Bank of Baroda UK: accounts, services and protection

Bank of Baroda UK is a small UK bank that offers current accounts, savings accounts and personal loans. It has 10 branches in the UK, and it also offers a rupee payments facility to customers in the UK called RapidFunds2India¹. Its website is at bankofbarodauk.com³.

The most important thing to know before you try to open an account is that both its current account and its savings account are closed to new customers. The bank states that each product "is no longer available to new customers but will continue unaffected for use by existing customers until the account is closed"³. If you already hold an account, it continues as normal. If you are looking for a new account, you will need to look at other providers.

Bank of Baroda UK is a separate UK company from its Indian parent. It was incorporated on 20 June 2017 under company number 10826803, and it is an active company⁴. Deposits are protected by the Financial Services Compensation Scheme up to £120,000 per eligible depositor⁵.

Bank of Baroda in the UK: what it offers

Bank of Baroda UK is a deposit-taking bank with a small branch network and a focus on personal and business customers with links to India. Its main personal products are a current account and a savings account, both of which are now closed to new applicants. It also offers personal loans, and it has a process for tracing dormant and lost accounts³.

The bank's permissions cover accepting deposits and entering into regulated credit agreements as a lender, excluding high-cost short-term credit, bill of sale agreements and home collected credit agreements³. In practice, that means it can take deposits and make loans, but it is not a payday lender or a home credit provider.

Because the current and savings accounts are closed to new customers, the practical choice for most people is between keeping an existing account or moving to a different provider. If you already bank with Bank of Baroda UK, there is no need to move unless you want to; the accounts continue for existing customers until they are closed³. If you are opening a new account elsewhere, the general rules on how to open, switch or close a bank account apply¹⁰.

For a wider look at the accounts available across the market, see current accounts and savings accounts.

Savings and deposit accounts

The Bank of Baroda UK Savings Bank Account is a branch-based savings account. It can be opened with a minimum balance of GBP 500, and the bank charges £12.00 per quarter for non-maintenance of the minimum average balance⁴. It offers a cheque and cash deposit facility at all NatWest branches in the UK, and it supports joint accounts⁴.

The account is suitable for residents and non-residents, charities, clubs, associations and trusts, according to the bank⁴. It also offers a remittance facility in Indian Rupees to Bank of Baroda branches at no extra cost, which may be relevant if you send money to India regularly⁴. No arranged overdraft facility is offered on the savings account⁴.

The current account offers a contactless debit card and add-on cards at no additional cost, a monthly statement at no additional cost, and a cheque deposit facility at all NatWest branches in the UK³. No arranged overdraft facility is offered on non-business current accounts³.

Both accounts are closed to new customers. The bank states that each product "is no longer available to new customers but will continue unaffected for use by existing customers until the account is closed"³. If you are looking for a savings account that is open to new customers, the general market includes a wide range of options, and some accounts allow saving from as little as £1 a month¹¹. For an overview, see savings accounts.

Borrowing from Bank of Baroda

Bank of Baroda UK offers personal loans. Its Personal Loan Plan has a minimum of £1,000 and a maximum of £15,000, and the loan must be a multiple of £1,000⁶. By comparison, personal loans from some lenders typically run from £1,000 to £25,000, with as much as £50,000 available from some lenders⁷.

The bank does not publish loan rates on the pages covered here, and rates change. For any loan, the cost depends on the amount borrowed, the term, the rate and any fees, and the rate you are offered depends on your circumstances and credit history. The bank's own website is the place to check today's figures and eligibility criteria.

For context on the wider market, personal loans typically range from £1,000 to £25,000, although loans for as much as £50,000 are available from some lenders¹². If you are considering borrowing, it is worth comparing the total cost of credit, not just the monthly payment, and checking whether a loan is affordable before applying. For a full guide, see loans.

If you are struggling with debt, free and impartial help is available from MoneyHelper and from debt advice charities such as StepChange. They can explain your options, including debt management plans and other solutions, without charging for the initial advice.

Who can bank with Bank of Baroda

The bank's savings account is suitable for residents and non-residents, charities, clubs, associations and trusts, according to its own product page⁴. The current account is a personal account, and both accounts are closed to new customers³.

Because the accounts are closed to new applicants, the question of who can bank with Bank of Baroda UK is now mostly about existing customers. If you already hold an account, you can continue to use it. If you do not, you cannot open one of these accounts.

If you are looking for a new bank account and have difficulty opening one, there are options. Basic bank accounts are available from a number of banks, and the nine designated institutions under the Payment Accounts Regulations include Barclays UK, HSBC UK and Santander UK⁸. Basic bank accounts are designed for people who may not have a credit history or who have had trouble opening an account elsewhere. For more, see basic bank accounts and the banks directory.

If you cannot open a bank account at all, you may still be able to receive benefits through the Payment Exception Service¹³. If you are an undischarged bankrupt, some banks must let you open a basic bank account¹⁴. For free, impartial help with opening an account, contact MoneyHelper or Citizens Advice.

