Bank of Baroda doubles minimum balance limit for savings account

New Delhi: Bank of Baroda (BoB) will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. For metro, urban and semi-urban branches, the bank has doubled the minimum quarterly average balance. However, there is no change for such accounts in its rural branches. The minimum quarterly average balance for BoB advantage savings accounts for urban and metro branches will be increased from Rs 1,000 to Rs 2,000 from 1 February 2019 and for semi-urban branches, the minimum balance will be Rs 1,000. Till now, the customer had to maintain Rs 500 in BoB semi-urban branches.

If a customer fails to maintain the minimum quarterly average balance in BoB advantage savings account, then the individual will be fined according to the prescribed slabs by the bank. The maximum charges for non-maintenance of minimum balance are Rs 200 for metro and urban branches and Rs 100 for semi-urban branches, according to a press release by the bank.

So, starting 1 February, if you hold a savings account in BoB, you will have to maintain Rs 1,000 (for urban, semi-urban and metro locations) and Rs 500 (for rural locations) in it at all times.

The Cabinet has approved amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda. The amalgamation would be the first ever three-way consolidation of banks in India, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after SBI and ICICI Bank. The merger will also create the second largest public sector bank.

In 2017, SBI merged five of its subsidiary banks with itself and also took over Bharatiya Mahila Bank. This catapulted the state-owned bank into the league of the top 50 global lenders.

Bank Of Baroda