Complete Guide on Bank of Baroda B3 Account
29 Jun 2022
Table of Content
No matter which part of the world you live in, you embark on your money management journey with a bank account. For most of us, our Savings Account is the first account wherein we deposit money and begin saving it. But if you wish to open a bank account that is more than a just an ordinary or regular savings account, Bank of Baroda’s B3 Accounts has you covered. Here, we talk about the new-age banking solutions that you can enjoy with the Bank of Baroda digital B3 accounts from the comfort of your home. Keep reading to know all the features and benefits of Bank of Baroda B3 accounts along with the account opening process.
What is the Bank of Baroda B3 Account?
Bank of Baroda B3 Account is Bank of Baroda’s new-age digital savings account, an entirely digital account that you can open with a digital Know Your Client (KYC) process. You can open the Bank of Baroda Digital Savings Account without visiting the bank. You simply need to download Bank of Baroda’s mobile banking app and open the account using your Aadhaar and Permanent Account Number (PAN). The digital B3 account is akin to carrying your bank in your pockets anywhere you go.
Depending on the initial funding you choose, you can open any one of the three Bank of Baroda Benefits Bonanza accounts.
Types of Digital B3 Accounts
You can choose from 3 unique types of Bank of Baroda B3 accounts, including the B3 PLUS Account, the B3 EDGE Account and the B3 ULTRA Account. Let us assess the features of each of these accounts individually
B3 PLUS Account
Bank of Baroda B3 PLUS Accounts are zero-balance accounts, wherein you do not have to bother with maintaining any monthly balances or penalties associated with non-maintenance of minimum balance. This account is ideal for students and freshers.
- Initial Funding: INR 0 to INR 24,999
- Required Quarterly Average Balance: NIL
- Debit Card Variant: VISA Classic, annual charges of INR 150 + taxes applicable after a year.
B3 EDGE Account
B3 EDGE Accounts are basic accounts designed for individuals who can maintain an average minimum balance in their Savings Account.
- Initial Funding: INR 25,000 to INR 49,999
- Quarterly Average Balance: INR 25,000
- Debit Card Variant: VISA Platinum, annual charges of INR 250 + taxes applicable after a year.
B3 ULTRA Account
B3 ULTRA Accounts cater to salaried and self-employed individuals who can maintain a higher average balance.
- Initial Funding: INR 50,000 and above
- Quarterly Average Balance: INR 50,000
- Debit Card Variant: VISA platinum annual charges of INR 250 + taxes applicable after a year.
Features & Benefits of B3 Accounts
Now that you know the types of Bank of Baroda B3 Accounts, let us assess their features and benefits.
- Complete digital account opening: You can open a B3 Account from anywhere in India, without stepping foot in the bank. You can download the M-Connect plus App and open a Savings Account directly from your smartphone.
- Instant virtual debit card: Once your account is active, you can use the virtual debit card and start transacting. You can also apply for a physical debit card that comes with 3 complimentary withdrawals at non-BoB ATMs and unlimited free transactions at BoB ATMs.
- Video KYC: Enjoy a paperless and contactless documents verification process through BoB’s Video KYC process from the comfort of your home. Per Reserve Bank of India (RBI) guidelines, V-KYC is on par with the conventional KYC, so bank visits are not required.
- Offers across lifestyle and e-commerce brands: You can enjoy a host of discounts and cashback offers on e-commerce websites, in-store shopping, food and lifestyle brands.
- Enjoy transaction-based rewards: You can earn reward points on travel and shopping, which you can later redeem as vouchers from Baroda Rewardz.
How To Open Bank of Baroda Digital B3 Account?
The BOB B3 account opening process is fairly simple and requires only minutes. Follow these steps to open your new-age savings account now.
1. Download the app:
- Download the BOB World mobile banking app from your phone’s application store.
2. Choose the account type:
- After you open the app, select your preferred language, and select the ‘Open a digital savings account’ tab. You can now get information on all B3 accounts, i.e., B3 PLUS, B3 EDGE and B3 ULTRA.
- b. Choose the account of your choice by tapping on ‘Explore benefits’ and select ‘Apply’.
3. Provide your details:
- Enter your details, i.e., email address, mobile number linked to Aadhaar, and your residential status (Resident Indian or NRI).
- You will receive a link on the email address provided to verify the email. Verify the email before proceeding.
