Product Details
Bank Name
Bank of Baroda
Account Name
bob LITE Savings Account
Account Type
Saving 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
Free Rupay Platinum Debit Card, subject to maintenance of QAB Rs. 3000 - Metro/Urban, Rs. 2000 - Semi Urban, Rs. 1000 - Rural
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
If QAB is not maintained Annual fee on debit cards will be applied as per the Banks extant guideline
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
bob LITE Savings Account
Special Features
No Minimum balance requirements.
Eligibility Criteria
The product is ideally suited for all individuals’ viz. Salaried class people, Businessmen, Self-employed, Professionals, Business Executives, Homemaker, minors above the age of 10 years etc.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No Minimum balance requirements.
Free Rupay Platinum debit card, subject to maintenance of QAB of Rs. 3000 - Metro/Urban, Rs. 2000 - Semi Urban, Rs. 1000 - Rural.
Cons
Very basic account.
A debit card is issued on condition of maintaining a quarterly average balance.
Application Procedure
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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.