Bank of Baroda has launched a special saving account recently, extending its benefits to individuals aged 10 years and above. Under this savings account, customers can enjoy various facilities without the need to maintain a minimum balance.
About the Saving Account
Known as the “BOB Lite Saving Account,” this account was introduced by the bank on the occasion of festivals. It is a lifetime zero balance savings account, meaning customers are not required to maintain a minimum balance. Individuals of age 10 years and above can avail of this account, while for account holders aged 10-14 years, the deposit limit should not exceed Rs. 10,000.
Benefits Offered
Opening a BOB Lite Saving Account comes with several perks. Customers receive a 30-page checkbook free of charge. Those maintaining a specified balance are entitled to a free platinum debit card. The minimum balance requirement varies based on the type of locality, with Rs. 3000 for metro cities, Rs. 2000 for semi-urban areas, and Rs. 1000 for rural regions.
Additionally, the bank is offering some account holders a complimentary lifetime credit card. This initiative aims to make banking services more accessible and inclusive, even for minors, fostering financial literacy and empowerment among all age groups.