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
Not specified by the bank.
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Not specified by the bank.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
bob LITE Savings Account
Special Features
No minimum balance requirements.
Eligibility Criteria
All Individuals
Age : 14 years or above
For New to Bank customers only
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No minimum balance requirements.
These accounts can be opened in areas where the network of bank branches has not reached through the help of business correspondents.
Cons
Very basic account.
Bank of Baroda LITE Savings Account
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.