Opening a savings bank account is a wise financial decision for two big reasons. First, it is a secure and convenient way to store your money. And second is the interest you can earn on your balance. And when in India, a Bank of Baroda savings account is a must to consider. You get competitive interest rates, zero balance account options, free ATM withdrawals and more. Let’s learn all about a Bank of Baroda savings account in this post below.
But before we get into the types, features and other details, here are the BOB savings account interest rates:
Bank of Baroda Savings Account Interest Rate, 2023
The below-mentioned are the interest rates offered by BOB on its savings accounts or in the banking lingo, savings bank deposits:
Deposit Slab | BOB Savings Account Interest Rate |
Up to Rs 1 lakh | 2.75% |
Above Rs 1 Lakh to less than Rs 10 Crores | 2.75% |
Rs 10 Crores and above to less than Rs 50 Crores | 2.75% |
Rs 50 Crores and above to less than Rs 100 Crores | 3.00% |
Rs 100 Crore and above to less than Rs 200 Crores | 3.00% |
Rs 200 crores and above to less than Rs 500 crores | 3.05% |
Rs 500 crores and above to less than Rs 1,000 crores | 3.35% |
Rs 1,000 crores and above | 3.35% |
Disclaimer: Interest rates are subject to change. Please check the bank website for the most recent data.
Types of Bank of Baroda Savings Account
There is a plethora of savings accounts offered by the Bank of Baroda that are designed to cater to its vast and varied customer base. These are:
BOB Salary Package for the Brave Beginners- Agniveers
This is a special savings account created to cater only those who are working with the Indian Army, Indian Navy or Indian Air Force. This account comes under the Govt. of India Agnipath Scheme in which the enrolled ones are called as Agniveers. The below-mentioned are the details of this special BOB savings account:
Particulars | Details |
Eligibility | Employees of Indian Army, Indian Navy or Indian Air Force |
Purpose | To provide our soldiers the ease of maintaining their financial life effectively AND provide them free personal accident insurance |
Insurance | Death Cover: On-duty cover up to Rs 75 lakhs Off-duty cover up to Rs 60 lakhs Permanent Total/ Partial Disability cover: Up to Rs 60 lakhs Air Accident Insurance Cover: Up to Rs 100 lakhs |
Minimum Balance Requirement | Nil |
NetBanking | Yes |
Mobile Banking | Yes |
Debit Card | Available; Agniveer Debit Card – RuPay variant |
Baroda Advantage Savings Account
This is an easy and the simples deposit option offered by the Bank of Baroda. Here are the prime features, eligility and benefits of BOB Advantage Savings Account:
Particulars | Details |
Eligibility | Indian Resident with minimum age of 18 years |
Purpose | To enable all sectors, especially the middle and lower-middle sectors of the economy to save and get included in the banking phase of the country |
Passbook | Yes |
Cheque book | Yes |
Minimum Balance Requirement (Quarterly) | Rural Branches: Rs 500 Semi-urban Branches: Rs 1,000 Urban/Metro Branches: Rs 2,000 |
NetBanking | Yes |
Mobile Banking | Yes |
Debit Card | Yes |
BOB Salary Accounts
Bank of Baroda offers four salary accounts for civilians and fours salary & pension accounts for defence personnel. These are listed below:
FOR DEFENCE EMPLOYEES
BOB Salary and Pension Solutions for Indian Military Personnel
- For those in Indian Army (including Rashtriya Rifles), Indian Navy and Indian Air Force
- Free Personal Accidental Insurance for Serving Personnel (On-duty death cover up to Rs75 lakhs and Off-duty death cover up to Rs 60 lakhs)
- Free Personal Accidental Insurance for Veterans (Death cover up to Rs 40 lakhs)
- Lifetime free Yoddha Debit card
- Lifetime Free Credit card (subject to eligibility)
BOB Salary and Pension Solutions for Indian Central Forces
- For those in
- Assam Rifles
- Border Security Forces
- GREF (Border Roads Organization – BRO)
- Indo-Tibetan Border Police
- Sashastra Seema Bal
- Central Industrial Security Force
- Central Reserve Police Force
- Railway Protection Force
- National Disaster Response Force
- Special Security Forces
- Free Personal Accidental Insurance for Serving Personnel (On-duty death cover up to Rs75 lakhs and Off-duty death cover up to Rs 60 lakhs)
