Savings Bank Account

Saving is good.
Saving smartly is even better.

Benefit from our wide range of Baroda Savings Accounts

Savings Bank Account

BOB Savings Account - A convenient, secure and easy banking

  • Simplest deposit option available to the depositor.
  • Easy to operate. Terms and conditions kept lucid to facilitate a layman's understanding. No hidden costs.
  • Zero balance facility. Your Savings Bank Account with us remain alive even when the balance reaches zero. This facility is only for salaried employees in Central/ State Govt. Public & Private Limited Companies, Agents of Life & General Insurance Corporations and Students. Even for those receiving compensation from govt. for acquisition of their properties.
  • Your deposits are insured by DICGC
  • Option for money withdrawal by withdrawal forms or by cheque.
  • An ideal option to cultivate the habit of banking and saving amongst the younger generation.
  • Provision for nomination.
  • Money can be deposited for any quantum of time; there are no minimum or maximum deposit periods for this offering.
  • Documents required:
    • Passport size photograph
    • Proof of residence
    • An introduction as per Bank's norms
    • IT Declaration (Form 60/61)
  • In case personal introduction is not possible, introduction by way of approved documents such as passport, driving license, pan card, election i-card, defence i-card, etc.

Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof. In case of single account of minor to be operated by him/her the maximum balance outstanding on any day should not be more than Rs. 100000/- when the minor is aged between 10-14 years

Cash Deposit

  • At Base/Local non-base/Outstationbranch. (excluding Financial Inclusion accounts) 5 transactions per month-(excluding Alternate Delivery Channel transaction) -Free of charge. Beyond 5 transactions(excluding Alternate Channel transaction) –Rs. 50/- per transaction
    • At Cash machines :
    • Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day where PAN is registered and Rs.49,999/- where PAN is not registered in account.
    • Card less transaction (by feeding account number) up to Rs. 20,000/- per day.
    • Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.
  • Cash Withdrawal:
    • First five transactions free per month (excluding withdrawals from ATM) thereafter charges of Rs.150/- per transaction.
    • Maximum Rs. 50000/-per day withdrawal allowed to A/c holder only at outstation branches.
    • Third party cash payment at local non-base branches and outstation branches is totally restricted.

Interest calculation and frequency

Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are April-June, July to September, October to December and January to March. Interest is credited to the account within 15 days of end of quarter. However, Value date effect as of 1st day of the month is given while crediting interest.

Withdrawal(s)& use of Withdrawal Form (Slip)

Withdrawals will be allowed either by withdrawal forms and by cheques in accounts having cheque book facility. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25000/- ( Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)

Passbook and statement of account

  • Free Pass Book
  • Rs. 100/- per duplicate Pass Book / Statement with latest balance only. Charges for previous entries (if required) Rs. 75/- per ledger page (25 entries per page) or part thereof.

Transaction Charges

Not more than 50 debits per half year are allowed in account, thereafter charges @ Rs.15 per transaction will be levied.

Free cheque book

30 leaves will be free of charge in a financial year, charges will be levied @ Rs. 5/- per leaf thereafter. Only two cheque books of 15 leaves each will be issued at a time.

Registration and execution of Standing instructions

  • No charge within the Bank
  • Rs. 50/- per transaction plus applicable remittance charges in case of credits for outside the branch whether in same city or other cities i. e in other branches / Offices such as LIC etc. plus actual postage charges.
  • Rs. 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.

Transfer of account/scheme

Upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/scheme free of charge.

Closure of account and charges

  • All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the unused cheque leaves should be surrendered along with the letter requesting closure.
  • In case of pre-mature closure of the account no charges will be levied if the account is closed within 14 days of first customer induced credit into the account. However, charges @ Rs.200/- will be levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. In case of death of account holder no charges will be levied.

Dormant/Inoperative Account

  • Account becomes inoperative/dormant if there are no customer induced transactions in Savings account for over a period of two years. Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for inoperation of accounts.
  • Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature,subject to satisfaction of the Bank.
  • All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer such deposits will be returned subject to conditions.

Disclosure of information

The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).

SMS Alerts and Charges

Charges @ Rs. 15/- per quarter are levied.

All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches.

MITCs OF ATM/DEBIT Card, Mobile Banking, Net Banking in Application Form

Available separately.

The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.

All deposits to the extent of Rs.1lac per depositor of our bank (except Deposits of Central/State/Foreign Governments and commercial banks) are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC).

Minimum Account opening balance/Minimum balance (AQB) requirement.

Metro/Urban – Rs. 1000/- and S. Urban/Rural – Rs. 500/- Charges for not maintenance of minimum balance

Metro/Urban – Rs. 200/- per quarter ,Rural/ Semi urban – Rs. 100/- per quarter.

Charges will be levied as under

Rural/Semi-Urban: If QAB is in the range

  • 250-499 - 50%
  • 100-249 - 80%
  • Below 100 -100%

Metro/Urban: If QAB is in the range

  • 500-999 - 50%
  • 250-499 - 80%
  • Below 250 -100%

Computation: Minimum QAB requirementis calculated on the basis of summation of closing balance of number of days divided by number of days. For purpose of arriving at Quarterly Average Balance/Minimum Balance charges, the period of quarters are considered as 16th Mar to 15th Jun, 16th Jun to 15th sep, 16th sep to 15th Dec and 16th Dec to 15th Mar of a particular year.

Nomination facility available. Immediate Credit of outstation cheques upto Rs. 20000/- as per Bank norms.

Debit card and Charges

  • Issuance fee-Rs.150/- for Visa and Master Card, Rs.50/- for Rupay card variants. Annual Fee-Rs.150/-.
  • ATM Transactions at other bank ATM (India) – free upto 3 transactions in a month both Financial and Non Financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and thereafter Rs. 20/- for every transaction will be charged. For any other centre (except these 6 centres) upto 5 transactions (both Financial and Non Financial) are free in a month thereafter Rs. 20/- for every transaction will be charged.
  • Card Replacement charges (in India) -Rs. 200/-per replacement.
  • Pin Generation - Rs. 150/- per regeneration.

Zero balance facility

for opening of account is available for salaried employees in Central/ State Govt. Public & Private Limited Companies, Agents of Life & General Insurance Corporations and Student and also for those receiving compensation from govt. for acquisition of their properties.

Cheque Return

(Inward Return): per instrument charges.

  • Upto Rs.1 Lac – Rs. 125/-
  • Above Rs. 1 Lac to less than Rs. 1 Crore : Rs. 250/
  • Above Rs. 1 Crore - Rs. 500/

(Outward Return) per instrument charges.

  • Upto Rs.1 Lac –Rs. 250/-
  • Above Rs. 1 Lac to less than Rs. 1 Crore : -Rs. 500/-
  • Above Rs. 1 Crore – Rs. 750/-

In case bank remains out of funds : Actual interest @ 7.5 % over Base rate is to be charged extra.

Cheque returned due to technical reason – not at the fault of customer – No Charges.

Charges for Copy of original of cheque (paid by the Bank

  • Rs.100 upto 6 months old record.
  • Rest - Rs. 250/-

Rules for Transfer/ inter-sol transfer/clearing transactions and charges

Transfer Transaction at base branch

Allowed freely without any limit

Transfer Transaction at Non - base branch (local as well as outstation)

Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis after taking precautions such as confirming from base branch etc.

There are no charges for Inter-sol transfer transactions

Clearing Transactions

There is no restriction for clearing transactions.

For scheme specific MITC, please contact the branch.

  • *All Charges are exclusive of Goods & Service Tax(GST)
  • *All charges are subject to changes from time to time.

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