BANKING AFFAIRS

Detailed explanation-1: -Bank of Baroda’s digital savings account requires a minimum balance of Rs. 2, 000 in Semi-urban or Rural branches and Rs. 5, 000 in Urban branches. Both Recurring and Fixed Deposits can be opened by transferring funds from the savings account.

Detailed explanation-2: -There are two types of deposit accounts that you can open in a bank. They are time deposits and demand deposits.

Detailed explanation-3: -What is the Bank of Baroda B3 Account? Bank of Baroda B3 Account is Bank of Baroda’s new-age digital savings account, an entirely digital account that you can open with a digital Know Your Client (KYC) process. You can open the Bank of Baroda Digital Savings Account without visiting the bank.

Detailed explanation-4: -Digital account opening (DAO) is the process of empowering an applicant to quickly, easily, and securely open an account digitally. Digital is now the “everyday” banking channel, and DAO is accelerating at a rapid pace.