Bank of Baroda charges or penalties charged to an account is considered as an additional expense that can bring down your savings. It could be non-maintenance of minimum balance, chequebook charges, cheque return charges, credit card charges, etc. These are common charges that can be avoided to optimise savings in your account. Understand the Bank of Baroda charges list and learn ways of avoiding them from this article.
About Bank of Baroda
Bank of Baroda is a popular public sector banks established in 1908. It has a wide network of branches all over the country. It offers various banking services that comprise deposits, loans and investments. Its presence all over the country and its innovative financial institutions is what makes it a preferable destination for banking operations.
What are Bank Charges?
Banks provide various financial/non-financial services to their customers for which charges are applicable. These charges are termed Bank Charges. Bank charges also comprise penalties imposed for violation of certain conditions stipulated like maintaining a minimum balance in the account, ensuring sufficient balance in the account while issuing cheques and for execution of standing instructions, etc.
What are the Different Types of Bank of Baroda Charges?
The Bank of Baroda Charges list is vast. The service charges list for savings/ current accounts, demat accounts, loan accounts, etc., is exhaustive. Some of the common charges which can be easily avoided are listed below.
Charges for Account Maintenance
The bank incurs some operative costs for maintaining your account. These charges are collected quarterly.
ATM Transactions
The bank allows a certain number of financial and non-financial transactions done at other bank ATMs. Any transaction beyond the limit will attract Bank of Baroda ATM charges.
Cheque Book Charges
Bank of Baroda provides a cheque book for free on opening a current account. Further cheque books will be charged. Similarly, the cheque books issued to SB Accounts will also be charged.
Funds Transfer Charges
Funds transfers done through RTGS/NEFT through the branch will be charged depending on the amount of transaction. However, RTGS/NEFT initiated through Internet banking/mobile banking is not chargeable.
Penalties
Penalties like non-maintenance of minimum balance, cheque/standing instructions return due to lack of funds, and premature withdrawal of Fixed Deposits are all considered Bank charges.
Credit Card Charges
Bank of Baroda Credit Card Charges include interest on outstanding balances in credit cards, late fees for delayed payment, renewal of credit cards, issuing replacement cards, hotlisting of credit cards etc.
Debit Card Charges
Issuance of replacement cards in the event of loss/theft of the card and hotlisting the debit card are part of the Bank of Baroda Debit Card Charges.
Tips to Avoid Bank of Baroda Charges
Follow the tips given below and avoid charges that would shoot up your expenses.
- Use credit cards judiciously and ensure to pay the entire outstanding credit card dues within the 45-day interest-free period. Never resort to the minimum dues payment option.
- Always maintain a sufficient balance in the account when you issue cheques and for EMIs.
- Limit cash withdrawals through branches as well as through ATMs.
- Do online transactions wherever possible to avoid funds transfer and chequebook charges.
- Look for zero balance or low-fee accounts to avoid minimum balance non-maintenance fees.
- Opt for e-statements
Bank of Baroda Savings Account Charges
Bank of Baroda has several types of Savings Accounts that would suit the requirements of its customers. The facilities offered are different for each account as the initial deposit requirement also varies. Elite accounts with a heavy initial deposit requirement will have a lot of privileged facilities. Here is the list of the initial deposit or Bank of Baroda Charges List for Savings Accounts stipulated depending upon the type of account.
