In today’s fast-paced world, having a hassle-free and cost-effective savings account is essential. The bob LITE Savings Account, introduced by Bank of Baroda, is designed to offer a seamless banking experience with zero balance requirements. This savings account is perfect for individuals who want to enjoy the benefits of digital banking without worrying about maintaining a minimum balance.
Key Features of bob LITE Savings Account
- Zero Balance Requirement
Enjoy the freedom of maintaining a savings account without the stress of a minimum balance. - Free RuPay Platinum Debit Card
Get a RuPay Platinum Debit Card at no cost by maintaining a Quarterly Average Balance (QAB):- ₹3,000 for Metro/Urban branches
- ₹2,000 for Semi-Urban branches
- ₹1,000 for Rural branches If the QAB is not maintained, an annual fee may apply.
- Lifetime Free Credit Card
Eligible customers can avail a lifetime free credit card with exciting benefits and offers. - Complimentary Cheque Book
Enjoy up to 30 free cheque leaves per year, making transactions smoother. - Exciting Discounts and Cashback
Exclusive discounts on travel, shopping, and dining when using Bank of Baroda debit and credit cards. - Digital Banking Convenience
Manage your finances easily with Bank of Baroda’s mobile banking and internet banking services.
Who Can Open a bob LITE Savings Account?
The bob LITE Savings Account is available to all resident individuals, including minors above the age of 10 who can read and write. This makes it an excellent option for students, salaried individuals, business professionals, homemakers, and self-employed persons.
How to Open a bob LITE Savings Account?
Opening a bob LITE Savings Account is quick and easy. Follow these steps:
- Visit the Bank of Baroda Website – You can start the process online via Video KYC.
- Visit the Nearest Branch – Carry your required documents and complete the account opening process.
Documents Required for Account Opening
To open a bob LITE Savings Account, you need to provide:
- Identity and Address Proof (Aadhaar, PAN, Passport, Voter ID, etc.)
- Permanent Account Number (PAN) or Form 60 (if PAN is not available)
Fees & Charges
While the account has no minimum balance requirement, maintaining the required QAB is necessary to enjoy free debit card benefits. Otherwise, an annual fee for the debit card will apply.
Why Choose bob LITE Savings Account?
- No maintenance worries with zero balance requirements.
- Access to a free RuPay Platinum Debit Card and lifetime free credit card.
- Convenience of mobile and internet banking.
- Exclusive cashback and discounts on transactions.
Frequently Asked Questions (FAQs)
1. What is the minimum balance requirement for the bob LITE Savings Account?
There is no minimum balance requirement. The account operates as a zero balance savings account.
2. Is there a fee for the RuPay Platinum Debit Card?
The debit card is free if you maintain the required Quarterly Average Balance (QAB). Otherwise, an annual fee may apply.
3. Can minors open a bob LITE Savings Account?
Yes, minors above the age of 10 years who can read and write are eligible to open this account.
4. How can I open a bob LITE Savings Account online?
You can open the account digitally through Video KYC by visiting the Bank of Baroda website.
5. What documents are required to open the account?
You need to provide Identity and Address Proof (Aadhaar, PAN, Passport, Voter ID, etc.) and PAN or Form 60.
6. What are the benefits of the lifetime free credit card?
Eligible customers can avail a lifetime free credit card with exclusive benefits, cashback offers, and discounts.
7. Are there any charges for non-maintenance of the account?
No penalties for non-maintenance of balance, but certain facilities like the debit card may incur fees if QAB is not met.
8. Can I access mobile banking with this account?
Yes, you can use Bank of Baroda’s mobile banking and internet banking for seamless transactions.
The bob LITE Savings Account is a great choice for those looking for a simple, hassle-free banking experience. With its zero-balance feature, digital banking access, and additional perks, it caters to the needs of a diverse customer base.
If you’re looking for an easy-to-maintain, zero-balance savings account with fantastic benefits, the bob LITE Savings Account from Bank of Baroda is a great option!