Bank of Baroda (BoB), which claims to be India’s international bank with over 165 million customers across 17 countries, has launched a first-of-its-kind savings account, exclusively for women NRIs.

With the introduction of the specialised account, BoB becomes the first Indian public sector bank to have come up with such an initiative.

Called ‘BoB Global Women NRE & NRO Savings Account’, it offers concessional rates on home loan and auto loan, with free personal and air accident insurance coverage. The other benefits include reduced processing fees, a full waiver on locker rent, and a customised debit card with complimentary airport lounge access.

Beena Vaheed, executive director, BoB, said that the new savings account for women NRIs has been designed to empower the global Indian woman.

Focusing on the bank’s NRI segment, upgradation of the flagship NRE & NRO Savings Account has also been made by the bank with additional perks such as higher transaction limit on debit cards, free deposit locker, concession on loan rates and free lounge access in airports.

Women can also avail of the auto sweep facility to earn more interest. All the benefits under the scheme come with a Quarterly Average Balance (QAB) requirement of Rs. 1 lakh only in Current Account and Savings Account (CASA). – editor@nrifocus.com