Bank of Baroda Savings Account Review| North Loop Official Blog
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North Loop
09 Sep 2020

Bank of Baroda Savings Account Review

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Bank of Baroda Background and Overview –

Bank of Baroda is the third-largest public sector bank in India offering a variety of financial products and services. It is an Indian multinational having a global presence with around 100 overseas offices and ranks on the Forbes Global 2000 list as well.

Bank of Baroda savings account features –

  • Bank of Baroda offers a couple of savings account variants with low quarterly average balance requirement.
  • Minimum balance requirements to open a Bank of Baroda online account is Rs.1000. However, if you are a salaried employee in the Central/State Government, an agent of Life or General Insurance Corporation or working in a public or private limited company or still a student, the minimum balance requirement is nil.
  • Access to Bank of Baroda savings account is easy because of its extensive network of branches and ATMs.
  • RTGS, IMPS, NEFT and UPI facilities are available for the Bank of Baroda online account, making it convenient to transfer funds from its savings account to other bank accounts.
  • E-statement and SMS alert facility is available with the Bank of Baroda savings account.
  • Linking of your savings account to the Multi Option Deposit (MOD) account is easy with Bank of Baroda’s Auto Sweep facility.

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Bank of Baroda savings account interest rate –

Bank of Baroda (BOB) offers an interest rate of 2.75% on its savings account. The interest is calculated daily and credited to the saving account every quarter. It also provides a few other additional benefits to students and minors. The interest rates offered on some of its savings account products are as follows –

BOB Savings Account – 2.75%

Super Savings Account – 2.75%

Baroda Centenary Savings Account – 2.75%

Baroda Basic Savings Account – 2.75%

Baroda Salary Advantage Saving Account – 2.75%

Baroda Bachat Mitra – 2.75%

Baroda Pensioners Savings Bank Account – 2.75%

Baroda Jeevan Suraksha Savings Bank Account – 2.75%

You can open an account with North Loop and receive interest on your savings bank account at 6%.

Eligibility criteria –

To open a savings account with Bank of Baroda, you must fulfil its eligibility criteria. The foremost requirement is that you should be an Indian citizen and above the age of 18 years. Also, you should have a valid and Government approved identity and address proof. In the case of minors, the account can get opened by their parents or guardians.

Documents required –

To be eligible to open a Bank of Baroda savings account, you have to submit the following documents –

Proof of identity

Proof of address

PAN card

Form 16

Passport-sized photographs

You can avoid the painstaking task of arranging so many documents to open a savings account by opting for a digital banking platform like North Loop. It is a user-friendly digital banking services provider, and you can open an account on it within 5 minutes with no documentation or proofs. Customer service is also readily available round the clock, and your saving bank account can get issued within 24 hours. Moreover, you can create both savings or fixed deposit account with North Loop.

The application process for Bank of Baroda Online Account Opening –

The first step you should take for the Bank of Baroda online account opening is to arrange all the mandatory documents mentioned above. You can then download the account application form online from the bank’s website and fill it in accordingly.

The Bank of Baroda savings accounts opening process is not very seamless, but you can take the assistance of any of their executives by contacting them.

Bank of Baroda online account opening option does not exist, and you have to take your KYC and other documents along with the duly filled in application form physically to any one of its branches. That can be troublesome if there is no BOB branch nearby and is a massive drawback in the current digital age.

After you have physically submitted the form and the verification process is complete, you have to make an initial deposit at the cash deposit counter of the bank depending on the saving accounts type you have chosen. Once all the above procedures get completed, you can receive your debit card and other relevant bank documents.

The entire process can be inconvenient and slow-moving, more so if your documents are not ready or you are unable to visit the bank branch. Bank of Baroda online account opening that does not require a visit to the branch is the need of the hour and without it, the bank account application process is extremely cumbersome. A digital banking platform like North Loop offering online saving accounts help a lot in this regard and allow you to open a savings bank account online from the comfort of your home with the least effort, no documentations and in minimum time.

If you want to sign up with North Loop, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.