Complete Guide on Bank of Baroda B3 Account

29 Jun 2022

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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.
  • Offers: Complimentary 6-month subscription to EROS NOW.
  • Eligibility: Minimum debit card spend of INR 500 in the first 30 days of account opening.

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.
  • Offers: Complimentary 6-month subscription to Amazon Prime
  • Eligibility: Minimum debit card spend of INR 1000 in the first 30 days of account opening.

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.
  • Offers: Complimentary 1-year subscription to Amazon Prime. Also, Times Prime @ 999 /- complimentary annual membership.
  • Eligibility: Minimum debit card spend of INR 1500 in the first 30 days of account opening.

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.
  • Get access to OTT platforms: With Bank of Baroda B3 Accounts, you get complimentary subscriptions to leading OTT channels, including Amazon Prime Video and EROS NOW.

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.

Bottom Line

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.

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