- Free Personal Accidental Insurance for Veterans (Death cover up to Rs 35 lakhs)
- Lifetime free Yoddha Debit card
- Account opening through Video KYC and Tab Banking
BOB Salary and Pension Solutions for Indian Police Forces
- For employees in CBI and State Police Forces
- Lifetime free RuPay debit card
- Free Personal Accidental Insurance for Serving Personnel (On-duty death cover up to Rs75 lakhs and Off-duty death cover up to Rs 60 lakhs)
- Free Personal Accidental Insurance for Veterans (Death cover up to Rs 30 lakhs)
- Lifetime free credit card as per the eligibility
- Personalised chequebooks, DDs – free and unlimited
- Free fund transfers via RTGS / NEFT / IMPS (through all modes)
FOR CIVILIANS
BOB Salary and Pension Solutions for Central/ State Govt. employees for drawing Salary/ Pension
- Free Debit Card for lifetime as per Salary Structure
- 20% Discount on Locker rental
- Lifetime free Premier Credit Card subject to eligibility criteria
- Comprehensive Personal Accidental Insurance up to Rs. 40 Lakhs
- Overdraft facility available
- 100% waiver in processing charges on Home loan, Auto Loan, Education Loan, Mortgage Loans and Personal Loan
BOB Salary Classic Account
- For net monthly salary of Rs 10,000 to Rs 50,000
- Free unlimited transactions at Bank of Baroda ATMs
- Overdraft facility up to Rs 50,000
- Free BOB Easy credit card
- Free Baroda Rupay Classic Debit Card for first year
- Complimentary zero balance account for spouse
- Sweep-in facility available
- 5% discount on locker rentals
BOB Super Salary Account
- For net monthly salary above Rs 50,000 to Rs 1 lakh
- Overdraft facility up to Rs 1 lakh
- 5% discount on locker rentals
- 100% waiver in Processing charges for Personal Loan
- Sweep-in facility available on request
- Complimentary zero balance account for spouse
Baroda Salary Premium Account
- For net monthly salary above Rs 1 lakh to Rs 2 lakhs
- Overdraft facility up to Rs 2 lakhs
- 5% discount on locker rentals
- 100% waiver in Processing charges for Personal Loan
- 75% waiver on issuance charges for gift/travel card
- 100% Discount on Depository Services / Demat AMC
- Sweep-in facility available on request
- Complimentary zero balance account for spouse
- Lifetime free Baroda Premier credit card
Baroda Salary Privilege Account
- For net monthly salary above Rs 2 lakhs
- Overdraft facility up to Rs 3 lakhs
- 20% discount on locker rentals
- 100% waiver in Processing charges for Personal Loan
- 75% waiver on issuance charges for gift/travel card
- 100% Discount on Depository Services / Demat AMC
- Sweep-in facility available on request
- Complimentary zero balance account for spouse
- Lifetime free Baroda Premier credit card
- Discount on depository services
Bank of Baroda Savings Account for Minor – Baroda Champ Account
This is a special account designed only for the minors aged between 0 – 18 years. Below-mentioned are the features, benefits & eligibility of Baroda Champ Account for Minors:
Particulars | Details |
Eligibility | Indian Resident of 0 – 18 years of age |
Purpose | To encourage children to save and get included in the banking phase of the country right from an early age |
NEFT/IMPS | Yes {(outward & inward) free for an amount of Rs.1 lac per month} |
RTGS | No |
Demand Draft | 1 DD free per month for school fees payment (max. Rs 1 lakh) |
Minimum Balance Requirement (Quarterly) | Nil |
NetBanking | Yes ( subject to min. age of accountholder is 10 years.) |
Mobile Banking | Yes ( subject to min. age of accountholder is 10 years.) |
Debit Card | Yes, no issuance charges (Theme-Based RuPay Baroda Champ Debit Card for those of 10 years or above) |
BOB Savings Account for Women
Baroda Mahila Shakti Saving Account is a savings account created especially for the women residents of India, to support women empowerment a.k.a. Mahila Shakti. Features of this savings account are:
- For individual women above 18 Years of age
- Higher interest than a regular BOB savings account
- Personal Accident Insurance
- 25% Discounts on Annual Locker Rental
- BOB Easy Credit Card at no joining fee
- Waiver on 1st year DEMAT annual maintenance charges
- Free SMS Alert facility for the 1st year (for BOB balance enquiry, etc.)
