Bank of Baroda: Open a Bank Account Sitting at Home with Ease in 2020

Bank of Baroda: Open a Bank Account Sitting at Home with Ease in 2020

The pandemic has staggered our daily lives, even everyday work has become difficult to manage. However, The Bank of Baroda has come up with a unique and easy solution to assist their customers. Now you will not have to go to the bank to open a savings account in Bank of Baroda. Now you can open an account right from home in the wake of the worldwide outbreak of COVID from home. In wake of the worldwide outbreak of COVID, the bank has introduced the Insta Click Saving Account facility. Under this, you can open an account on your own without any help.

For this, the customer will need Aadhaar card, PAN card, mobile number, and email ID. Anybody can open these accounts by visiting the official site of Bank of Baroda. This step by the Bank of Baroda has opened the doors for many people not only fro the cities but also from surrounding rural areas.

Things to be noted for opening this Bank Account

1. This account can be opened by any Indian citizen over the age of 18 years.
2. It is a limited KYC account. It has to be converted into a full KYC account within 12 months of opening the account. For this, KYC documents have to be submitted by going to the bank branch.
3. Till the full KYC of the account is done, a maximum of Rs 2 lakh can be deposited in a financial year.
4. There will be no minimum balance due to having a zero balance account.
5. Mobile and Internet banking and Rupe Classic variant debit card facilities will be available.

Rules to be followed related to this account

1. To open this account, the customer has to confirm that he has not used the OTP based Aadhaar ie e-KYC verification to open another bank account.
2. Chequebook will not be issued on this account until full KYC is not done. The customer cannot issue demand draft, bankers check till the formalities are completed.
3. The bank cannot avail of RTGS / NEFT / IMFC services from the branch.
4. There will be no fund transfer from the bank branch. All the transfers must be done online.
5. The mobile number is given for account opening should be registered with Aadhaar.

Many other banks are offering online account opening facility;
Several other banks including SBI, IndusInd, YES, Kotak Mahindra, and IDFC First Bank are also offering to open online accounts given Corona epidemic. These banks are offering the facility of opening accounts through video KYC.

RBI gave its permission;

In January this year, RBI issued guidelines to complete the video-based KYC process. Earlier, banks had to rely on Aadhaar data to open accounts in remote areas.