• Baroda Advantage Savings Account

Saving is good. Saving smartly is even better.

Open bob Advantage Saving Account and get attractive benefits.

bob Advantage Saving Account

Note: The Bank may use the services of agents in sales/marketing etc. of its various products.

Reap the benefits of savings account with Bank of Baroda. A simple, convenient and hassle-free option to save and manage your money, open a savings account now. Enjoy an extensive range of features and benefits with Baroda advantage saving account.

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  • Benefits
  • Features
  • Documents Required
  • Interest Rates and Charges
  • Most Important Terms and Conditions (MITC)

bob Advantage Saving Account : Benefits

bob Advantage Saving Account : Features

  • 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.

bob Advantage Saving 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
  • Passport
  • Driving license with photo
  • Proof of possession of Aadhaar Number
  • Voter’s Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government.
  • Letter issued by the National Population Register containing details of Name and Address.
Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)
  • Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
  • Property or Municipal Tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, If they contain the address;
  •  Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;
In case of Foreign Students
  • Copy of Passport and copy of Visa.
  • An Identity Card issued by college / institution.
  • An admission letter for the course mentioning duration of course for which he/ she is admitted by the Institute / College.
  • An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.
For NRI / Foreign Tourist For PIO/OCI
  • Passport
  • Valid Visa
  • PAN/FORM60
Address proof mentioning the current overseas address (any one of the below) Documents issued by Govt. Deptt. of foreign jurisdictions i.e. Driving License, National Identification Card, Social Security Card, Employee Card and Labour Card, Tax Residency Certificate etc. having Name and Address of the Applicant Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old) Property/ Municipal Tax Receipt
Letter of allotment of accommodation/ Leave and License agreements allotting official accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.
For Foreign Nationals
  • PAN/FORM60
  • Valid Foreign Passport
  • Valid Indian Visa
Address proof mentioning the current overseas address (any one)
  • Foreign Driving License
  • Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National.
  • Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

(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
  • Certificate of Incorporation
  • Memorandum & Articles of Association.
  • PAN No. of the Company
  • Resolution of the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and
  • Any one of the OVDs and PAN/FORM60 of the managers, officers or employees, as the case may be, holding an attorney to transact on its behalf with his / her photograph
Accounts of Sole Proprietary firms.

(Any two of the following documents to be obtained)

  • Registration Certificate
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales and income tax returns,
  • CST/ VAT/GST Certificate (Provisional/Final),
  • Certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities.
  • IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. In case where the branches are satisfied that it is not possible to furnish two such documents from the above list, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches would have to undertake contact point verification, collect information to establish the existence of such firm, confirm, and satisfy itself that the business activity has been verified from the address of the proprietary concern.

    AND

    Any one of the OVDs along with PAN/ FORM60 of the proprietor.

Accounts of Partnership firms. (Registered)
  • Registration certificate,
  • Partnership deed; and
  • PAN No. of the Partnership Firm,
  • Any one of the OVDs and PAN/ FORM60 of the person holding an Attorney to transact on its behalf with his/ her photograph
Accounts of Trusts
  • Registration Certificate
  • Trust Deed
  • PAN/ FORM60 of Entity
  • Any one of the OVDs and PAN/FORM60 of the person holding an Attorney to transact on its behalf with his/her photograph.
Accounts of Unincorporated Associations or body of individuals includes unregistered
  • Resolution of the Managing body of such association or body of individuals;
  • PAN/ FORM60 of Unincorporated Associations or body of individuals
  • Power of Attorney granted to transact on its behalf;
Partnership firm/ trusts and societies.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;
  • Any one of the below mentioned list of documents to collectively establish the legal existence of such an associations or body of individuals.
  • Partnership Deed/ Trust Deed/ Bye Laws
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales Tax Returns,
  • CST/ VAT/ GST certificates (Provisional/ Final)
  • Certificate/ registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities.
  • License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute.
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the concerns.
Accounts of Hindu Undivided Family
  • PAN Card of HUF.
  • Declaration from the Karta.
  • HUF Letter/ Declaration signed by all the coparcener and Karta.
  • Any one of the OVDs and PAN/ FORM60 of the Karta with his / her photograph
Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.
  • Document showing name of the person authorized to act on behalf of the Government or its Departments, societies, universities and local bodies like village panchayats;
  • Any one of the OVDs and PAN/FORM60 of the person holding an attorney to transact on its behalf and
  • Any document to establish the legal existence of such an entity/ juridical person.
Account of Political Parties
  • Duly signed resolution of the working committee/ managing body as per bye- laws indicating details of the party president/ authorized signatory, tenure etc.
  • PAN of the Political Party
  • Power of Attorney granted to transact on its behalf;
  • Duly authenticated copy of Constitution/ Bye laws of the Party
  • Duly authenticated copy of Registration of Party with election commission
  • Authority letter, on party letter head, from Party president/ Authorized signatory as per Bye-laws for opening of account mentioning address of the State Unit, Title of Account and operating instructions for authorized signatory with attestation of their signature and photograph.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;

bob Advantage Saving Account : Interest Rates and Charges

For Interest Rates & Charges please “Click Here”

bob Advantage Saving Account : Most Important Terms and Conditions (MITC)

Transactions
  • 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.
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.
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.
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 in-operation of accounts.
  • Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, and 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.

Nomination
  • 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).

Need Assistance?

Frequently Asked Questions (FAQs)

  • What is bob Advantage Savings account?

    bob Advantage Savings account is a simple, convenient and hassle-free option to save and manage your money. You will receive a passbook and chequebook. You may also apply for a debit card, mobile banking and net banking on your digital savings account, though charges may apply.

  • What is the minimum balance required in bob Advantage Savings account?

    The Bank of Baroda minimum balance, also known as Quarterly Average Balance (QAB) to be maintained are-

    Rural –Rs. 500 /-

    Semi–urban –Rs. 1000/-

    Urban / Metro –Rs. 2000/-

  • What is the interest rate on a bob Advantage Savings account?

    The interest rate for bob Advantage Savings account is the same as applicable for a normal savings account. Please visit our Interest rates section on our website for the latest rates offered.

  • What are the eligibility criteria to open a bob Advantage Savings account?

    All resident individuals including minors. (above the age of 10 years. and able to read & write on their own).

    Target groups  

    • All individuals
    • Clubs and Societies
    • Provident Funds and Trusts
  • What are the key requirements for opening bob Advantage Savings account?

    All resident individuals including minors. (above the age of 10 years. and able to read and write on their own) in single or in joint names competent to enter into a contract are eligible to open savings bank a/c in his/her own name, limited to only one such account per person.

    All individuals and clubs, societies, provident fund, and trusts, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/Bank from time to time, provided they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act 1956 and those working for socially desirable purposes and serving weaker sections of the society, and those exempted from paying Income tax under Income Tax Act 1961 .

  • How much money can be deposited in a bob Advantage Savings account?

    While you do require a minimum balance in bob savings account, there is no ceiling on the amount deposited/held in the account. However, in the accounts of minors. aged between 10 years and 14 years, maximum amount that can be kept in the account is Rs.1 lakh.

  • How is interest calculated on bob Advantage Savings account?

    Savings Bank Account interest is being calculated on a day-to-day basis, on the daily closing balance in the account at the rates as per the savings interest. The interest amount is rounded off to the nearest rupee.

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

    Interest in the account will be credited on a quarterly basis in the months of February, May, August, and November every year.

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