Bank of Baroda Savings Account for Pensioners
- Eligibility:
- All individuals who have retired on Superannuation / retired due to VRS from any Central Govt Department/ State Govt. Department/Local Bodies/PSU and eligible for pension
- Retired Defence Services Personnel eligible irrespective of their age
- Zero balance account
- Can be opened with a minimum deposit of Rs 5 only
- Free unlimited cheque book facility
- Life insurance offered
BOB Savings Account for Senior Citizens
- Eligibility:
- Resident Indians of 60 years and above are eligible to open the account
- Pensioner can also open it to avail pension facility
- Free BOB Prime credit card
- 50% waiver on processing fees on reverse mortgage loan
- Free unlimited transactions on BoB ATM
BOB Savings Account for Professionals
- Eligibility:
- Doctor in any branch of Medicine
- B. Tech / M. Tech / BE / ME / Architect / Engineer
- CA / ACCA / ICWA / CFA / CS / CFM
- MCA / MBA / PGDBA / PGDBM LLB/LLM
- Minimum Quarterly Balance: Rs 25,000
- Free RuPay Select Debit Card for 1st year (domestic & international usage)
- Free cheque book of 50 leaves for 1st year
- Free SMS Alert for 1st Year
- Exclusive Credit Cards offers as per eligibility
- Daily ATM cash withdrawals up to Rs 1.5 lakhs
- Daily POS/E-commerce transactions up to Rs 5 lakhs
Bank of Baroda Online Savings Account
- Can be opened through video KYC
- Eligibility: Only Tax Resident Indian Individuals aged 18 years and above; only for new bank customers
- Can only be opened in single name
- Requirements to open BOB digital savings account:
- Aadhaar Number
- PAN
- Valid mobile number linked to Aadhaar
- Valid email ID
- Internet connection
- Mobile, Tablet or Laptop (or Desktop with Webcam & microphone)
Features of Bank of Baroda Savings Account
Bank of Baroda, as given in the previous sections, is a bank which offers an array of savings accounts to choose from. While the specific features of each account may vary, there are some common features that apply to all BOB savings accounts. These include:
- Zero balance account options
- Different options for salaried employees in different sectors of the country (e.g. military, police forces, government offices, corporates)
- Different interest rates for different levels of bank balances
- All BOB savings accounts are offered with complementary debit cards which work as an ATM card as well
- Internet Banking and Mobile Banking is enabled in most of the BOB savings accounts
It is recommended to check the details of any specific BOB savings account explained above to fully understand its features and benefits.
How to Open a Bank of Baroda Savings Account Online?
Please note that the BOB online savings account video KYC slots are available from only during 9 AM to 5:30 PM Mon-Fri apart from bank holidays.
These are the steps to open a Bank of Baroda online savings account:
Step 1: Go to BOB website or open BOB mobile banking
Step 2: Fill up the account opening form and submit online.
Step 3: Grant permission to the bank to access your Aadhaar information and enter your PAN number. Then, upload your photograph.
Step 4: You’ll be sent a link to initiate the online KYC process. Click on it.
Step 5: Allow the bank to access your mobile phone’s location, camera, and microphone.
Step 6: Initiate a video call with a bank representative.
Step 7: Display your original PAN and Aadhaar cards for verification during the video call.
Step 8: During the video call, the bank representative will take a photograph of you.
Step 9: Your KYC will be further validated, and you will be notified once your KYC is complete and your account is opened.
How to Open a Bank of Baroda Savings Account Offline?
Here is a guide explaining how to open a savings account offline in Bank of Baroda:
Step 1: Visit the nearest Bank of Baroda branch.
Step 2: Get the account opening form.
Step 3: Fill in the form with all the required details, such as your personal information, contact details, and nominee details.
Step 4: Attach the required documents as mentioned in the form.
Step 5: Submit the completed form and documents to the bank representative.
Step 6: Deposit the minimum amount required to open a savings account.
Step 7: Wait for the bank to complete the account opening process and generate your account number.
Once your account is opened, you will receive the account number and other details via email or SMS.
Documents Required for Bank of Baroda Savings Account
The documents required to open a savings account in Bank of Baroda may vary based on the type of account and the customer’s profile. Here are the documents generally required for different types of savings accounts:
For a Regular Savings Account:
- KYC application form
- ID Proof (e.g. PAN card, Aadhaar card, Passport, etc.)
