Any person, who is eligible for entering into a contract, can open a saving account in Bank of Baroda in his or her own name. He or she cannot open multiple number of such account but such accounts can be opened in names of two or more persons.
A saving account can also be opened in single name of minor, where the account can be operated by the minor. In this case, minor must have completed age of 10 years and is able to read as well as write. Maximum balance of credit should not exceed Rs.1, 00, 000. In case, when minor has completed age of 14 years, limit for maximum balance becomes unlimited.
Credit in Savings Account and Maintenance of Minimum Balance
A saving bank account with cheque book or without cheque book need some minimum average balance maintained always.
- Rural/Semi-Urban- For opening this account, there is required minimum credit of Rs.500. Maintenance of minimum average balance quarterly requires Rs.500.
- Urban/ Metro- For opening this account, there is required minimum credit of Rs.1000. Maintenance of minimum average balance quarterly requires Rs.1000.
Charges for Savings Bank Account in Bank of Baroda
- Transaction Charges- In case, when number of debits exceeds 50 per half year, Rs. 15 per debit will be charged.
- Cheque Book Issuance Charges- In Savings bank account of individuals, 30 leaves are free in a single financial year. After that, personalized and non personalized cheque book charge is Rs.5 per cheque leaf.
- Charges for Non Maintenance of Minimum Balance- NIL