An account that goes beyond saving. It empowers.
Open Baroda Salary Classic Account and get attractive benefits.
Baroda Salary Classic Account
Bank of Baroda offers you a salary account for individuals with net monthly salary credit of less than Rs. 50,000. Enjoy salary account benefits associated with Bank of Baroda salary account. Open Bank of Baroda Salary Classic Account and enjoy a multi-beneficial salary account.Read More
Most Important Terms and Conditions (MITC)
Baroda Salary Classic Account : Benefits
Baroda Salary Classic Account : Features
- Overdraft Facility
- Maximum – Rs 50000
- Discounts on locker rentals, demat AMC, debit card issuance and renewal fee and issuance fee of prepaid cards.
- NEFT /RTGS free through online channel.
- Waiver on processing charges on retail loans.
- Three DD /BC free per quarter for personal use Maximum amount Rs 100000/- per quarter.
- Free lifetime Easy variant of Credit card subject to eligibility criterion of minimum income of 25000 /month and signing of auto debit mandate for debit of minimum due amount on card from salary account.
- Complementary Air Accidental Insurance of 15 lac and other accidental insurance cover of 5 lacs (Insurance linked to credit card)
- Debit Card Variant & Annual Fee
- Free Baroda Rupay Classic Debit Card for first year, thereafter chargeable @ Rs 150+ applicable taxes per year.
- Daily Cash Withdrawal limit Rs 25000 and Online Purchase limit is Rs 50000.
- Inbuilt Accidental Insurance of Rs 1 lac.
- Attractive offers linked to Debit card cards.
- Relationship Managers available on phone.
Baroda Salary Classic Account : Eligibility
|Eligibility||Baroda Salary Classic|
|Salary band||Net monthly salary credit of less than Rs. 50,000/-|
|Suitable for||Entry level/trainees|
Baroda Salary Classic Account : Documents Required
|List Of Valid KYC Documents For Account Opening|
|Permanent Account Number (PAN)/ FORM60 is mandatorily to be obtained while opening of the accounts as per extant Reserve Bank of India Guidelines.|
|Officially Valid Documents (OVDs) for Accounts of Individuals||
|Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)||
|In case of Foreign Students||
|For NRI / Foreign Tourist For PIO/OCI||
|For Foreign Nationals|
||Address proof mentioning the current overseas address (any one)||
(FRRO/ FRO Certificate/ Permit/ Indian Driving License/ OVDs/ any Deemed OVD mentioned herein above, is required to be provided for Indian Address Proof.)
|Accounts of Companies||
|Accounts of Sole Proprietary firms.||
(Any two of the following documents to be obtained)
|Accounts of Partnership firms. (Registered)||
|Accounts of Trusts||
|Accounts of Unincorporated Associations or body of individuals includes unregistered||
|Partnership firm/ trusts and societies.||
|Accounts of Hindu Undivided Family||
|Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.||
|Account of Political Parties||
Baroda Salary Classic Account : Most Important Terms and Conditions (MITC)
- Net monthly salary credit of less than Rs. 50,000/-.
- Minimum salary credit Rs. 10,000/-.
- Age of the Accountholder should be 18 Years and above.
- Entry level staff/trainees.
Minimum Deposit Amount
- Allowed to open with Zero Balance subject to immediate salary credit in the following month.
Minimum Quarterly Average Balance QAB
- Zero Balance Account
Charges for Non-maintenance of QAB
- Not applicable as account type is Zero Balance account.
- Free 50 cheque leaves per year, thereafter Std. Charges will be levied.
- NEFT/RTGS free through online channel.
Inbuilt Overdraft Facility
- Available immediately after 3 salary credits.
- Amount of overdraft equivalent to the net credit of average of last three salary credit rounded off in multiples of the nearest figure in thousand.
- Maximum: Rs. 50,000/-.
- Clean overdraft.
- Overdraft is to be adjusted in full once in 60 days of availing the same.
Demand Draft/Banker's Cheque
- Three DD/BC free per quarter for personal use. Maximum amount Rs. 1 lakh per quarter.
