Baroda Salary Classic Account - Everything You Need To Know
27 Jun 2022
Table of Content
There are many different types of bank accounts that you can open today. Salaried people can open a special salary account that can help them save while also empowering them with several benefits. One such account is offered by Bank of Baroda. Let’s understand what a salary account is and look at the Bank of Baroda Salary Classic Account benefits.
What is salary account?
A bank account in which the employer transfers your monthly salary is known as your salary account. There are many salary account benefits for all involved parties. This account helps the employee to enjoy the advantages of a savings account, while the employer gets to enjoy convenient administration and the ease of making transactions in bulk. The monthly deposit of salaries is good for the bank’s business as well, so a salary account is a win-win banking solution for all. It is important to remember that a salaried account can only be opened through a company and its banking partner.
If you are looking to open a salary account, you can opt to open a Bank of Baroda salary account. This is an employee salary savings account that offers you a multitude of benefits along with a wholesome banking experience.
Here is everything you need to know about the Baroda Salary Classic Account.
What is the Baroda Salary Classic Account?
The Baroda Salary Classic Account is targeted towards salaried employees who have a monthly net credit of salary that is less than Rs 50,000. It is a zero-balance account and does not have any account maintenance charges. Since the Baroda Salary Classic Account works as a savings account, you also earn interest on the money saved.
This account is suitable for entry-level employees or for trainees who do not yet have their own savings account. This Baroda salary classic account can be easily opened wherein Aadhar is a must KYC to open an account. One proof of address and one proof of identity is required.
What are the key features of the Baroda Salary Classic Account?
The key features of the Baroda Salary Classic Account are:
- Free debit card
The Baroda Salary Classic Account comes with a free Baroda Rupay Classic Debit Card. This debit card is free for the first year, after which, standard charges are levied. The Baroda Rupay Classic Debit Card has a daily cash withdrawal limit of Rs 25,000.
- Demand draft and banker’s cheque
The Baroda Salary Classic Account also offers you three free demand drafts or banker’s cheque per quarter for personal use. The maximum amount transferable through DD/BC per quarter is Rs 1 lakh.
- Free remittance facility
We, at the Bank of Baroda, understand the importance of sending money to your loved ones. Hence, the Baroda Salary Classic Account does not charge any remittance fees on NEFT/RTGS through the online platform.
- Dedicated relationship manager
If you become a part of our privileged and premium customer segment, you are assigned a relationship manager. You would only need to contact one person and get all of your banking needs sorted.
Bank of Baroda Salary Classic Account benefits
We care for our customers and have thoughtfully designed the BOB salary account. The Baroda Salary Classic Account offers several benefits, such as:
- Overdraft facility
The overdraft facility gives you the ability to withdraw more than what is present in your current account. Consequently, overdraft is a type of loan. We, at Bank of Baroda, understand that life is unpredictable and the requirement for additional funds can crop up any time. Hence, after three salary credits in the BOB salary account, an overdraft facility is made available to you. The overdraft amount limit will be is based on the average of the net salary that is credited into your account, rounded off to the nearest thousand. Through this credit line, you can procure funds up to Rs 50,000.
- Free credit card
If you open a salary classic account with BOB, you also get a free credit card. Depending on your salary, you can avail of different schemes that can help you avail of fee waivers. You can even enjoy lifetime free credit cards depending on your salary band. We care for family’s financial future and offer a free complimentary air accidental insurance of Rs 15 lacs and other accidental insurance cover of Rs 5 lacs
Discounts on locker rentals and loans
Banks offers lockers to help you store valuable items like jewellery, property documents, etc., in a secure vault. Through the Baroda Salary Classic Account, you can enjoy 5% discount on locker rentals. Furthermore, the BOB salary account can also help you enjoy 25% waiver on the processing of mortgage loans, housing loans, education loans and auto loans. Additionally, there are no processing charges levied on personal loans. Also, if you have previously availed home loan from the Bank of Baroda, you can get a 0.25% concession on the ROI of your BOB auto loan.
- Complimentary zero balance account for spouse
We, at Bank of Baroda, understand your financial world and offer a complimentary zero balance account for your spouse. Having two zero balance accounts from the same bank in the same household can help you enjoy the ease of making multiple transactions without worrying about your balance going low, thus offering you a convenient way to manage your home finances.
- Sweep facility
The sweep facility allows you to set a minimum amount of money, above which any excess gets automatically transferred to a sweep-in fixed deposit by the bank on your behalf. This can help you save a significant amount of money in the long run. Moreover, the excess money that is transferred to the fixed deposit earns higher interest over the course of time.
- Discount of depository services
If you open a Baroda Salary Classic Account, you get to enjoy a 50% waiver on the charges levied for depository services and annual maintenance of your account. You can open a Demat account through our mobile application and enjoy more 225 banking services at your fingertips.
- Other benefits
The Baroda Salary Classic Account helps you enjoy a 25% waiver on the charges levied on the issuance of gift cards and travel cards. You also receive free alerts related to the activities carried out in your bank account. This increases the safety of your account and keeps you updated about the funds available in your account.
The Baroda Salary Classic Account is one of the best salary account schemes that are available to you in the market today. You can open salary account online and get it activated instantly. The account opening process is completely digitised and does not require you to go through tedious paperwork. If you are employer, you can reach out to a Bank of Baroda representative and have them help you make the Bank of Baroda your proud business partner.
For more information, you can give us a call on our toll-free number - 1800 102 44 55.
Salary And Pension Solutions for Indian Military Personnel - A Complete Guide
From safeguarding our nation from external threat to maintaining peace and security within the country, India’s Armed Forces protect all of us as citizens. For all the bravery and courage that they display on a daily basis, they truly deserve the best in return. To help military personnel maintain their finances, Bank of Baroda offers salary and pension solutions for Indian military personnel.
Baroda Pensioners Savings Bank Account
Pensioners can avail the Bank of Baroda Pensioners Savings Bank Account. This is an ideal retirement savings account. All pensioners, including Bank of Baroda staff pensioners may open this account. The Baroda Pensioners Savings account is especially created to provide necessary banking facilities and benefits to pensioners and is meant only for savings oriented transactions.
Key features of the Baroda Pensioners Savings Bank Account
The pension savings account can be opened with a minimum deposit of Rs. 5 only.
Free pass book and cheque book:
All account holders are provided with a free passbook and chequebook with an unlimited supply of cheque leaves. The free cheques facility is only reserved for the literate pensioners.
All account holders get a debit card which can be used for cash withdrawals, ATM transactions, balance enquiries etc. The debit card can also be used for making online and retail transactions.
Pensioners may avail overdraft facility up-to a maximum of 2 months’ pension amount as per the net credit to savings account in the previous month, only if no other credit facility is availed by the pensioner.
Benefits of the Baroda Pensioners Savings Bank Account
No Minimum Balance requirement in the account.
Customer get access to net banking facility for paying utility bills, online shopping and making other online transactions.
Customers can enjoy immediate credit of outstation cheques for up to Rs. 25,000
Nomination facility is also available under this account
Customers can deposit unlimited cash in their home branch and up-to ₹25,000 in outstation branches free of charge.