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Bank of Baroda Savings Account Interest Rate 2021

Bank of Baroda Savings Interest Rate

Last Updated 20th Oct 2021

Saving Account Interest Rate
BOB Savings Account 2.75% - 3.20%
Super Savings Account 2.75% - 3.20%
Baroda Centenary Savings Account 2.75% - 3.20%
Baroda Basic Savings Account 2.75% - 3.20%
Baroda Salary Advantage Saving Account 2.75% - 3.20%
Baroda Bachat Mitra 2.75% - 3.20%
Baroda Pensioners Savings Bank Account 2.75% - 3.20%
Baroda Jeevan Suraksha Savings Bank Account 2.75% - 3.20%
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Bank of Baroda Bank Savings Accounts Interest Rate

Bank of Baroda offers an interest rate ranging upto 3.20% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With Bank of Baroda Savings Account youth and minors can get additional benefits on their Savings Account. Bank of Baroda also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

Bank of Baroda Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on Bank of Baroda Savings Account varies as per the Savings Account product. Some of the key features and benefits of Bank of Baroda savings account are:

  • It offers interest rates upto 3.20% p.a. You can easily access Bank of Baroda Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from Bank of Baroda Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an Bank of Baroda Savings account, you require a minimum balance of QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students.
  • Bank of Baroda personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with Bank of Baroda Savings Account.
  • With the Auto Sweep Facility of Bank of Baroda, your account can be linked to a Multi Option Deposit MOD account.

Bank of Baroda Savings Account Rates

Saving Account Interest Rate Minimum Balance
BOB Savings Account 2.75% - 3.20% QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students
Super Savings Account 2.75% - 3.20% QAB of Rs. 20,000
Baroda Centenary Savings Account 2.75% - 3.20% N.A
Baroda Basic Savings Account 2.75% - 3.20% NIL
Baroda Salary Advantage Saving Account 2.75% - 3.20% NIL
Baroda Bachat Mitra 2.75% - 3.20% NIL
Baroda Pensioners Savings Bank Account 2.75% - 3.20% N.A
Baroda Jeevan Suraksha Savings Bank Account 2.75% - 3.20% Minimum Balance Rs. 1,000 on daily balance basis

Eligibility & Documentation Required for Opening Savings Account in Bank of Baroda

To open a savings account in Bank of Baroda, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is Bank of Baroda Savings Account Interest Rate Calculated?

As per the RBI mandate, Bank of Baroda calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by Bank of Baroda to calculate interest on Savings Bank Account on the basis of daily balance in the account

Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.

Compare Savings Account Interest Rates of All Banks

Bank of Baroda Savings Account Products

  • BOB Savings Account : Bank of Baroda offers interest rates ranging between 2.75% to 3.20% on BOB Savings Account.You can open a BOB Savings Account in Bank of Baroda by depositing QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students amount as minimum balance.
  • Super Savings Account : If you have deposited your excess funds in a Super Savings Account, you can get interest at 2.75% to 3.20% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Baroda Centenary Savings Account : Bank of Baroda provides interest rates ranging between 2.75% to 3.20% on Baroda Centenary Savings Account. The minimum balance requirement to open this account is .
  • Baroda Basic Savings Account : You can get interest at 2.75% and 3.20% respectively on Baroda Basic Savings Account in Bank of Baroda. The account can be opened in Bank of Baroda by depositing NIL amount.
  • Baroda Salary Advantage Saving Account : If you have deposited your excess funds in a Baroda Salary Advantage Saving Account, you can get interest at 2.75% to 3.20% on your account.
  • Baroda Bachat Mitra : You can get interest at 2.75% to 3.20% in Baroda Bachat Mitra. This account can be opened in Bank of Baroda by depositing a minimum amount of NIL after an age of 18 years.
  • Baroda Pensioners Savings Bank Account : The interest that you can earn on Baroda Pensioners Savings Bank Account is in the range of 2.75% to 3.20% respectively.The debit card available for this product isBOBCARD Silver
  • Baroda Jeevan Suraksha Savings Bank Account : Bank of Baroda provides interest rate at 2.75% to 3.20% on Baroda Jeevan Suraksha Savings Bank Account. Further, to open this Saving Account, the minimum balance requirement is Minimum Balance Rs. 1,000 on daily balance basis. You can open this account at a minimum age of 18 years.

FAQs

How much interest is charged by Bank of Baroda on Savings Account?

As per the current rates, Bank of Baroda offers maximum interest rate of 3.20% on Savings Account. Bank of Baroda provides this interest on the minimum balance maintenance of QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students. The interest rate may however vary across the Bank of Baroda savings account product.

What is the minimum amount required for opening Savings Account in Bank of Baroda?

The minimum amount required for opening a Savings Account in Bank of Baroda is QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students.

What are the balance non - maintenance Charges on Bank of Baroda Savings Account?

The Balance Non Maintenance Charges on Savings Account by Bank of Baroda are None.The minimum balance requirement in Bank of Baroda savings account is QAB Rs. 500 and Rs. 1,000 for Rural and Urban respectively. Zero balance facility only for salaried employees in Central/ State Govt. Public and Private Limited Companies, Agents of Life and General Insurance Corporations and Students.

How does Bank of Baroda calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by Bank of Baroda to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does Bank of Baroda offer Debit Card to the account holder?

Yes, Bank of Baroda offer Debit Cards to the account holders differing according to the product. Some of the popular savings account products of Bank of Baroda with the type of Debit Card offered are listed in the table below.

BOB Savings AccountATM cum Debit Card
Super Savings AccountATM cum Debit Card
Baroda Pensioners Savings Bank AccountBOBCARD Silver

What is the eligibility criteria to open a savings account in Bank of Baroda?

To open a savings account in Bank of Baroda you need to fulfill the following eligibility criteria:

  • This account is for resident Indians of 18 years of age and above.
  • You must have your basic KYC done

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Bank of Baroda News - Oct 2021
  • 2021-09-09 : Bank of Baroda Launches One-stop Digital Platform
    Bank of Baroda has launched a one-stop digital platform known as BOB World. Under this platform, the bank aims to provide all the banking services under four key pillars, i.e. Save, Invest, Borrow and Shop, under one roof.
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-01-06 : BOB launched whatsApp banking services
    Bank of Baroda launched banking services in messaging platform WhatsApp. This will offer services such as balance enquiry, mini statement, cheque status enquiry, cheque book request, blocking debit card and information on products and services, among others via WhatsApp.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
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