2 accounts available
Bank of Baroda
Bank of Baroda BSBDA (Basic Savings Bank Deposit Account) is a zero-balance savings account compliant with RBI's financial inclusion guidelines, designed to bring every Indian within the formal banking umbrella. Bank of Baroda, as one of India's largest public sector banks, plays a significant role in the government's financial inclusion mission and has opened millions of BSBDA accounts for unbanked families across urban and rural India. The BSBDA is specifically designed for Below Poverty Line (BPL) families and those who cannot maintain a minimum balance. The account has a balance cap of ₹50,000 per year and a maximum credit of ₹1 lakh per year — sufficient for most low-income households receiving government subsidies and wages. All deposits to the BSBDA are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakhs, providing full protection for the account holder's savings. This makes it one of the safest places to keep money for families who have historically relied on cash or informal savings mechanisms. The complimentary Bank of Baroda BSBDA RuPay Debit Card enables ATM withdrawals at all Bank of Baroda ATMs (4 free per month) and can be linked to UPI apps for digital payments and transfers. The card is accepted at over 1.5 million merchant outlets across India. Crucially, the BSBDA is fully eligible for Direct Benefit Transfer (DBT), which means government subsidies under MGNREGA, PM Kisan, cooking gas (PAHAL), and other central and state government schemes are directly credited to the account. This ensures transparency and eliminates middlemen in the welfare delivery system. Source: Bank of Baroda official website, updated May 2026.
Bank of Baroda
Bank of Baroda Savings Account is one of the most accessible bank accounts in India, offered by the country's second-largest public sector bank with a network spanning 8,100+ branches, 100,000+ ATMs, and services in every state and union territory. The bank serves over 150 million customers, making it one of the largest banking institutions in the world. The Bob World mobile app has transformed Bank of Baroda's digital presence, offering a comprehensive mobile banking platform that supports UPI, IMPS, NEFT, RTGS, bill payments, credit card management, and investment services. The app has received significant updates in recent years and now rivals private bank apps in terms of user experience and functionality. The interest rate of 2.75% per annum is applied uniformly across all savings account balances, with interest calculated daily and credited quarterly to the account. While this rate is lower than private sector banks, it reflects the public sector banking approach of maximising accessibility over yield. The complimentary Bank of Baroda RuPay Debit Card is accepted at all ATMs and merchant outlets in India and globally through the RuPay and Visa networks. The card also enables the Jan Dhan integration, which allows government subsidies (MGNREGA wages, cooking gas subsidy, PM Kisan payments) to be directly credited to the account. For customers looking to access government savings schemes, Bank of Baroda offers seamless integration with Sukanya Samriddhi Yojana, Public Provident Fund (PPF), and National Savings Certificates (NSC) — all accessible through the Bob World app or at any branch. Source: Bank of Baroda official website, updated May 2026.