On July 23, 2020 India’s third-largest public sector bank, Bank of Baroda(BoB) launched ‘Insta Click Savings Account’, a 100% paperless digital self-assisted online savings account. It can be activated in real-time i.e; the customer can transact using the Baroda M Connect Plus application with the MPIN received on the mobile number.
- It also offers an option to subscribe to a wide range of digital channels like mobile banking, Internet banking, UPI (unified payments interface), and debit card.
Features of ‘Insta Click Savings Account’:
Authentication of the customer– It uses a new form of digital KYC (know-your-customer) and Aadhaar-based OTP(one-time password) authentication of the customer which can be operated from the bank’s website.
Instant Account Opening- The account can be opened instantly at any convenient time through a browser which is accessible on Mobile,Tablet among others.
No Minimum Balance– There is no requirement to maintain a minimum balance.
Documents Required- The documents required to open the account is Aadhar no with registered mobile number, Permanent Account Number(PAN)Card, E mail ID and Valid Mobile No.
Cash withdrawal– Cash withdrawal can be done using Card less withdrawal facility.
Account Funding- The account can be funded using Virtual ID/UPI ID or IMPS/NEFT.
Maximum balance and cumulative credit/deposit– The maximum permissible balance is Rs 1 Lakh, on any day. The Maximum cumulative credit/deposit is Rs 2 Lakhs in a Financial Year.
Note– BoB is working on digitizing all its products and expects to be 100% paperless by 2023.
Headquarters- Vadodara, Gujarat
MD and CEO– Sanjiv Chadha
Non-Executive Chairman– Hasmukh Adhia
Recent Related News:
i.Airtel Payments Bank launches ‘Suraksha Salary Account’ for the micro, small and medium enterprises (MSMEs).
ii.IndusInd Bank rolls out India’s 1st mobile app based facility for opening current accounts through its ‘Indus Corporate’ mobile app.