an Accidental Death Insurance Coverage of Rs. 1 lakh
- Free unlimited cheque book facility except to illiterate pensioners
- Baroda Jeevan Suraksha Savings Account
An account which also gives insurance coverage to the account holder. The salient features of the account are as follows:
- The account comes with an insurance coverage of up to Rs. 5 lakh provided by India First Life Insurance Company Limited. The accountholder availing the coverage will have to pay the required premium and submit a Declaration of Good Health to the insurer.
- If the account is maintained jointly, both the accountholders can avail the insurance coverage after paying the necessary premium and submitting the required forms
- An existing Savings account can also be converted to the Jeevan Suraksha Account
- The account can be opened by depositing an amount of Rs. 1,000
- There should be a maintenance of a minimum balance of Rs. 1,000 daily and in case of non-maintenance of the required balance, a charge of Rs. 100 per quarter will be levied
- 20 cheque leaves cheque book every 6 months free of cost
- 100 free withdrawals are allowed per 6 months exceeding which a charge of Rs. 10 plus service tax is levied on subsequent withdrawals
- The account provides an auto sweep facility wherein the excess balance in the Savings Account after a certain pre-determined minimum limit is transferred to a fixed deposit account to earn a higher rate of interest.
- In case the balance in the Savings Account is not sufficient to meet any debit transaction, the amount from the linked fixed deposit account is swept out to meet the Savings Account deficit
- The option of choosing the insurance coverage will be available at the time of account opening post which the Sum Assured will not change. The insurance cover is yearly renewable and no grace period is allowed for payment of premium
A resident individual aged between 18 years to 60 years can open the account either solely or jointly with a maximum of 2 persons
The savings accounts earn an interest rate of 4% per annum calculated on a daily end of day balance.
Documents Required for BOB Savings Account
If you are planning to open this savings account with BOB or any other savings accounts with the bank, then you should be aware of the KYC (Know your Customer) norms which are mandatory for any savings accounts with BOB or with any other bank. These documents are:
- Photo Identity Proof
- Address Proof which can be a copy of any one among the Passport, Driving License, voter ID card or any other admissible document.
- Age proof which can be a copy of any one among Birth Certificate issued by the Municipality, Matric Certificate, Passport, Driving License and voter ID card, etc.
- Consent – cum – Letter of undertaking to maintain a minimum required balance for payment of insurance premium opted by the customer.
These norms were introduced by Reserve Bank of India to monitor and at the same time avoid any wrongdoings and malicious financial activities that may be committed by fraudsters using your basic information and account details. Its other important purpose is to authenticate the customers individually and their financial transactions. KYC also helps in putting a check and keeping a track of high value cash transaction followed by any criminal activity, financial scam, and avoids money laundering.
The list of situation is exhaustive as banks can ask for their customers’ details anytime for operational or statutory reasons. Listed below are a few cases in which banks may ask its customers for KYC documents.
- For opening new savings accounts
- For an account where documents were submitted earlier according to the bank’s existing KYC norms at that time and additional documents are required now under new guidelines.
- While opening a locker facility with the bank where documents adhering to KYC norms are not available with the bank.
- When account undergoes certain changes in signatories, mandate holders and beneficial owners
- Whenever the bank feels it is necessary to obtain personal and additional information from the customers based on their conduct in relation to the existing account with the bank.
- Even for non-account holders approaching the bank for high value one-off transactions, something like depositing a large sum of money in savings accounts
Note: Customer’s point of contact regarding KYC is the bank’s relationship manager