Bank of Baroda is one of the prominent Indian banks owned by the state. It was founded on 20th July 1908 and is headquartered in Vadodara, India. It offers personalized banking products to suit the banking needs of customers. It has a worldwide presence of a total of 5326 bank-branches and more than 8000 ATMs. It has been recognized as a profit-making public sector institution.
Bank of Baroda provides a fantastic internet banking facility known as "Baroda Connect" for the benefit of its retail and corporate customers. It is a customized service available 24/7 and 365 days a year. Following are some of the features of an internet banking facility:
Instant transfer of funds.
Direct and indirect taxes payment.
Receive account statements.
Payment of utility bills such as electricity and mobile.
School fee payment.
Booking air and rail tickets.
The bank provides several financial products and services to Non-Resident Indians who are living abroad. Following are the NRI services provided by BOB:
Foreign Currency Linked Rupee Deposits (FCLR) Schemes.
Foreign Currency Denominated Non-Resident Fixed Deposits (FCNR-FD)
Non-Resident External (NRE) Savings Account
Premium Non-Resident External (NRE) Savings Bank Account
Non-Resident External (NRE) (RUPEE) Current Account
Non-Resident External (NRE) (RUPEE) Fixed Deposits
Non-Resident Ordinary Rupee Savings Account (NRO-SA)
Non-Resident Ordinary Rupee Current Account (NRO-CA)
Non-Resident Ordinary (NRO) Fixed Deposits
Foreign Currency for NRIs
Resident Foreign Currency Account
Rupee Linked Foreign Currency Deposit scheme
The acronym of IFSC is Indian Financial System Code, and it is used to identify each branch of the bank. This code is essential for making electronic transfers. The IFSC code of each bank branch will be unique.
Structure of BOB IFSC
It consists of 11 -Digit alphanumeric code.
First four alphabets include: Name of the Bank
The fifth letter is: 0 ( left for future expansion)
Remaining 6 Characters of the code: Mostly Numeric (can be alphabetic too)
For instance: IFSC code of Bank of Baroda Begumpet Branch -- BARB0BEGUMP
The stocks of BOB are listed on NSE and BSE. The NSE code is BANKBARODA, and BSE code is 532134. As per the data accumulated in 2017, BOB is ranked 1145 on the Forbes Global 2000 list. The market capitalization of Bank of Baroda in March 2018 was Rs.30347.76 crore. The BOB share price fluctuates every moment, and thus it is imperative for all potential investors to keenly study the performance of the company's shares before investing in it.
The bank has gained importance in the credit card market as it offers several cards that cater to the requirements of card-holders. The various credit cards provided by BOB are as follows:
BOBcard Signature: Through this card, the card-holders get free of cost insurance coverage in accidental cases and a 100% cash-back on the accrued loyalty points.
BOBcard Platinum: It also provides free coverage in unforeseen emergencies and 100% cash-back facility on the earned loyalty points.
BOBcard Titanium: It offers free accidental coverage, cash-back facility on saved loyalty points and free joining service.
BOBcard Corporate Premium: The customers can withdraw 30% extra cash over the credit limit. It includes revolving credit and free accidental insurance.
Bank of Baroda provides a wide array of savings accounts that have different rates of interest. Following are some of the savings accounts:
Baroda Centenary Savings Account
Savings Bank Account
Baroda Basic Savings Account
Super Savings Account
Baroda Salary Advantage Saving Account
Baroda Bachat Mitra
Baroda Pensioners Savings Bank Account
Baroda Jeevan Suraksha Savings Bank Account
All of the accounts that are mentioned above earn an interest rate of 4% p.a. that is calculated daily.
Bank of Baroda also offers fixed deposit account schemes to the card-holders at various rates of interests. Here are the different fixed deposit interest rates for consumers depending on the tenure:
Fixed Deposit Rates on Short-term:
The interest rates on short-term deposits range from 4.5%-7.30%.
Fixed Deposit Rates on Medium and Long-Terms:
Here the interest rate for medium and long-term remains at 6.75%.
Fixed Deposit Rates for Senior Citizens:
For long-term deposits, the interest rate is 7.80% making it 0.50% higher for the general public.
The bank offers various loan facilities starting from home loans, travel loans, car loans and personal loans to its customers, satisfying various loan requirements of the consumers in every field. Following are the loans offered by BOB:
Baroda Advance Against Securities
Bank of Baroda Home Loans
The bank offers many home loans to its customers to cater to their house-related requirements. Through house loans, consumers can easily buy a new home, renovate the existing one, purchase land to build a new home and repay the unpaid loan already taken in lieu of a property. There are three types of home loans that the bank offers:
Baroda Home Loan Advantage
Baroda Pre Approved Home Loan
Baroda Home Loan Suraksha Personal Loan
Bank of Baroda Auto Loan
BOB offers car loans to its customers to help them buy a vehicle of their choice. The auto loan is available to salaried employees, businessmen, professionals, corporates, NRIs and PIOs. The bank offers attractive interest rates and up to 90% financing on car loans. The minimum credit score required to apply for the loan is 725.
Through BOB two-wheeler loans, customers can purchase a brand new bike and repay it through EMIs. With a two-wheeler loan of up to Rs.10 Lakh, the customers can easily finance bike purchase, without getting into the hassles of down payments.
Bank of Baroda assists students in taking education from schools or colleges alike through its various student loans. Following are the loans provided by BOB:
Baroda Vidhya (Education from nursery to XII)
Baroda Gyan (Higher study in India)
Baroda Scholar (for studying overseas)
Baroda education loan to students of premier institutions.
Government of India has released an interest subsidy scheme for education loan under which the students can apply for a loan by checking eligibility and get the subsidy.
BOB Personal loans offer an easy solution to one’s urgent financial needs. Personal loans have many benefits over others such as credit card, and informal loans from friends and family. The processing charge for a personal loan is calculated at 2% of the loan amount. The amount of borrowing in personal loan varies as per the location of the customer.
Bank of Baroda Mudra Loan
The purpose of this loan is to empower micro and small enterprises. One of the significant advantages of this credit is that borrowers don't need to provide security or collateral to avail this loan.
Baroda Advance Against Securities
The customers can avail this loan at attractive interest rates by pledging their security without hassles of extensive documentation.
Bank of Baroda offers gold loans as a demand loan. It is for those who own gold ornaments and gold jewelry. The interest rate of the Bank of Baroda gold loan is 2% + strategic premium + 1 year MCLR. Service tax is 0.50% as processing fee. The maximum loan amount is Rs. 10 lakh and it needs to be paid by 12 months. Before signing up for the loan, be sure to check the current gold rate.