- Free Baroda Rupay Classic Debit Card for the first year, thereafter Std. Charges will be levied.
- Daily Cash Withdrawal limit is Rs. 25,000/- and online purchase limit is Rs. 50,000/-.
Waiver in Processing Charges on Retail Loans
- 25 % waiver on processing charges for housing loan, auto loan, education loan and mortgage loans. 100% waiver in processing charges for personal loan.
- Subject to the recovery of minimum Rs. 7,500 per property* to be mortgaged as out-of-pocket expenses (for legal, valuation etc.).
* Applicable on mortgage based Retail Loans.
Concession in Rate of Interest for Auto Loans
- For the employees who has availed home loan, a concession of 0.25% in applicable ROI of Auto Loan.
Discount on Depository Services/Demat AMC
- Waiver of 50% in charges.
- 5% discount on locker rentals.
- Free alerts.
- Sweep facility available on specific request.
- 25% waiver on issuance charges for gift/travel card.
- Bob World Mobile Banking Application with 225+ Services
- Relationship managers available on phone.
- Fully digitised
Interest Calculation and Frequency
- Interest for the period February to April will be credited in May, Interest for May to July will be credited in August, interest for August to October will be credited in November and interest for November to January will be credited in February every year.
- Account becomes inoperative/dormant, if there are no customer-induced transactions in savings account for over a period of two years. Interest is continued to be applied in all such savings bank accounts. No charges are levied for the in-operation of accounts.
- Activation/closure of dormant/inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature, subject to satisfaction of the Bank.
- All accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer, such deposits will be returned subject to conditions.
Disclosure of Information
- The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
- All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches.
- MITCs OF ATM/Debit Card, Mobile Banking, Net-Banking in application forms are available separately.
- The Bank will notify, 30 days in advance, about any change in terms and conditions/fees and charges on its Website.
- Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum up to Rs. 5 lakhs.
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What is the Baroda Salary Classic account?
Baroda salary classic account is a salary variant that is offered in case the net monthly salary variant is Rs. 10,000 – Rs. 50,000.
Salary account is which type of account?
A salary account is a type of savings account.
What are the benefits of a Salary Classic Account?
The benefits of Salary Classic account are many, have a quick glimpse below.
- Overdraft facility, ranging from Rs. 50,000 to Rs. 3 lakhs according to salary band.
- Avail discounts on locker rentals, DEMAT AMC, debit card issuance, renewal fee, and issuance fee of prepaid cards.
- Free remittance facility on RTGS/NEFT.
- Waiver on processing charges on retail loans.
- Free insurance facility linked to credit card
- Relationship Managers available on the phone
How to convert a saving account to a salary account?
The saving account can be converted into different salary variants according to the net salary credit of the customer. Also, permission/request from the customer as per extant guidelines is to be obtained.
How to open a salary account?
The age eligibility to open a salary account is a minimum of 18 years and above and the net monthly salary should be in the range of Rs. 50,000 to more than Rs. 2 lakhs. You can also open a salary account online through the website or Branch.
Do we get interest on salary account?
The interest rate for the Baroda salary account is the same as applicable for a normal savings account. Please visit the Interest rates section of our website for the latest salary account interest rate offered.
Can I deposit cash in a salary account?
Yes. You certainly can deposit cash in the salary account.
Can I use the salary account for personal use?
Yes, you can open a salaried account for personal use.
Is Baroda Salary Classic Account a zero balance account?
Yes, it can have zero balance.
Is the sweep facility available under Baroda Salary Classic Account?
Yes, it is available.
Is the overdraft facility available in Baroda Salary Classic Account?
Yes, it is available.
Can we open a salary account without a PAN card?
No, we cannot open a salary account without PAN Card.
Is the Aadhaar card mandatory for salary accounts?
Yes, an Aadhaar card is mandatory for opening a salary account.
Who can open a salary account?
The age eligibility to open a salary account is a minimum of 18 years and above and the net monthly salary should be in the range of Rs. 50,000 - Rs. 2 lakhs.
03 Jul 2019
17 Oct 2022
17 Oct 2022