Bank of Baroda has made a big announcement. The bank has removed the minimum balance charge that was taken from customers for not keeping the required balance in their savings account. This new rule has started from July 1, 2025.
However, the bank said that this change will not apply to premium savings accounts. The bank will still charge a fee for not keeping the minimum balance in these premium accounts. These include BOB Master Stroke SB Account, BOB Super Savings Account, and BOB Shubh Bachat, among others.
Charges Still Apply on Premium Accounts
Bank of Baroda offers 19 types of premium savings accounts. If the minimum balance is not maintained in any of these accounts, the bank will continue to charge a penalty.
For example, in the BOB Sapphire Women Savings Account, the minimum balance is ₹1 lakh. If the balance goes below this in metro cities, a charge of ₹50 (excluding GST) will be taken.
In the case of the BOB Master Stroke SB Account, the minimum balance must be ₹5 lakh. If not maintained, a charge of ₹200 will be applied.
For the BOB Super Savings Account, the required minimum balance is ₹20,000, and the charge for not maintaining it is ₹50.
Home Loan Interest Rate Reduced
Bank of Baroda has also reduced its home loan interest rate. Earlier it was 8%, but now it has been lowered to 7.50%.
This decision was taken after the RBI reduced its rates in June. The new home loan rate is effective immediately and is only for new customers.
The bank has also made it easy to apply for home loans. Customers can now apply through the bank’s website or by visiting the nearest branch. The full loan process is now digital, which saves time and effort.
Bank of Baroda’s Large Network
Bank of Baroda is one of the top public sector banks in India. It serves more than 165 million customers in 17 countries. The bank is known for offering both digital and branch-based services to meet the needs of all types of customers.