| Type of Account | Minimum Balance Charges (In Rs.) |
| Baroda Advantage Savings Account | Metro/Urban: Rs.200 + GST per quarter Semi Urban/ Rural: Rs.100 + GST per quarter |
| Baroda Salary Classic Accounts | Zero |
| Baroda Salary Premium Accounts | Zero |
| Baroda Jeevan Suraksha Savings Account | 100 + GST per quarter |
| Baroda Defense Salary Package | Zero |
| Baroda Super Salary Account | Zero |
| Baroda Salary Privilege | Zero |
| Super Savings Account | 1000 + GST per quarter |
Bank of Baroda ATM Withdrawal Charges
Bank of Baroda allows free transactions at other bank ATMs 5 times a month in Non-Metro and 3 transactions in Metro Centres. Beyond this limit charges are collected for both financial and non-financial transactions. The Bank however allows unlimited free transactions at ATMs within the Bank’s network. The details of Bank of Baroda ATM withdrawal charges are given below:
| Other Bank ATMs | Charges |
| Cash Withdrawal (Financial Transactions)beyond the free limit | Rs. 21 + GST for every transaction |
| Balance Enquiry (Non-Financial Transaction) beyond the free limit | Rs. 11 + GST for every transaction |
Bank of Baroda FD Charges for Premature Withdrawal
Fixed Deposits are opened for a specific period and the contract rate for the period as applicable on the date of opening the account will be applied to the Fixed Deposit. In the event of any financial crisis, you might have to close the deposit before the maturity period. Bank of Baroda permits premature withdrawal but the interest applicable will be the rate for the period the deposit has been active as on the date of opening the deposit or on the date of closure of the deposit whichever is lower.
Besides this a penalty will be charged i.e., the FD charges for premature withdrawal.
| Callable Deposits (with premature withdrawal facility) less than Rs. 5.00 lacs active for 12 months from the date of deposit | Nil |
| Callable Deposits above Rs. 5.00 lacs to Rs. 1.00 Crore | 1% |
| Non-callable deposits (without premature withdrawal facility) | 2% |
Bank of Baroda NEFT Charges
Bank levies charges for funds transfers done through BOB NEFT. The charges are limited to the NEFT charges done through the branch. The details of the Bank of Baroda NEFT Charges are given below:
| NEFT initiated through Internet Banking/Mobile Banking | Nil |
| NEFt initiated through the branch | Up to Rs. 10000: Rs. 2.25 + GST Rs. 10001 to Rs. 100000: Rs. 4.75 + GST Rs. 1.00 lac to Rs. 2.00 lac: Rs. 14.75 + GST Above Rs. 2.00 lacs: Rs. 24.75 + GST |
Bank of Baroda RTGS Charges
The details of charges levied for RTGS transactions conducted through the branch at Bank of Baroda are given below. The charges are applicable for the transactions initiated online through Internet Banking/mobile banking as well as the ones initiated through the branch
| Rs. 2.00 lacs to Rs. 5.00 lacs | Rs. 24.50 + GST for every transaction |
| Rs. 5.00 lacs and above | Rs. 49.50 + GST |
Bank of Baroda IMPS Charges
The fund transfers done through IMPS will reach the beneficiary account almost instantly. Bank of Baroda do not charge a single penny for availing IMPS services.
Bank of Baroda Charges : FAQs
Baroda of Baroda minimum balance charges at Rural and Semi-urban branches and for Senior Citizens account at any branch will be Rs. 125 per quarter. The charges for accounts at Urban/Metro branches will be Rs. 250/- per quarter.
The Bank of Baroda Charges List for cheque returns is given below. This is applicable for the return of outward cheques i.e., cheques issued by BOB customers.
Bank of Baroda does not collect any demat during the first year of opening the account. From the second year onwards the charges for individual accounts will be Rs. 200 + GST and for non-individual accounts, it will be Rs. 500/- + GST
The bank charges Rs. 100/- for issuing duplicate passbooks with latest entries. If previous entries are also required, the bank charges Rs. 75/- per ledger page.
The first cheque book issued on the opening of the account will be free for current account holders. For subsequent chequebooks, the charges will be Rs. 5/- per leaf.
For SB Account holders the charges will be Rs. 4/- per cheque leaf after 30 leaves in Metro/Urban branches. For accounts at semi-urban/rural branches and senior citizen accounts at any branch, it will be Rs. 2.50 per leaf. Only two cheque books will be issued at a time.
