Product Details
Bank Name
Bank of Baroda
Account Name
Baroda Family Savings Accounts Segment
Account Type
Savings Account
Interest Rate
Upto 1 lakh -2.75%p.a and Above 1 lakh but less than 100cr - 2.75%p.a
Free Debit Card
Not specified by the bank.
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
For Baroda Silver Family: Quarterly average balance requirement of 0.50 Lakh & above.
For Baroda Gold Family: Quarterly average balance requirement of 2 Lakh & above.
For Baroda Diamond Family: Quarterly average balance requirement of 5 Lakh & above.
Debit Card Charges
Not specified by the bank.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Baroda Family Savings Accounts Segment
Special Features
Concession in manual NEFT/RTGS charges.
Concession in DD/PO charges.
Concession in locker rent charges.
Concession in Demat AMC.
Waiver of processing charges of retail loans.
Eligibility Criteria
All Individuals
Close Relatives (Spouse, Father, Father in Law, Mother, Mother in Law, Brother ,Sister, Children’s (Son, Daughter), Son in Law and Daughter)
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Waiver on chequebook charges.
Concession in manual NEFT/RTGS charges.
Concession in DD/PO charges.
Concession in locker rent charges.
Concession in Demat AMC.
Concession in charges on collection of outstation cheques.
Waiver of processing charges of retail loans.
Cons
High quarterly average balance requirements.
Low interest rates.
Baroda Family Savings Accounts Segment
The account comes with low interest rate and offers minimal 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?
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.