the name and background of the basic information of the bank
Founded in 1908 and headquartered in Vadodara, Gujarat, India, Bank of Baroda is now the third largest state-owned bank in India. The bank merged with Dena Bank and Vijaya Bank in 2019, further cementing its position in the Indian banking sector. BoB is listed on the Bombay Stock Exchange and the National Stock Exchange, in which the Government of India holds a majority stake.
BoB
has branches in more than 20 countries around the world, including the United Arab Emirates, the United Kingdom, the United States, Singapore, Kenya and Mauritius. As of 2024, BoB has more than 8,000 branches and about 13,000 ATMs in India, forming a strong domestic network.
Regulation & Compliance
BoB is regulated by the Savings Bank of India (RBI) and participates in India's Deposit Insurance Scheme (DICGC). In 2023, RBI suspended the new customer registration function of BoB's digital banking app "bob World" due to compliance issues, highlighting the stringent requirements of regulators for digital banking services.
key indicators
of financial healthCapital Adequacy Ratio (CRAR): as of December 2024, The BoB's capital adequacy ratio is 15.96%, which is above the minimum requirement set by the RBI.
Gross NPA: As of June 2024, BoB's non-performing loan ratio is 2.88%, demonstrating good asset quality control.
Liquidity Coverage Ratio (LCR): In Q3 2024, BoB's average LCR was 125.75%, indicating that it has sufficient short-term liquidity.
Deposit & Loan
ProductsDeposit <
ul style="list-style-type: disc" type="disc">demand deposit rate: The BoB's demand deposit interest rate ranges from about 3.00% to 4.65%.
Fixed Deposit Rates: Depending on the deposit term and the type of client, the interest rate ranges from 4.00% to 7.10%.
Featured product: The "Square Drive Deposit Scheme" offers an interest rate of up to 7.95% for 444-day fixed deposits, attracting a large number of investors.
Loan class
Mortgage interest rates: BoB's mortgage interest rate starts at 8.00%, with an additional 0.05% discount for female borrowers and 0.10% discount for borrowers under 40 years old.
Car Loans & Personal Loans: Choose from a variety of interest rates and repayment terms, depending on the borrower's qualifications and loan term.
Flexible repayment options: BoB offers flexible repayment options such as partial prepayment and loan restructuring to meet the needs of different customers.
list of common fees
account management fee: Most account types at the BoB are exempt from monthly or annual fees.
Transfer fees: Domestic transfers are usually free, and cross-border transfer fees vary depending on the destination and amount.
ATM Interbank Withdrawal Fee: The first five interbank withdrawals per month are free, and a modest fee is charged each time thereafter.
Hidden Fee Alert: Some account types may require a minimum balance and may be subject to a maintenance fee if not met.
Digital Service Experience
App & Online BankingBoB's
official mobile app "bob World" has a rating of 4.1 on the Google Play Store (over 1,000,000 reviews) on the Apple App The Store has a rating of 4.5, and users generally report that the app has a user-friendly interface and rich features.
The core function
"BOB WORLD" provides facial recognition login, real-time transfer, bill payment, investment management and other functions, and supports multiple languages to meet the needs of different users.
Technological innovation
BoB actively promotes digital transformation, using technologies such as AI customer service, robo-advisors, and open banking APIs to improve customer experience and service efficiency.
customer service
quality service
channelBoB offers a variety of service channels such as 24/7 phone support, live chat, and social media response, ensuring that customers can get help at all times.
Complaint handling
: Customers can submit questions through BoB's online complaint platform, and the bank promises to resolve customer complaints within 30 days and provide complaint tracking capabilities.
Multi-language
supportBoB's digital platform and customer service support multiple languages, including English, Hindi, and other regional languages, making it convenient for customers of different backgrounds.
safety and security measures
, safety of funds
, BoB participates in India's Deposit Insurance Scheme (DICGC) and each depositor is insured up to Rs 500,000 for their deposits.
Data
SecurityBoB's core banking systems and disaster recovery centers are ISO 27001:2013 certified, ensuring the security of customer data and the reliability of the system.
Featured Services & Differentiated
SegmentsBoB offers fee-free accounts for students, high-yield savings products for seniors, and green financial products to support sustainable development projects.
High Net Worth
ServicesBoB's private banking services provide customized wealth management solutions for high net worth clients, including investment advisory, asset allocation and family trust services.