- Proof of address (Aadhaar card, Passport, Utility bills, etc.)
- Passport size photographs
These will be required for all accounts, unless stated otherwise.
For a BOB Minor Savings Account:
- KYC application form (to be signed by the minor’s guardian)
- Proof of identity and address of the minor’s guardian
- Proof of the minor’s identity and date of birth (Birth certificate, Passport, School certificate, etc.)
- Passport size photographs of the minor and the guardian
- Introduction from an existing account holder (if applicable)
For a BOB Senior Citizen Savings Account:
- Age proof (Birth certificate, Pension payment order, etc.)
- Passport size photographs
For a BOB Pensioner Savings Account:
- Pension payment order
- Passport size photographs
It is recommended to check with the Bank of Baroda branch or website for the updated and detailed list of documents required for opening a savings account.
Eligibility Criteria for Bank of Baroda Savings Account
The following are the basic requirements to open different types of savings accounts in Bank of Baroda:
1. Eligibility for BOB Defence-related savings account
- Employees of Indian Army, Indian Navy or Indian Air Force
2. Eligibility for BOB regular savings accounts
- Indian Resident with minimum age of 18 years
3. Eligibility for BOB savings account for Minor
- Indian Resident of 0 – 18 years of age
4. Eligibility for BOB Pensioners Savings Account
- All individuals who have retired on Superannuation / retired due to VRS from any Central Govt. Department/ State Govt. Department/Local Bodies/PSU
- Retired Defence Services Personnel eligible irrespective of their age
5. Eligibility for BOB Senior Citizens Savings Account
- Indian residents of 60 years of age or more
6. Eligibility for BOB Online Savings Account
- Only Tax Resident Indian Individuals aged 18 years and above; only for new bank customers
7. Eligibility for BOB Savings Account for Professionals
- Doctor in any branch of Medicine
- B. Tech / M. Tech / BE / ME / Architect / Engineer
- CA / ACCA / ICWA / CFA / CS / CFM
- MCA / MBA / PGDBA / PGDBM LLB/LLM
Benefits of Opening a Bank of BOB Savings Account?
The following are the basic benefits of having a savings account in the Bank of Baroda:
- Bank of Baroda offers competitive interest rates on savings account deposits.
- Wide Range of Savings Accounts to choose from to suit different customer needs, such as regular savings account, senior citizen account, minor account, and pensioner account.
- Personalized Services: Bank of Baroda offers personalized services to its customers, such as personalized cheque books, doorstep banking services, and dedicated relationship managers.
- ATM and Debit Card Facility: Savings account holders with Bank of Baroda can avail of ATM and debit card facilities to withdraw cash and make purchases at various merchant establishments.
- Discounts and Offers: BOB savings account holders can avail of discounts and offers on various products and services, such as dining, shopping, and travel.
- Overdraft Facility: Bank of Baroda salary account holders can avail of overdraft facilities, subject to certain terms and conditions.
Note: The benefits may vary depending on the type of savings account and the customer’s profile. It is recommended to check with the Bank of Baroda branch or website for the updated and detailed benefits of opening a savings account.
Bank of Baroda Savings Account vs. Current Account
Here is a tabular comparison between Bank of Baroda Savings Account and Current Account based on key particulars and details:
Particulars | BOB Savings Account | BOB Current Account |
Minimum Balance | Varies depending on the type of account | Varies depending on the type of account; but generally higher than a BOB savings account |
Interest Rates | Offers interest rates on deposits (2.75% – 3.35%) | No interest is offered on deposits |
Withdrawal Limit | Limited withdrawal allowed per month | Unlimited withdrawals allowed |
Cheque Issuance | Limited cheque book issuance allowed | Unlimited cheque book issuance allowed |
Purpose | Generally used for savings and transactions | Generally used for business transactions |
Charges | Minimal or no charges for basic transactions | Charges are levied for most transactions |
Account Opening | Can be opened by any Indian Resident individual | Can be opened by individuals or businesses |
Modes of Funds Transfers from Bank of Baroda Savings Account
There are various ways to transfer funds from your BOB savings account, viz.:
National Electronic Funds Transfer: BOB NEFT is an easy and one of the popular modes of online fund transfers among the BOB customers. However, it can also be initiated at the branch by submitting BOB NEFT form with which certain BOB NEFT charges are applicable. Also, when going to the branch, it is suggested that you check the BOB NEFT timings well in advance so as to save time.
