We live in an unpredictable world where anything can happen at any time. This may include unexpected emergencies, a fatal accident, an education loan, a wedding, etc., where you need funds at the last minute. This is where the need for a savings account comes in. Having a savings account is like a security blanket where you can easily gain access to funds in no months.
Like other financial institutions, the Bank of Baroda offers a variety of savings accounts, considering the preferences of people from different age groups and professions. These accounts come with a number of benefits, making them rewarding and beneficial for account holders. This account offers savings accounts for families, women, businesses, senior citizens, kids, etc. All these accounts offer more than one benefit, such as a zero-balance account, Internet banking, loans, free cards, and much more.
BoB Family Savings Account
It is necessary to have a savings account for your family in case of unexpected situations. The Bank of Baroda has introduced the BoB Family Savings Account, which will benefit all family members. It offers multiple benefits to its customers, such as waiver on checkbook charges, free SMS/email alerts, standing instructions, and concessions on various charges such as NEFT/RTGS, DD/PO, locker rent, demat AMC, and collection of outstation cheques. The account provides digital banking services such as Internet banking, bobWorld, missed call facility, 24×7 web chat, and WhatsApp banking, all of which are offered free of charge. The account also includes the provision of a fully loaded credit card, subject to eligibility, with the first year being free for up to two partners, directors, or other authorized individuals.
The BoB Family Savings Account is classified into three segments: Baroda Silver Family, Baroda Gold Family, and Baroda Diamond Family, each serving different quarterly average balance requirements and providing a variety of financial benefits. The QAB of this account for Baroda Silver Family is up to ₹50 lakhs, Baroda Gold Family from ₹2 lakhs, and Baroda Diamond Family up to ₹5 lakhs. The account is available to all people and their close relatives, including spouses, parents, siblings, and children. A minimum of 2 and a maximum of 6 members can be included in the account, and it is applicable to both new and existing customers.
BoB Mahila Shakti Savings Account
The BoB Mahila Shakti Savings Account has been introduced for women, as it offers a number of benefits and features to empower them. This account provides a higher interest rate, a flexi-fixed deposit facility, and impressive shopping offers. It includes personal accidental insurance and complimentary accounts for children. One of the standout features is the 1st year-free RuPay Platinum Debit Card with a ₹2 lakh accident insurance cover. The account offers free SMS alert facilities and discounts on two-wheeler loans, annual locker rental charges, and various types of loans, including auto, home, education, mortgage, and personal loans. The account also requires 25% waivers on issuance charges of travel/gift cards, along with a waiver on 1st year DEMAT annual maintenance charges. This account also offers no joining fees on the Bank of Baroda Easy Credit Card. The BoB Mahila Shakti Savings Account aims to provide financial security and exclusive privileges to women.
BoB Senior Citizen Privilege Scheme
The BoB Senior Citizen Privilege Scheme was started with the elderly people in mind. This scheme helps old people with flexible fixed deposits and low interest rates. With this scheme, senior citizens can enjoy privileges such as a higher cash withdrawal limit of up to ₹50,000 per day using the debit card, along with a 25% waiver on annual locker rental charges. They are permitted to use the first-year free Visa Platinum debit card with a cash withdrawal limit of up to ₹1 lakh and attractive discounts on locker rentals. The scheme also provides a waiver on the first-year demat annual maintenance charges and a 50% waiver on processing fees on reverse mortgage loans. Senior citizens can also benefit from free unlimited transactions on BoB ATMs, higher interest with Flexi Fixed Deposits, and attractive offers on health, wellness, lifestyle, and more.
The scheme also includes features such as the sweep facility, which is available on request only over and above ₹50,000 in multiples of ₹10,000 for 181 days, and reverse sweep in multiples of ₹1,000. Senior citizens are granted free transactions thrice every month on non-BoB ATMs, along with the first-year free Visa Platinum Debit card with a cash withdrawal limit of up to ₹1 lakh and a purchase limit on POS up to ₹2 lakh per day.
BoB Platinum Savings Bank Account
The BoB Platinum Savings Bank Account provides benefits that are designed to meet the different financial needs of account holders. With a cash withdrawal limit of up to ₹1 lakh per day at ATMs and a purchase limit of ₹2 lakhs per day at PoS terminals, this account provides funds for everyday transactions. Account holders also enjoy free unlimited NEFT/RTGS/IMPS transactions and unlimited checkbooks, along with the benefit of a sweep facility on request, no charges for cash deposits at the base branch, and a 50% waiver on issuance charges for gift and travel cards.
The account includes a host of additional perks, such as a free personalized VISA Platinum Chip Debit Card with a cash withdrawal limit of ₹50,000 per day at ATMs and a purchase limit of ₹2 lakhs per day at POS terminals. With no ledger folio charges, free SMS/email alerts, and a 100% waiver on demat AMC charges, the BoB Platinum Savings Bank Account provides rewarding perks to its account holders.
BoB LITE Savings Account
The BoB LITE Savings Account is a zero-balance account that has no minimum balance, is easy to open, and can be managed on your own. With this account, you get a free RuPay Platinum Debit Card, which comes with attractive discounts and offers on travel, shopping, and e-commerce. One should be aware that to enjoy the benefits of the free debit card, and you need to maintain a quarterly average balance of ₹3,000 for urban areas, ₹2,000 for semi-urban areas, and ₹1,000 for rural areas. This account is open to a number of people, including salaried employees, businessmen, self-employed individuals, professionals, business executives, homemakers, and even minors above the age of 10 years.
Bottom Line
The Bank of Baroda offers many savings accounts, but only the most popular ones are mentioned above. These savings accounts are created to meet the needs of its customers, including families, women, and senior citizens. These accounts offer benefits such as free digital banking services, higher interest rates, and waivers on various charges. The bank aims to offer financial security and exclusive privileges to account holders. Whether it’s the BoB Family Savings Account, the BoB Mahila Shakti Savings Account, or the BoB Senior Citizen Privilege Scheme, Bank of Baroda’s savings accounts offer impressive perks and meet the necessary requirements of different customers.