Bank of Baroda P.B. Earns interest and is convenient to withdraw. CRITERIA FOR OPENING A SAVINGS BANK ACCOUNT. The Baroda Super Savings Account from Bank of Baroda is a superior savings account that offers various value added propositions to resident customers of high value. This scheme is available in urban and metro cities and offers many advantages to the customer. 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). Accounts can be opened with “zero” balance. Minimum balance is to be maintained from subsequent month. Minimum balance of NZ$500 or US$500. No Account maintenance charges except minimum balance charges; Unlimited number of remittance without any fees to any personal account of any bank in India. Internet banking and Mobile App available.

A Savings Account is very beneficial with multiple advantages as detailed below:

Apply & Open Bank of Baroda salary advantage savings account online & get 4% interest rate with zero minimum balance required.

(1) Earns Interest on your Savings

This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.

Interest rate in savings account ranges from 3.5% to 7%.

(2) Provides Security of Funds

There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.

(3) No Lock-in Period

There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.

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(4) Offers Liquidity

You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.

(5) Availability of Variety of Savings Account

Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.

(6) Services of Customer Relation Manager

Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.

(7) Online Banking Facilities

If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.

(8) Provides ATM/ Debit Card

You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.

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(9) Helps you Get Credit or Loan

The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.

(10) No Cap on Deposits

There is no limit on the amount deposited and number of times it is deposited.

(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions

You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.

(12) Free Mobile App

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Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.

Claiming Money after Death from Bank Of Baroda Savings Account: Nominee can be defined as a person who receives the benefits in case of death of a person. Nominee is usually the spouse, children or parents. In case of a savings bank account, the account holder can make someone nominee for his/ her account. The nominee acts as a trustee and receives the claimed proceeds from the bank as a trustee of the legal heirs.

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At the time of opening a bank account, most of the banks coerce applicant into making a nomination in your account so that there will be no difficulty in receiving the proceeds of account holder's account after his/ her death. Sometimes it happens that people ignore creating nomination while opening the account.

Account holder/s can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.

A person can open an account in a bank either singly or jointly. If he/ she is opening an account singly then it is advisable that he/ she must add a nominee in that account so that the nominee can receive the proceeds of the account in a hassle-free manner after the death of the account holder. Joint account holders should also add nominee.

There are following incidences after the death of the account holder when the money or proceeds of the account is required to be claimed. The necessary steps to be taken by the nominee/ claimant/ joint holder/ legal heir have been explained in detail which may be helpful: