If you’re new to the UAE or if you’re just searching for a convenient way to handle your money in AED, you may want to know how Bank of Baroda account opening is done.
Read this guide to learn everything there is to know about opening a Bank of Baroda account. We will also share the required documents and the types of accounts this bank offers for businessmen, investors, and entrepreneurs.
Table of Contents
Table of Contents
About Bank of Baroda (BoB)
Bank of Baroda is rooted in India but has been operational in the UAE since 1974 and offers diverse financial services. Serving over 150,000 customers across key locations, including Sharjah, Abu Dhabi, Dubai, and others, it is the oldest Indian bank in the region. Committed to customer satisfaction, the bank provides 24/7 services, from savings accounts to investments.
With branches and ATMs strategically placed, accessibility is prioritized by the bank for its customers. Businessmen, investors, and entrepreneurs can align their financial aspirations with Bank of Baroda UAE’s century-old legacy as it is a trusted bank in the country. They can open an account here for personalized service empowering entrepreneurs, and getting their unique requirements fulfilled by this financial institution.
Bank of Baroda Account Opening Process
You can open an account through internet banking, mobile application, or visiting the branch directly.
To open a Bank of Baroda account in the UAE, follow these steps –
- Open the official website of the Bank of Baroda UAE.
- On the home page, select the account type.
- Once you are redirected to the following page, click on the ‘Download Form’ option present on the right side of the screen.
- Select the account type from the displayed list and click on the ‘Download’ hyperlink. Note that you can also collect the account opening form by visiting your nearest branch of Bank of Baroda.
- Provide all the necessary details such as name, address, nationality, contact details, occupation, etc., and fill out the form.
- Sign the required blanks and submit the form to the nearest Bank of Baroda UAE branch in person along with the required documents.
In case of any additional queries, you can reach out to the bank through email or by calling the concerned officials.
Documents Required to Open an Account in Bank of Baroda
For Personal Account
- Duly filled account opening application form (signed in front of bank officials)
- Photocopy of valid passport including address page and valid VISA page
- Copy of valid Emirates ID
- Photocopy of valid labor contract (in case of salary account)
- No objection certificate from the sponsor
- Two recent passport-size photographs
- Copy of Tenancy contract/Ejari wherever applicable
- Original documents to be presented for verification
For Business Account
- Copy of Trade License, Chamber of Commerce & Economic Dept Registration.
- Copy of MOA and AOA (In case documents in Arabic, then English translation of all documents).
- Self-attested copy of the passport, visa, and Emirates ID/PAN card of all partners.
- Copy of Tenancy Contract with Ejari.
- One recent color Passport-size photograph of the authorized signatory.
- Board resolution for opening of an account with BOB as per format given in the account opening form.
- Bank’s account statement for the last 6 months for the existing company.
- Resident Tenancy contract copy.
- In the case of a subsidiary/Branch office of the foreign company, duly legalized and consularized Board Resolution of the parent company for setting up a Subsidiary/Branch office in UAE.
- MOA and AOA of the parent Company.
- Shareholding pattern/Share certificate of the parent company.
- NOC from Sponsor, In case of sponsor name is different on the Visa.
- original of all the documents for verification.
- Submit AECB report for account opening.
- 1 year VAT returns/2 years audited balance sheet
- Company Seal/Stamp.
Types of Bank of Baroda Accounts in the UAE
The bank offers two types of accounts for its customers:
- Personal Accounts
- Business Accounts
- Bank of Baroda Savings Account
- Saving Account (Zero Balance WPS Account)
- Saving Account (NRE)
- Baroda Happiness Twin Account ( Current & Savings)
- Current Account
- Premium Salary Account
- Special Current Account General
- Recurring Deposit
- Term Deposits
- Current Account Flexi Desk
- Premium Current Account
- Current Account (Offshore)
- BOB Gold Account
- Platinum Current Account
Charges of Accounts
Here are the details of charges of some of the most used bank accounts of the BoB:
|Minimum Balance to be Maintained in AED
|Charges in AED if Minimum Balance Not Maintained
|Account Maintenance Charges
|General Current Account
|Premium Current Account
|Offshore Current Account
|50,000 (Daily Closing Balance)
|Gold Current Account
|Platinum Current Account
|Flexi-desk Current Account
Why Choose Bank of Baroda for Opening a UAE Account?
The following are the primary reasons to choose the Bank of Baroda instead of other banks to open a new UAE account:
- The bank offers convenient and hassle-free financial services.
- A range of bank accounts is available to meet your needs.
- Availability of online, mobile, and internet banking services for accessing your account and sending money to other countries.
- Bank of Baroda has a remarkable reputation for satisfying its customers.
- Modern security methods ensure the safety of your financial assets.
- The procedure of opening a bank account is very easy.
- Some accounts are available in currencies besides AED.
- The majority of accounts don’t have withdrawal caps.
- Debit cards and checkbooks are free with certain accounts.
- You can open parent-operated BoB accounts under the minor’s name.
- There is an option to open joint bank accounts.
- Interest earned on eligible accounts is .040%.
Who Should Get a Bank of Baroda UAE Account?
The Bank of Boroda account is suitable the most for the following individuals:
- Families or individuals wishing to move to the UAE will want a reliable bank to handle their finances
- Investors, businessmen, entrepreneurs, and other individuals who are trying to find a trustworthy bank in the United Arab Emirates.
- Non-resident Indians (NRIs) who wish to manage their investments and funds well.
- Professionals or students in need of banking services for their regular expenses.
- Investors, businessmen, and entrepreneurs need a wide range of financial services for their daily operations and financial transactions.
How to Close An Existing Bank Of Baroda Account in the UAE?
To close your BoB account, you can simply fill out the account closure form available on the website and submit it to the bank. Alternatively, you can get in touch with the bank officials in person by visiting your nearest bank branch. The account closure fee is AED 100 before six months and after six months is free.
How to Contact the Bank of Baroda Customer Service?
If you have a question about Bank of Baroda UAE accounts or other financial products or need help opening an account, you can contact the bank’s customer care team.
Here’s the contact info you need:
For general queries
- +971 – 04 313 6666
- +971 – 04 313 6600
Branch Contact Numbers
- Dubai branch: +971 4 313 6666/00
- Abu Dhabi branch: +971 2 632 2000
- Deira branch: +971 4 260 0900
- Sharjah branch: +971 6 568 4231
- Rasal Khaimah branch: +971 7 226 9041
Bank timings are 9 am to 4 pm, Sunday is off.
- Branch finder – find your nearest Bank of Baroda UAE branch here
Tips for Banking in Dubai, UAE
Here are some useful tips that will help you in doing banking activities in Dubai, UAE:
Research and Choose the Right Bank
Finding a decent bank for your demands requires research. For the financial needs of residents, digital nomads, and expats alike, banks in the UAE like Bank of Baroda offer a broad range of services. When selecting a bank, take the following into account:
- Certain financial products that fit your objectives
- Your banking preferences
- Access to services
For instance, you could search for banks that provide choices for both personal and commercial accounts, top-notch internet banking, and a big ATM network. Researching banks in advance will assist you in deciding which bank or banks to visit.
Collecting the Required Documents
When you open an account in a bank, one of the multiple requirements is some personal or business-related documents. Having all the documents in hand ensures the process goes smoothly.
Pick the Right Type of Account
There are many different types of bank accounts available from UAE banks, so it’s important to read through their details and select the one that best suits your requirements. Be careful when researching financial products as not all financial institutions will offer the same ones.
Manage Charges such as Transaction Fees
It is important that you know how to manage your monthly cost as well as other charges of an account. The majority of UAE banks provide bank accounts with features like no monthly fees, unlimited transactions, etc. But there are certain banks that charge you for certain facilities. Nevertheless, you can also search for banks that provide no-fee bank accounts to avoid annoying fees and penalties. There can be some hidden charges as well. So, when doing for research, go through the details of the account to check for these charges.
Fulfill Minimum Balance Requirements
The minimal amount of money that must be kept in UAE bank accounts to keep it active and prevent fines or penalties are known as the minimum balance requirement. These specifications differ between banks and types of accounts. Fulfilling these requirements is compulsory as otherwise, you will have to pay charges or even your account can get closed.
To accommodate a variety of financial demands, UAE banks often provide a choice of accounts with varying minimum balance requirements. Specialized or premium accounts that provide more benefits and features may have higher minimum balance requirements. Whereas, simple current or savings accounts usually feature lower minimum balance requirements, which increases their accessibility to a huge variety of users.
Choosing an account with a realistic minimum balance is essential for digital nomads, ex-pats, and people whose income fluctuates in order to minimize unnecessary expenses and stress and still take advantage of banking services.
Set Up Unique Passwords for All the Accounts
If you have financial security in Dubai, your banking experience will be on another level. Make sure you have separate login credentials for every bank account you own. A great option for protecting your banking information is to use two-factor authentication.
Then, you can generate different usernames and passwords for various accounts. Keeping a variety of usernames and passwords on file will help protect your bank accounts from potential hackers.
Plus, make sure your banking passwords are very strong. If not, you can make them strong by using special characters, numbers, and a mixture of capital and small letters. These kinds of passwords give an extra degree of security to your banking credentials, even though they could be difficult to remember.
The “remember password” option cannot be chosen while checking in through a browser. Try utilizing a trustworthy password management program like LastPass as an alternative.
Open a Bank Account in Dubai, UAE with RIZ & MONA CONSULTANCY
If you require assistance in opening a bank account in Dubai, UAE, fret not, we are here to help. RIZ & MONA CONSULTANCY banking experts are skilled in opening bank accounts for both individuals and businesses. We can provide you with a thorough overview, handle the preparation of the required documents on your behalf, and handle any necessary financial transactions. We’re here for you to talk about which bank suits your business the most. Do not hesitate to get in touch with us right now if you want to talk to one of our financial consultants.
FAQs – Frequently Asked Questions
Can I open a UAE bank account online?
Yes, you can open a UAE bank account online. There are multiple banks that offer digital banking services for their customers.
How can I open an account in the Bank of Baroda in UAE?
To open an account in the Bank of Baroda in the UAE, download the form of an account, fill it up, gather the required documents, and submit the paperwork to the nearest local branch.
What is the minimum balance in Bank of Baroda Dubai?
The minimum balance required in Bank of Baroda Dubai depends on the account you want to open. But it can vary from 10,000 AED to 2,000,000 AED
Is Bob a zero balance account?
Bank of Baroda offers a zero balance account for its customers called Saving Account (Zero Balance WPS Account).
Who is eligible for zero balance account in Bob?
Residents who have the right to work in the United Arab Emirates are eligible for a zero-balance account in the Bank of Baroda (BoB). It is essential to note that only AED (United Arab Emirates Dirham) can be used to open such an account.