Bank Of Baroda Launches ‘Bob Senior Citizen Vishesh Samman’ Savings Account: What Does It Offer

The Bank of Baroda (BoB) has launched ‘Bob Senior Citizen Vishesh Samman’, its special savings account for senior citizens (60 years and above). The special savings bank account will not only offer banking services but also healthcare benefits. According to the press release, seniors will be offered free online doctor consultations for themselves and up to six family members, and concessions on diagnosis services and medicines.

The bank will also offer complimentary doorstep banking services, discounted charges for loan processing, and concessional rent for lockers, among other benefits.  Notably, accountholders will have to maintain a minimum of Rs 1 lakh as Monthly Average Balance (MAB) in this account.  

Here are the features of this new savings account for senior citizens:

Healthcare & Wellness Benefits: These healthcare benefits will be provided through Practo, a digital platform that connects patients with verified doctors. The consultation will be free for up to six family members, including the senior citizens. A 20 per cent discount will be offered on pathological diagnostic tests, and a 15 per cent concession on medicines purchased online.

Doorstep Banking Convenience: Under this, the senior account holders will receive two doorstep banking services per month.

Lifestyle Privileges: The account will offer BoB Bhoomi RuPay Select Debit Card, packed with various lifestyle privileges. This debit card will be issued for free. Its benefits include health check-ups, lounge access at international and domestic airports, spa, salon access, golf, OTT membership, and gym membership, among others.

Banking Benefits: This senior-specific will offer a 50 per cent waiver on processing charges for reverse mortgage loans. A 20 per cent discount on locker charges or Rs 500, whichever is less, and a 50 per cent concessional charge on Immediate Payment Service (IMPS) transactions. Further, the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions will be free.

The SMS and email alert will be free, and one travel card and gift card can be issued for free per quarter.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda, says, “With ‘bob Senior Citizen Vishesh Samman’, we have designed a premium offering that combines healthcare access, doorstep banking convenience, and a host of banking and lifestyle benefits. This initiative reflects our continued commitment to delivering meaningful and differentiated offerings for our senior customers.”

Notably, the existing customers who have been maintaining a balance of Rs 1 lakh for the last two months or assure to maintain it in the current month can convert their existing accounts to this new account. In case of a shortfall in the MAB, the non-maintenance charge will apply, which can be a minimum of Rs 50 and a maximum of Rs 500, depending on the shortfall.