- Checkmark all declarations, i.e.,
- I am not a minor
- I am a resident Indian
- I am not a politically exposed person
- I am not an existing customer
4. Agree to terms & conditions
- Checkmark the Foreign Account Tax Compliance Act (FATCA) declaration.
- Select ‘FATCA Declarations’ and click on ‘Accept’.
- Select ‘General terms and conditions’ and click on ‘Accept’.
- Select ‘CKYC terms’ and click on ‘Accept’.
5. PAN & Aadhaar
- Enter your PAN and Aadhaar Number.
- Give consent to authenticate your Aadhaar via OTP.
- Enter the 6-digit OTP received on the registered mobile number and select ‘Next’.
6. Select the nearest branch
- You can view the list of available branches based on your PIN code retrieved from your address on Aadhaar.
7. Personal details
- Provide the names of your mother and father.
- Add your place of birth, employment status, annual gross income, occupation, marital status, etc.
- Add nominee details (optional).
- Click on ‘Proceed’.
8. Additional services
- Services like Internet Banking, Mobile Banking and Virtual Debit Card are pre-selected.
- Select UPI service if required.
- Click on ‘Submit Application’
9. Schedule Video KYC
- Select ‘Schedule Video KYC’.
- Choose the desired date and time slot. Time slots are available between 10 am and 5 pm.
- You will receive an email stating the documents you must keep handy before the video call.
10. Account activation
- After you complete the Video-KYC with the BOB executive, the bank will run a back-end verification.
- Once approved, you’ll receive a Welcome Letter on your registered email ID within a minimum of 2 days.
- A password-protected PDF file will contain all the account details.
Eligibility Criteria & Documents Required
All resident individuals* above the age of 18 years can apply for a Bank of Baroda B3 Account. However, existing BOB accountholders are not permitted to open a B3 account. You must keep the following documents handy ahead of the Video KYC.
- Original copy of your PAN
- Original copy of your Aadhaar.
Ensure that your Aadhaar is linked with your mobile number to complete the authentication process while opening the digital B3 Account.
Long gone are the days when you would have to visit the bank to open a regular savings account. Thanks to the banking sector being at the forefront of adopting new technologies, you can open a savings account within minutes. With Bank of Baroda B3 Account, you get access to a host of benefits such as remote account opening, virtual debit card, reward points and complimentary access to India’s top OTT platforms.
To open a Bank of Baroda B3 Savings Account, simply download the mobile banking app and complete the Video-KYC process, without visiting the branch.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
All You Need To Know About UPI
With the booming Digital Payment Ecosystem, India’s Financial Sector is soaring new heights. The newer payment models, sophistication in the acceptance infrastructure multiplied with customer’s need of convenience coupled with reliability has given an unrivalled thrust to the economy. In this digital age where mobile applications & payment systems are ruling over the masses, Unified Payments Interface (UPI) is placed in the top-drawer of all payment models.
Not only the ease but also the robustness of UPI has enticed users from all strata and demographics of the society to use this remarkable application.
What is UPI?
Unified Payments Interface is a real-time payment system that channels multiple bank accounts into a single application mobile application. This concept was developed by National Payment Corporation of India (NPCI) for facilitating instant fund transfer, merchant payments and collection of funds. The unique feature of this application is the “Peer to Peer” collect request which can be scheduled as per desire and convenience. The application offers a two factor authentication (2FA) which enhances the security and protects the interest of the customers. Customer will create Login PIN as well as UPI PIN in UPI. Customer has to use Debit Card credentials like Last 6 digits of the card and card expiry and create the UPI PIN by authenticating the same with OTP received on the registered Mobile Number.
Digital on-boarding process in BHIM Baroda Pay UPI APP
Please go to Google Play Store (Android Users) or iOS AppStore (iOS Users) for downloading - BHIM Baroda Pay UPI application.
Post complete download, the application will install on the device.
Click on the installed application to register and accept all app permissions to start the registration process.
Enter your registered mobile number and select the SIM Slot in which your registered mobile number is placed.
A silent SMS will be sent from your registered mobile number. Make sure sufficient mobile balance is available for sending silent SMS.
After mobile number verification, application prompts to enter name and proceed.
Select the Bank where your Bank account exists under the same registered mobile number.
Post selection of account, application will display the list of all eligible accounts for UPI.
Select any one / all the accounts and create a VPA (UPI ID).
