Product Details
Bank Name
Bank of Baroda
Account Name
Baroda Senior Citizen Privilege Saving Account
Account Type
Saving
Interest Rate
Upto 1 lakh-2.75% and Above 1 lakh but less than 100cr -2.75 %p.a
Free Debit Card
Visa Platinum debit card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
INR 2000
Debit Card Charges
NIL for 1st year.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Baroda Senior Citizen Privilege Saving Account
Special Features
Free BOB prime credit card.
Waiver on first-year demat annual maintenance charges.
50% waiver on processing fees on reverse mortgage loans.
Free unlimited transactions on BoB ATM.
Higher interest with Flexi Fixed deposits.
Attractive offer on Health, Wellness, Lifestyle etc.
Attractive discounts on locker rentals.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Debit card cash withdrawal limit up to Rs.50, 000/- per day.
25% waiver on annual locker rental charges.
First-year free Visa Platinum debit card.
Cash withdrawal limit up to Rs.1 lakh.
Sweep facility is available on request.
Free BOB prime credit card.
Waiver on first-year demat annual maintenance charges.
50% waiver on processing fees on reverse mortgage loans.
Free unlimited transactions on BoB ATM.
Higher interest with Flexi Fixed deposits.
Attractive offer on Health, Wellness, Lifestyle etc.
Attractive discounts on locker rentals.
Cons
Low interest rates.
Baroda Senior Citizen Privilege Saving Account Review
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open a savings account in Bank of Baroda either online or offline. Here's a breakdown of both methods:
Online Method
Download the app: Download the Bank of Baroda mobile app, "bob World," on your smartphone.
Start the application: Open the app and look for the "Open a Savings Account Digitally" option.
Provide details: Enter your mobile number, product type, and sub-product. Click "Generate OTP" to receive a verification code.
Enter information: Provide your PAN card and Aadhaar card numbers along with other required details.
Verification: The bank officials will verify your provided details and contact you for further verification.
Complete Video KYC: You'll need to complete a Video KYC process for final verification.
Offline Method
Visit a branch: Go to your nearest Bank of Baroda branch.
Collect the form: Ask for the savings account opening form.
Fill in the details: Fill out the application form accurately.
Submit the form: Submit the filled-out form along with copies of your KYC documents (Aadhaar card, PAN card, proof of identity, and proof of address) and passport-size photographs.
Verification: The bank will verify your documents and process your application.