Annual Deposits for Savings Goals: BOB's Plan

Annual Deposits for Savings Goals: BOB’s Plan

What’s a Bank of Baroda Savings Account?

Bank of Baroda is a large bank owned and operated by the Government of India. Its main office is in Vadodara. You can use your Bank of Baroda savings account at any branch or ATM in India.

A savings account is easy to use and has exceptional services. You can also earn interest on your money. The interest rate starts at 2.75% and can increase to 3.35%.

Let’s learn more about Bank of Baroda savings accounts. We’ll examine what they offer, how much interest you can earn, and other important information.

Why Open a Savings Account?

Opening a savings account is a good idea for everyday money needs. It’s simple and easy to use. You can save money and keep track of it.

When you open an account, you get a checkbook and a passbook. You can also use your phone or computer to conduct banking transactions. You can even get a debit card to use at stores or ATMs.

Bank of Baroda offers a range of savings accounts tailored to meet the diverse needs of its customers. You can use your account at any Bank of Baroda branch or ATM in India.

Types of Bank of Baroda Savings Accounts

Bank of Baroda offers a variety of savings accounts. Here are some of them:

Baroda Platinum Savings Account

You can take out up to 1 lakh rupees per day
You can spend up to 2 lakh rupees per day
You get a special Visa Platinum chip debit card
You get 10% off on yearly locker charges
You get complimentary text messages and emails about your account

Baroda Senior Citizen Privilege Savings Account

For people 60 years or older
Unrestricted unlimited use of Bank of Baroda ATMs
Free BOB Prime credit card with cashback
25% off on locker rental
Free Visa Platinum debit card for the first year

Baroda Mahila Shakti Savings Account

Just for women
Free Rupay Platinum debit card for the first year
2 lakh rupees insurance if you have an accident
0.25% discount on two-wheeler loan interest
Discounts on car, house, and personal loan charges

Baroda Salary Classic

For people earning 10,000 to 50,000 rupees
You can borrow up to 50,000 rupees after your third salary
Free accident insurance
Free Baroda select a credit card for life

Super Savings Account

Free unlimited checkbook
Flexible auto or reverse sweep
Interest is paid every three months
It is suitable for all kinds of people, even kids over ten years old

There are more types of accounts, too, like:

Baroda Family Savings Accounts
Baroda Professional Savings Account
Baroda Advantage Savings Account
Baroda Champ Account
Baroda Pensioners Savings Bank Account
Baroda SB Self-Help Group Account
Baroda Jeevan Suraksha Saving Account
BOB BRO Savings Account
BOB LITE Savings Account

How Much Interest Can You Earn?

The interest you earn depends on how much money you have in your account. Here’s how it works:

Up to 1 lakh rupees: 2.75%
1 lakh to 10 crore rupees: 2.75%
Ten crore to 50 crore rupees: 2.75%
50 crore to 100 crore rupees: 3.00%
100 crore to 200 crore rupees: 3.00%
200 crore to 500 crore rupees: 3.05%
500 crore to 1,000 crore rupees: 3.35%
1,000 crore rupees and above: 3.35%

How Much Money Do You Need to Keep in Your Account?

Different accounts need different amounts of money. Some accounts don’t require any initial investment to get started. Others need a lot. Here are some examples:

Baroda Platinum Savings Account: 1 lakh rupees
Baroda Senior Citizen Privilege Savings Account: 500 to 2,000 rupees
Baroda Mahila Shakti Savings Account: 1,000 to 3,000 rupees
Baroda Salary Classic: 0 rupees
Super Savings Account: 20,000 rupees in big cities

What Happens If You Don’t Keep Enough Money in Your Account?

You may be subject to a fine if you fail to maintain a sufficient balance in your account. The fine depends on where you live and the amount of money you miss.

In big cities, you might have to pay up to 250 rupees every three months. In small towns or if you’re old, you might only have to pay 125 rupees.

What Does It Cost to Have an Account?

There are some costs associated with having a Bank of Baroda savings account. Here are some of them:

Using your account too much: 12 to 15 rupees per use after 50 uses
Getting a checkbook: 2.50 to 4 rupees per check
Getting a new passbook: 75 to 100 rupees
Changing names on a joint account: 175 to 200 rupees
Stopping a check payment: 75 to 100 rupees per check
Losing a blank check: 400 to 500 rupees
Getting text messages: 20 paise per message, up to 15 rupees per month

How Much Cash Can You Put in Your Account?

When you open your account, you can deposit 50,000 rupees or more. You will need to show your PAN card for this.

With your debit card, you can deposit up to 2 lakh rupees daily at cash machines. Without your PAN card, you can deposit only 49,999 rupees.

You can only deposit up to 20,000 rupees daily if you don’t use a card.

How Do You Open a Bank of Baroda Savings Account?

You can open an account using your phone. Here’s how:

Download the Bank of Baroda app
Click on the menu in the top left corner
Click ‘Accounts’ and then ‘Open a Savings Account Digitally.’
Agree to the rules
Enter your phone number and get a code
Enter your details and ID numbers
The bank will check your information
Do a video call to prove who you are
Start using your new account!

What Papers Do You Need to Open an Account?

It would be best to provide information about who you are and where you live. Here are some papers you can use:

To show who you are:

PAN card
Passport
Voter ID
Driving license
Government ID card
Pension payment orders
Post Office ID card
University or college ID card

To show where you live:

Passport
Pay slip
Driving license
Tax papers
Electricity or phone bill (not more than two months old)
Bank statement
Voter ID card
Ration card
Pension payment orders
House sale or rent agreement
PAN card

You also need two passport-size photos.

How Do You Close Your Account?

If you want to close your account, follow these steps:

Write a letter asking to close your account
Fill out a form to close your account
Give all your details, like your name and account number
Sign the form
Give the form to your local Bank of Baroda branch
Give back your passbook, checkbook, and debit card
Show your ID papers
The bank will check everything
Take out any money left in your account

What’s Good About Bank of Baroda Savings Accounts?

Bank of Baroda savings accounts have many good things:

They’re free or very cheap to open
You can use internet banking
You can take out money four times a month for free
You get 30 free checks each year
You get a debit card
You can set up automatic payments
Your money is safe
You can earn more interest with the auto sweep feature
It’s easy to move money around
You can set up automatic bill payments
There are no hidden costs
You can link it to your investment accounts

A Bank of Baroda savings account is an excellent way to keep your money safe and earn interest. It’s easy to open an account and start using it right away. Whether you’re a student, a working person, or retired, there’s an account that’s right for you.

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