Bank of Baroda (BoB) has launched a new savings account designed exclusively for women, featuring an "auto sweep" facility that enables customers to earn higher interest while also availing home and vehicle loans at lower interest rates. As per agency reports, this initiative makes BoB the first public sector bank to introduce such an account tailored for female account holders. Additionally, the bank has reduced processing fees on loans associated with this account.
BoB has enhanced its existing premium NRI banking offerings, including the Bob Premium NRE (Non-Resident External) and NRO (Non-Resident Ordinary) savings accounts, to provide a more rewarding banking experience. The newly introduced 'Bob Global Women NRE and NRO Savings Account' offers expanded features and benefits to meet the evolving financial needs of global Indian women.
According to Bina Wahid, Executive Director of Bank of Baroda, the account has been developed to recognize the changing financial mobility of Indian women worldwide. It is designed to empower them by providing premium banking privileges and well-curated benefits.
The revised Bob Premium NRE and NRO savings accounts come with a host of additional perks, including an upgraded debit card with higher transaction limits, complimentary access to domestic and international airport lounges, free safe deposit lockers, and personal and air accident insurance coverage at no additional cost.
