Enjoy Banking on the Go.
Download Mobile Banking App

Savings Bank Account

Saving is good.
Saving smartly is even better.

Benefit from our wide range of Baroda Savings Accounts

Savings accounts are a simple, convenient and hassle-free option to save and manage your money.

With an extensive range of features and benefits, savings accounts from Bank of Baroda are ideal for all types of investors.

Baroda Advantage Savings Account - A convenient, secure and easy banking

  • Savings accounts are a flexible and easy-to-operate option for all. As the simplest form of deposit available to customers, savings accounts are among the most popular type of bank deposits.
  • Among the many advantages of a savings account are the wide variety of features available to account holders. These benefits of range from multiple withdrawal options to simple terms and conditions.
  • There are no hidden costs for using the various features on a savings account.
  • Savings accounts deposits are insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation) to provide stability and assurance to the customer. One of the benefits of having a savings account is that customers are generally eligible for a wide range of features on savings accounts, such as debit cards, internet banking and mobile banking.


All Customers in Age Group of 18-70 are eligible to avail the Life Insurance benefits Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH)

Sum Assured

The Sum assured starts at a minimum of Rs.1.00 lac and goes up to Rs.5.00 lacs (in multiples of Rs. 1.00 lac).

Under the Scheme, Only one insurance cover per person shall be allowed.


Period of Insurance is one year from 01st January to 31St December every year and is annually renewable. In case of those accounts which are opened in due course in the middle of the year, premium shall be paid on prorata basis only for the year in which the insurance is subscribed as per details mentioned below:

Premium Table

Insurance premium chart - 1 Lac
Age in Years
18-35 36-50 51-59 60-70
Month of joining the Scheme Premium ( Inclusive of GST )
with effect from 01.01.2020
Coverage in Months
Jan 138 276 768 1,975 12
Feb-20 127 253 704 1,811 11
Mar-20 115 230 640 1,646 10
Apr-20 104 207 576 1,482 9
May-20 92 184 512 1,317 8
Jun-20 81 161 448 1,153 7
Jul-20 69 138 384 988 6
Aug-20 58 115 320 823 5
Sep-20 46 92 256 659 4
Oct-20 35 69 192 494 3
Nov-20 23 46 128 330 2
Dec-20 12 23 64 165 1

From second year onwards the premium for the full year will be auto debited at central level in the month of January.

Insurance cover shall be available only till the Savings Account is active and Premium amount once collected shall not be refunded even if the account is closed.

  • As a customer, you can enjoy the many features of a savings account free of cost or for minimum charges. With a savings account, you will receive a passbook and chequebook.
  • You may also apply for a debit card, mobile banking and net banking on your savings account, though charges may apply. With net banking, you can access your bank statements and make payments directly from your savings account. You can use the debit card linked to your savings account to withdraw cash from ATMs and to pay merchants.
  • Bank of Baroda pays interest on all savings accounts, the interest of which, is transferred to your savings account every quarter, though it is calculated daily.


Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof. In case of single account of minor to be operated by him/her the maximum balance outstanding on any day should not be more than Rs. 100000/- when the minor is aged between 10-14 years

Cash Deposit

  • For Rs.50000/- and above PAN is required to be submitted as per requirement of Income Tax.
  • At Cash machines
    • Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day where PAN is registered and Rs.49,999/- where PAN is not registered in account.
    • Card less transaction (by feeding account number) up to Rs. 20,000/- per day.
    • Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.

Cash Withdrawal

  • Inter SOL cash payments to third parties is not permissible.
  • Per day per transaction limit of Rs.50000/- is fixed for cash withdrawal by account holder only (through withdrawal up to Rs.25000/- SB Account without cheque book facility) at Non Base CBS branches irrespective of nature of accounts. Passbook should accompany with Withdrawals.
  • Self-Withdrawal at Base branch is free.

Interest calculation and frequency

Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are May-July, August-October, November-January and February-April. Interest is credited to the account within 15 days of end of quarter. However, Value date effect as of 1st day of the month is given while crediting interest.

Withdrawal(s) & use of Withdrawal Form (Slip)

Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs.25000/- (Minimum Rs.25/- in Rural/SU and Rs. 50/- in Metro/Urban)

Passbook and statement of account

  • Free Pass Book
  • Rs. 100/-- per duplicate Pass Book / Statement with latest balance only. For previous statement/ entries, applicable charges apply.

Cheque book

30 cheque leaves will be issued free in a financial year. For additional cheque leaves, charges will be applicable

Registration and execution of Standing instructions

  • No charge within the Bank
  • Rs.50/- per transaction plus applicable remittance charges in case of credits for outside the branch whether in same city or other cities i. e in other branches / Offices such as LIC etc. plus actual postage charges.
  • Transfer of account/scheme

    upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/scheme free of charge.

  • Dormant/Inoperative Account

    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 inoperation 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.

    Minimum balance requirement.

    Min. QAB
    Rural Rs 500*
    Semi-Urban Rs 1000*
    Urban / Metro Rs 2000/-*

    Computation: Minimum QAB requirement is calculated on the basis of summation of closing balance of number of days divided by number of days. For purpose of arriving at Quarterly Average Balance/Minimum Balance charges, the period of quarters are considered as 16th Mar to 15th Jun, 16th Jun to 15th sep, 16th sep to 15th Dec and 16th Dec to 15th Mar of a particular year


    facility available.

    Rules for Transfer/ inter-sol transfer/clearing transactions and charges

    • Transfer Transaction at base branch : Allowed freely without any limit
    • Transfer Transaction at Non-base branch (local as well as outstation) normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions. There are no charges for Inter-sol transfer transactions. .
    • Clearing Transactions: There is no restriction for clearing transactions.

    Closure of account and charges

    • All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the unused cheque leaves should be surrendered along with the letter requesting closure.
    • In case of pre-mature closure of the account no charges will be levied if the account is closed within 14 days of first customer induced credit into the account. However, charges @ Rs.200/- plus service tax will be levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. In case of death of account holder no charges will be levied.

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, 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 upto Rs 5,00,000( Rs 5 lakh)

Bank of Baroda offers a wide range of features on savings accounts. Apply now to open a savings account and enjoy its numerous benefits.

Last Visited Page

Back to Top