Create login PIN, select security question and create answer.
Accept the Terms and Conditions and proceed, which completes the registration in BHIM Baroda Pay UPI.
Post registration, generate UPI PIN to be used for transaction.
In the home screen under added accounts, UPI PIN status will be displayed (Set / Not Set)
Click on the three dots icon under desired account.
Select the option -> Set UPI PIN. On the next screen-> Enter last 6 digits of debit card issued in the same account.
Enter the card expiry and proceed.
An OTP will be received on registered mobile number. The same will be auto read by the application. In case of devices where auto read facility is by default disabled, manually key in the OTP.
Now create UPI PIN and reconfirm the same.
UPI PIN is successfully set. Now you are ready to do UPI transactions…….
UPI for Collection Purpose
Merchants can use UPI channel for receiving / collection of payment from their customers. Customer can pay to the merchant either by sending money to merchant’s UPI ID or by scanning the QR code displayed at merchant location/ website.
Bank’s UPI platform is having capability to provide customized UPI based payment solution to merchants. Bank’s UPI platform supports low integration and transaction cost to merchant to enable UPI as a payment mode for transaction in addition to debitcard, credit card, wallet and net banking to accept the payment from the customer in convenient, easy and hassle free manner.
Risks, Vigilance & Prevention
The emerging digital payment channel comes with its own fair share of risks. Recent events give insights to the lack of awareness and negligence on the part of the customer which has resulted in huge loss of money to the customers. From Vishing to suspicious app download to spoofing, the socially engineered techniques to dupe customers has evolved drastically. Major Modus Operandi are as under
UPI SMS Spoofing Fraud
UPI Collect Request Fraud
UPI AnyDesk Fraud
Branches and staff are required to educate customers regarding the risks associated with the application used. More the clarity about the product, less will the unauthorized transactions in the accounts. As it is rightly said, “With more power comes more responsibility” and this is true in case of a payment channel so convenient and easy to use, UPI.
Significance & Future
UPI as a collection medium is growing drastically. The recent pandemic has helped to propel the transaction and usage of the application as it promotes contactless payments and with Government bringing in key initiatives driven by Digital mode, this product is said to shatter all known barriers and emerge as the most used payment mode in the ecosystem.
The interoperability is vital to facilitate transactions in a financial world of different account types. This has been made possible by the most advanced form of digital payment i.e. Unique Payment Interface (UPI) which justifies its name - “UNIQUE”.
UPI is a game-changer for Bank as an organization and which is laid out insightfully can consolidate Bank’s brand and enhance acceptance & penetration among masses and classes.
Internet of Value: Internet 2.0
Internet in its current phase, has revolutionised almost all businesses across geographies. However, the current phase, ‘Internet of Information’ focuses solely on information exchange in the form of documents, images and videos.
Although information moves around the world instantly, a single payment from one country to another is still slow and expensive. In the US, a typical international payment takes 3-5 days to settle, has an error rate of at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.
With the emergence of blockchain, a new phase of internet called ‘Internet of Value’ has emerged. Internet of Value is underpinned by blockchain, which is the evolutionary technology that supports digital currency. With Internet of Value, a transaction such as a foreign currency payment can happen instantly, just as how people have been sharing information online for decades. Internet of Value can also enable the exchange of any asset that is of value, including stocks, frequent flyer points, securities, intellectual property, music, scientific discoveries etc.
Multiple startups have started working on this front. Fusion is an innovative blockchain solution created to bridge the interoperability gap between different blockchains through cross-chain transactions. It also has the potential to create off-chain transactions as the inevitability of a value-driven economy becomes more pronounced.
Similarly, Wanchain offers a unique solution for overcoming the limitations on cross-chain transactions through mass-market adoption of blockchain technology. It is developing a new distributed financial infrastructure that will connect the world’s digital assets. In order to facilitate the digitization of assets, Wanchain has built an internal private blockchain through which users can build smart contracts for a practical transfer of value.
Currently, there are various blockchain-based platforms which are not compatible with each other. Hence, assets on these platforms can’t be freely exchanged. For the internet of value to become a reality, uniform industry standards must be adopted in order to homogenize the world’s different financial systems.
We believe that this process of standardization can have a transformative impact on businesses in today’s world. This impact can be as instrumental as globalization efforts in 1950s or standardization of web protocols in the 1980s.