• No Frills Savings Account
    No Frills Savings Account
    No Frills Savings Account

Money saved, is like money earned

Choose from the many savings accounts we offer

No Frills Savings Account

The No Frills Savings Account from Bank of Baroda Tanzania offers a cost-effective way to manage your finances. With zero charges on minimum balance, dormant, inactive, and folio accounts, the No Frills Savings Account is designed to enhance accessibility and encourage savings among a broader customer base.

  • Benefits
  • Features
  • Eligibility
  • Documentation
  • Interest Rates
  • Terms & Conditions
  • No Folio Charges
  • No charges for ATM Cards
  • No Charges for Internet Banking
  • No minimum Balance Charges
  • No charges for foreign currency withdraw up to 1000/- USD
  • No charges for monthly statements
  • No cash handling charges
  • Zero balance facility-The account will remain alive in case of zero balance
  • Money withdrawal by slips and cheques
  • Can be opened in USD and T-Shillings
  • No minimum balance to be maintained or Limit for maximum amount
  • Rate of Interest on Minimum balance 10th to last day of the month @ 2.50% on Tshs and 0.25% for USD deposits
  • Tanzanian above 18 years of age.
  • Foreign Individual working in Tanzania with valid documents.
  • Account opening form to be filled +specimen card
  • Two (2) passport size photos.
  • Introducer known to Bank (account holder in our branch)
  • Password original for verification
  • work permit copy
  • Residence permit copy
  • letter from employer
  • On letter head+rubber stamp
  • Name of employee
  • Work and residence permit numbers
  • Passport number/national ID if he is a residence
  • Physical Address proof
  • Interest Rate as Rate of Interest on Minimum balance 10th to last day of the month @ 2.00% on Tshs and 0.25% for USD deposits.

Minimum and Maximum Amount

Savings
Minimum amount: No limit
Maximum amount: No limit

Frequently Asked Questions (FAQs)

  • What is the No Frills Savings Account offered by Bank of Baroda Tanzania?

    Savings deposits accounts having zero charge for Minimum balance, dormant account, Inactive account and folio account.

  • Who is eligible to open a No Frills Savings Account?

    The target groups for this account are customers having personal loan account whose recovery is linked to the salary Savings Accounts. Bulk salary accounts

  • Can minors open a No Frills Savings Account?

    NO

  • What are the minimum opening balance and monthly balance requirements to No Frills Savings Account?

    No mimimum balance requirement, however cstomer are advised to keep account funded

  • Is there a maximum balance limit on the No Frills Savings Account?

    NO

  • Does No Frills Savings Account earn interest? If so, what is the current interest rate?

    Yes , Rate of Interest on Minimum balance 10th to last day of the month @ 2.00% on Tshs and 0.25% for USD deposits

  • What documentation is needed to open the No Frills Savings Account?
    • National ID Card (NIDA)
    • Voter’s Registration Card
    • Driver’s License
    • Passport
    • Introductory letter from employer
    • TIN Number
  • Does the No Frills account include free mobile and internet banking?

    YES

  • How do I open a No Frills Savings Account: online, in-branch, or both?

    all Branch Only

  • How can I convert my existing regular savings account to a No Frills account?

    Can not be converted

  • What happens to the No Frills Savings Account if the minimum balance isn't maintained?

    No charges , however cstomer are advised to keep account funded

  • How does the No Frills Savings Account differ from other savings products from Bank of Baroda?
    • No folio charges
    • No charges for ATM cards
    • No charges for Internet banking
    • No minimum balance charges
    • No charges for monthly statements
    • No cash handling charges

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