Bank of Baroda on December 18, 2023 launched a special savings account for students aged 16-25 years. Named bob BRO Savings Account, it is a zero-balance savings accounts that provides students access to banking that has been customised to meet their specific needs and is easy also easy to operate. It has a no-minimum balance requirement, a lifetime complimentary debit card and a number of other benefits, Bank of Baroda announced in a press release.
One of its unique features is concession of up to 15 basis points (bps) on interest on education loans and complete waiver of processing fee on education loans. The lifetime free RuPay platinum debit card has exclusive offers on top brands in categories, such as electronics, consumer durables, travel, food, fashion, entertainment, lifestyle, grocery and health.
The salient features of the bob BRO Savings Bank Account are:
• Zero-balance savings account for students aged 16-25 years
• Lifetime free RuPay platinum debit card with attractive offers on leading brands
• Complimentary domestic airport lounge access (two per quarter)
• Free personal accident insurance cover of up to Rs 2 lakh
• Auto sweep facility
• Free NEFT/RTGS/IMPS/UPI through digital channels and branch
• Unlimited free cheque leaves
• Free SMS/email alerts
• Up to 100 per cent concession in demat AMC
• Concessional rate of interest on education loans with zero processing fee, and
• Exclusive credit card offers, subject to eligibility
Ravindra Singh Negi, chief general manager – retail liabilities and NRI business, Bank of Baroda said, “Today’s youth are looking for a richer, more personalised and rewarding experience with their bank, backed by safety and service. The bob BRO Savings Account introduces young adults to the world of banking with a tailor-made product offering that takes care of their specific banking requirements and gives them access to features and benefits that they value the most. The bob BRO savings account makes banking simple, thus enabling them to start their journey towards savings and financial independence with ease.”
V G Senthilkumar, head – marketing and branding, Bank of Baroda said, “In a rapidly changing landscape, Bank of Baroda continues to evolve and transform to stay relevant and meaningful to a new generation of customers. We take a long-term approach to build lasting relationships that transcend generations.”