In terms of market capitalization, Bank of Baroda is the second-largest government bank in India, with a current market cap of around Rs 1.14 lakh crore. The bank serves crores of customers across the country. If you are a customer of Bank of Baroda, this news is important for you.
Today, we will discuss the minimum balance required in your bank account according to the bank’s rules. If the minimum balance is not maintained, the bank charges a penalty, which is directly deducted from the money in your account.
Different Minimum Balance Limits for Bank of Baroda Accounts in Different Areas
Bank of Baroda has set minimum balance requirements based on the location of your account. The minimum balance limit for accounts in rural areas is Rs 500, while for accounts in semi-urban areas, the limit is Rs 1,000. For accounts in major cities like Delhi and Mumbai, the minimum balance limit is Rs 2,000. If you do not maintain the required balance, the bank will deduct a penalty directly from your account.
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Penalty for Not Maintaining the Minimum Balance
If you fail to maintain the minimum balance quarterly, a penalty will be charged. For accounts in metro and urban areas, the penalty is Rs 200, while for semi-urban accounts, it is Rs 100. It is advisable to maintain at least the minimum balance in your account to avoid ongoing penalties and unnecessary trouble.
Bank of Baroda LITE Zero Balance Savings Account
Bank of Baroda (BoB) has introduced the BOB LITE Savings Account as part of its ‘BOB Ke Sang Tyohaar Ki Umang’ festive campaign. This account allows you to maintain a zero balance for life, relieving you from the pressure of maintaining a minimum balance. In an official statement, the bank mentioned, “The BoB LITE account offers a hassle-free banking experience to customers without any minimum balance requirement.”