A savings account is a bank account that returns our savings with interest. You can start a savings account in any bank across the country or any other financial institution. Although the interest rate on such accounts are not that high yet the security and safety they provide to your money makes these a favourable option. Also it is believed that the money in the bank has a greater purchase power than cash in hand. Earlier there was an obligation to start a savings account i.e. you need to deposit a minimum amount of money to start a savings account.
With new policies coming everyday, there has been another option now available for the savings account i.e. you can now start a savings account with 0 balance amount. These accounts are called zero balance savings accounts. Many banks and financial institutions across the country provide this facility of Zero balance account but today, in this article we will learn about the zero balance account opening a Bank of Baroda.
Bank of Baroda is a well known public sector bank of India. It serves millions of customers with their sheer will and dedication. The bank has tried to make policies to lure every section of people. Zero balance accounts are usually preferred by people who keep a very low daily balance and use the account for minimals spends. Lets know everything about the BOB zero balance savings account.
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Types of BOB zero balance account
- The Baroda advantage zero balance savings account.
- The Baroda Champ account.
- The Baroda salary variants accounts
- The B3 accounts
- The Baroda Government Employee Salary Account Scheme.
- The Basic savings bank deposit account.
- The Baroda defence salary package account
Let’s study the features of each of these zero balance savings accounts carefully and decide which is the best as per our needs.
Features of BOB zero balance account
All about the Baroda advantage zero balance savings account.
This savings account can be started with the amount of Rs. 0. The eligibility criteria for this account just requires you to be a citizen of India and above the age of 18. There is no minimum deposit value in this account as it is a zero balance account, also there is no maximum limit to it either, you can deposit as much money as you want in this account. You can make an unlimited number of free transactions through an ATM on this account. Also Internet banking and mobile banking facility is also available on this account to make it more customer friendly.
All about the Baroda Champ account.
This type of zero balance savings account is for children of age group from 0 to 18. The account can be started individually for the children between age group 10 to 18 or can also be started jointly with their parents or guardian. As the account is a zero balance account, hence, there is no minimum balance or opening limit to it but for this account there is a maximum credit limit of Rs. 1 lakh i.e. at once a maximum of Rs. 1 lakhs only can be credited to this account. This type of account can be considered a piggy bank for the kids operated and taken care of by their parents or guardian.
All about the Baroda salary variants accounts
These accounts are specially designed for employed people whose salaries can directly be credited in these accounts. The bank provides a multiple number of features on these kinds of accounts namely no charges on remittance facility i.e. your salary would be credited to some pre decided accounts in definite proportion, no processing charge of loans and also you can get a lifetime access to free credit card on these accounts. There are a number of other benefits as well for using these accounts. There is no maximum credit limit on these accounts, you can add as much money in the account as much you want to. Since it is a zero balance account, the balance in these accounts can go as low as null.
All about the B3 accounts
These are the digital bank accounts which have the minimum concerns with the bank branch. The bank accounts can be started using the mobile banking or internet banking facility. The account has similar features like any other zero balance savings account i.e. no initial amount requirement to open the account or no maximum limit for money deposit. There are no maintenance charges applicable on these bank accounts, also the transaction through these bank accounts via ATM are free only if you use a BOB ATM. The bank is best suitable for people who do not like to visit the bank often to handle finances. But it is not the best suited kind of account as it lacks some features that you get only on a branch accessed account.
All about the Baroda Government Employee Salary Account Scheme.
This type of account has a strict criteria for eligibility as the account can only be used by a government of India employee. There is a list of government employees eligible to enrol in this account.
- Should be a central government employee.
- Should be a state government employee.
- Should be a PSU employee.
- Should be a local body employee.
- Should be an employee in a company with the government as the major shareholder.
It is a zero balance savings account with no maximum limit of deposit. The account gets access to lifetime free cheque books and internet and mobile banking.
All about the Basic savings bank deposit account.
This is the most basic and regular type of savings account. Any person who is a citizen of India and is above the age of 18 years can individually or jointly start this account for any purpose be it a daily use account or a long term savings account. It has all the features of a normal savings account with the minimum balance limit of Rs. 0 and no restrain the maximum limit. Most of the common people go for these types of accounts for savings or daily use purposes.
All about the Baroda defence salary package account
These accounts are specifically designed for the people in the defence forces. These account holders enjoy a number of benefits on these account but beside these I would like to bring in notice that this division also has a sub division in itself that goes like:
- Baroda Military salary package
- Baroda central forces salary package
- Baroda police forces salary package
The transactions of this type of account via ATM is absolutely free, free remittance, cheques, demand drafts, mobile banking and internet banking facility is also available on these types of accounts. The account holder receives a 50% discount on the access to the bank locker and a 100% discount on the demat annual charges. There are a number of other benefits as well associated with these bank accounts.
As we now know about each type of zero balance savings account available at Bank of Baroda, let’s look at the process of starting these accounts.
Process to start the BOB zero balance savings account
There are 2 ways to start a zero balance savings account : the offline and online method.
It is the basic and regular ways of starting a bank account by visiting one of the bank branches, applying for the account through filling a form and so on. Here are the steps that one needs to follow to start a BOB zero balance savings account by visiting the bank:
- Go to the nearest Bank of Baroda branch.
- Get information about the account you want to start.
- Fill up the account opening application form.
- Submit proofs supporting the information you filled in the form.
- Once your application is verified, you will be notified through an email.
Your account will now be started.
Many people do not have the time these days to visit banks physically and go on with the account opening process. In that case people can apply for opening a savings account online. Here are the steps that you need to follow to open your BOB zero balance savings account online:
- Visit the BOB official website.
- Search for the 0 balance account facility.
- Explore the options.
- Fill up the application form for the same.
- Upload all the digital copies of the proofs needed.
- Get your KYC verification done online.
- If your application gets approved you will be provided with a customer id to login.
- Using that you can log into net banking or mobile banking and carry on with other banking activities.
That’s how you can easily get a new BOB zero balance account started without even visiting the bank physically.
That was all you needed to know about the Bank of Baroda zero balance savings account facility. You can choose the right kind of bank account as per your needs and eligibility.
Click here to know how to generate BOB ATM or debit card PIN.
What did we learn?
- 1 Types of BOB zero balance account
- 2 Features of BOB zero balance account
- 2.1 All about the Baroda advantage zero balance savings account.
- 2.2 All about the Baroda Champ account.
- 2.3 All about the Baroda salary variants accounts
- 2.4 All about the B3 accounts
- 2.5 All about the Baroda Government Employee Salary Account Scheme.
- 2.6 All about the Basic savings bank deposit account.
- 2.7 All about the Baroda defence salary package account
- 3 Process to start the BOB zero balance savings account