Real Time Gross Settlement: For transactions of Rs 2 lakhs or more, other than NEFT, customers of BOB can use the RTGS mode which is available both online and at the branch (using BOB RTGS form). Please note that although there are no RTGS charges for doing online transactions, you will be charged with BOB RTGS charges when doing it at the branch.
Immediate Payment System: IMPS is an instant fund transfer service provided to BOB customers (just like all the other bank customers in India) that allows customers to transfer funds 24×7 to any bank account in India. The IMPS system is designed for small-value transactions, and the maximum amount for an IMPS transfer in the Bank of Baroda is Rs 2 lakhs.
Know More: IMPS Limit
Unified Payments Interface: UPI is a real-time payment system handled by NPCI. Just like any other scheduled bank in India, BOB customers can also make use of it. UPI can easily be done via UPI ID, mobile number or QR code. There’s no need to share account details for a UPI transfer.
Cheques: These are, by far, the most used and most popular mode of transferring funds, bank account to bank account. And with the advent of digital banking, its usage has impacted but for good. However, today, in order to make big payments or for school/college fees, etc. people still prefer cheques. BOB also provides cheque book facility along with the option of Demand Drafts, to its customers.
Know More: Types of Cheques
How to Transfer Funds from BOB Savings Account via Netbanking?
To transfer funds from your BOB savings account via net banking, follow these steps:
Step 1: Go to BOB website, click on Login and select the ‘bob World Internet (Net Banking) India”, as shown below.

Step 2: Log in to your BOB World internet banking account using your user ID and password; as shown below.

Step 3: Once logged in, click on the “Transfers” option.
Step 4: Click on “Initiate Payments”.
Step 5: Here, we are explaining how to transfer to another bank’s account, so for that, select “Outside Bank Transfer” option.
Step 6: If the beneficiary is already added, simply click on that and proceed.
Step 7: Enter the details of the beneficiary account, including the account number, IFSC code, and beneficiary name.
Step 8: Enter the amount you wish to transfer and select the mode of transfer (NEFT, RTGS, or IMPS).
Step 9: Select the frequency type.
Step 10: Review the details and click on ‘Continue’.
Step 11: Now, to confirm your payment, enter your transaction password and click on ‘Submit’.
And done! You will receive an SMS confirmation and a transaction reference number for the transfer.
Note: Before initiating the transfer, ensure that you have added the beneficiary’s account to your net banking account.
It is important to check your BOB account balance and ensure you have sufficient funds in your BOB account before initiating the transfer.
How to Transfer Funds from BOB Savings Account via Mobile Banking?
To transfer funds from your BOB savings account via mobile banking, follow these steps:
Step 1: Download and install the BOB World on your smartphone.
Step 2: Log in to the app using your mobile banking credentials.
Step 3: Go to “Menu”, select “Fund Transfer” and click on “Other Banks”.
Step 4: Add beneficiary by clicking on “Beneficiary Registration”.
Step 5: Select the mode of transfer from IMPS or NEFT.
Step 6: Now, select the beneficiary and enter the amount to be transferred.
Step 7: Confirm the account from which you want the amount to be debited.
Step 8: Click “Ok” to complete the transfer.
Bank of Baroda Savings Account Customer Care
The below-mentioned are the customer care numbers for Bank of Baroda customers:
- BOB Customer Care Toll-Free Number: 1800 5700 (IVR Service)
- BOB Missed Call Number for Balance Enquiry: 8468 00 11 11
- BOB Card Customer Care: 1800 102 5627
For more information: BOB Customer Care
Bank of Baroda Savings Account: FAQs
You can earn a minimum of 2.75% interest currently on your BOB savings account. It can go up to 3.35% basis the account balance. Check interests here
Yes, you can avail of the Baroda Champ Account which is the BOB savings account for minors.
Yes, these are the zero balance BOB savings accounts: Baroda Advantage Zero Balance Savings Account., Baroda Champ account, Baroda salary variants accounts, Baroda Government Employee Salary Account Scheme, Basic savings bank deposit account and Baroda Defence salary package account.
Use the m-Connect Plus mobile banking app of BOB to check the status of your cheque.
BOB does give the overdraft facility in its all of its salary package accounts.