How does Bank of Baroda stand out as the top choice for Salary Accounts?
23 Feb 2024
Table of Content
Bank of Baroda Salary account is an account that goes beyond saving. It empowers the employee with attractive benefits. Bank of Baroda stands out as a compelling choice for the opening of Salary Accounts. Tailored to customers' needs, Bank of Baroda offers various types of Salary Accounts.
Why should you open a Salary Account with Bank of Baroda?
Bank of Baroda understands diverse financial needs, providing a variety of account options to cater to individual preferences. The quick and hassle-free account opening process reflects their commitment to efficient service.
The convenience of their user-friendly online banking services makes managing finances seamless. With an extensive branch and ATM network, coupled with tailored offers for salary account holders, Bank of Baroda stands out as a reliable choice, emphasizing both convenience and value for its customers.
Types of Salary Accounts offered by Bank of Baroda
Baroda Salary Classic Account
Employees who have a gross monthly salary band of Rs.10,000/-to Rs.50,000/- can enjoy the benefits of this account.
Baroda Salary Super Account
Employees who have a gross monthly salary band of Rs.0.50 Lakh to Rs.1 Lakh can enjoy the benefits of this account.
Baroda Salary Premium Account
Middle management employees with a gross monthly salary of more than Rs. 1 lakh to Rs. 2 Lakhs can avail the benefits of this go-to savings account.
Baroda Salary Privilege
Top management can benefit from a salary account if their gross monthly income exceeds Rs. 2 lakhs.
Documents Required to Open a Salary Account?
Employees require the following documents to open a salary account :
- An application form to open a salary account.
- Proof of identity & address like:
- PAN Card
- Aadhaar Card
- Voter ID Card
- Driving License
- Passport
- Latest passport-size photographs
- Employment Proof such as Appointment Letter, ID Card etc.
- Salary Slip
Benefits of Opening A Salary Account?
A Salary Account offers more advantages than a savings account. While the perks and features of salary accounts differ by bank, Bank of Baroda offers the benefits by type of Account:
1. Benefits of Baroda Salary Classic Account
- Inbuilt Overdraft facility upto Rs.1,00,000 *
- Lifetime Free Baroda Select Credit Card
- 20% discount on locker rentals
- 50% Waiver in processing charges on retail loans
- Sweep facility available
- Free SMS / E-mails Alerts
2. Benefits of Baroda Salary Super Account
- Inbuilt Overdraft facility upto Rs.2,00,000 *
- Lifetime Free Baroda Select Credit Card
- 30% discount on locker rentals
- 50% Waiver in processing charges on retail loans
- Sweep facility available
- Free SMS / E-mails Alerts
3. Benefits of Baroda Salary Premium Account
- InBuilt Overdraft Upto ₹3,00,000*
- 100% waiver on processing charges of retail loans
- Life time free Visa Sapphire Debit card
- 40% Discount on locker rentals (Subject to availibility)
- Sweep facility available on request
- 100% Discount on Depository Services / Demat AMC
- Life time Free PREMIER CREDIT CARD
- 75% waiver on issuance charges for gift/travel card
- Complementary Zero Balance Account for Spouse
4. Benefits of Baroda Salary Privilege Account
- Inbuilt Overdraft Facility Maximum: Rs. 3lakhs*.
- 100% waiver on processing charges of retail loans
- Life time free Visa Sapphire Debit card
- 50% Discount on locker rentals
- Sweep facility available on request
- 100% Discount on Depository Services / Demat AMC
- Life time Free PREMIER CREDIT CARD
- 100% waiver on issuance charges for gift/travel card
- Complementary Zero Balance Account for Spouse
Also Read: 6 Best Ways to Earn Returns Through Your Savings Account
Conclusion
Once the requirements for opening a Salary Account are met, the employee can start enjoying benefits like Net-Banking , Credit Card offers, utility bill payments, etc. It simplifies the process and enhances the banking experience for both employers and employees. Bank of Baroda offers 4 types of Corporate Salary Accounts for the convenience of the customers.
FAQs
Q. How long does it take to open a salary account?
A. The time to open a salary account varies by the bank but is a quick process, often completed within a few days after the submission of documents required to open a salary account.
Q. Can I have multiple salary accounts?
A. No, you cannot open two accounts for one purpose.
Q. Are there any fees associated with salary accounts?
A. Fees associated with salary accounts depend on the bank and the type of account. Some banks may offer zero or reduced fees for salary accounts.
Q. Can I convert my existing savings account into a salary account?
A. Yes, one can convert existing savings account into a Salary account.
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Disclaimer
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.
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