Banking online and in person

Bank of Baroda UK is a branch-based bank. Its current account and savings account pages state that you must visit a branch with a prior appointment to open an account, and that it is not possible to open an account based on information submitted electronically or by post³. That is unusual: most banks let you choose to apply in person or online¹⁵.

Once you have an account, you can use online banking. With most banks, online banking lets you check your balance at any time, check statements, transfer money between accounts, send money to people you know, and set up or cancel direct debits and standing orders¹⁶. To register, you usually go to the bank's website, enter your personal details, answer identity verification questions, enter an activation code sent by post or text, and set up a username and a secure password or passcode¹⁶.

The bank's current account includes a contactless debit card and add-on cards at no additional cost, and a monthly statement at no additional cost³. Cheque and cash deposits can be made at all NatWest branches in the UK³. If you need help with online banking, Age UK and Scope both publish guides on managing money online and accessible banking¹⁶.

How to open an account

You cannot open a Bank of Baroda UK current account or savings account online or by post. The bank states: "You must visit any one of our Branch with a prior appointment to request for an account opening and it is not possible for us to open your account based on the information submitted electronically or by post"³.

If you are an existing customer and want to open another account, or if you are eligible under the bank's own criteria, the process is:

1. Contact the bank to arrange an appointment at a branch.
2. Attend the branch in person with proof of identity and address.
3. Complete the application form and provide any supporting documents the bank asks for.

For a standard UK bank account, you usually fill in an application form in a branch, online, or sometimes over the phone, and provide proof of identity including your full name, date of birth and address¹⁸. Most banks let you choose to apply in person or online¹⁵. Bank of Baroda UK is an exception: it requires a branch visit³.

If you are opening an account elsewhere, the general steps are to choose the account, apply through the bank's preferred channel, provide your identity documents, and then set up online banking and any direct debits or standing orders you need. For a step-by-step guide, see how to open, switch or close your bank account.

Making a complaint to Bank of Baroda

If you have a problem with your Bank of Baroda UK account, the first step is to contact the bank. For a payment-related complaint, such as a direct debit or bank transfer, the bank has 15 days to investigate and give a final response⁷. For complaints about anything else, it has eight weeks⁷.

The bank should acknowledge your complaint and keep you informed. If it cannot deal with your complaint by the day after it receives it, it will contact you to let you know it is looking into it¹⁹. If you have revealed personal information or see unrecognised activity, contact your bank using the phone number on the back of your card or on a recent statement²⁰.

If you are not happy with the bank's final response, or it has not responded within the deadline, you can take the complaint further. The bank should send you a final decision letter telling you how to contact the Financial Ombudsman Service²¹. You can also complain to the bank's customer services first, then make a formal complaint, and then take it to the free Financial Ombudsman Service²².

For complaints about a payment service, the deadline is 15 days; for anything else, it is eight weeks²³. Banks and building societies must investigate your complaint and give you a clear answer within eight weeks²⁴. If you are still not happy after talking to your bank, you can make an official complaint or move to a more accessible account²⁵.

If you need to trace a dormant or lost account, you can visit any branch, or download and complete a form to reclaim funds from a lost account and send it to a branch or to the Deputy Managing Director at Bank of Baroda, 32 City Road, London EC1Y 2BD⁹. The bank will write to you about the next steps of reuniting you with your money once it has found your accounts⁹.

Taking a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service is free to use and can look at complaints about firms it covers. Before bringing a complaint to the Ombudsman, a formal complaint to the company involved comes first⁹. If the company does not send a final response letter within eight weeks, or the response is unsatisfactory, the complaint can be brought to the Ombudsman using its complaint form¹⁰.

The Ombudsman can look at a range of complaints, including those about savings and endowments, debt collecting, and motor insurance valuations and write-offs²⁶. If you are unhappy with a bank's response to a scam complaint, you can also refer it to the Financial Ombudsman Service²⁹. Individuals and small businesses who feel they have been de-banked unfairly can complain to the Ombudsman if they are unsatisfied with how their bank deals with their complaint³⁰.

The process is straightforward: make a formal complaint to the company first, then fill in the Ombudsman's complaint form. A case handler is assigned and may ask for more information²⁷. If you are unhappy with the response, you can take the matter further by referring it to the Financial Ombudsman Service³¹.

For complaints about a card retained by an ATM, contact your card issuer first; if it is unresolved, you can complain to the Financial Ombudsman Service¹¹. For complaints about a credit-repair company, you can also complain to the Ombudsman¹². If you are not happy with the final response about a regulated debt, you can contact the Financial Ombudsman Service³².

How your money is protected

Bank of Baroda UK states that deposits are guaranteed under the Financial Services Compensation Scheme¹³. The FSCS protects money up to £120,000 per eligible depositor for all banks, building societies and credit unions that are authorised by the PRA and FCA⁵. This covers deposits, insurance, investments, pensions, mortgage advice and certain other regulated services if a UK-authorised financial firm fails¹⁵.

The FSCS can only protect money held by UK branches of banks and building societies⁵. If you are a UK or EEA-based customer with a UK-authorised bank, building society or credit union, the FSCS still protects your money¹⁶. If your account is in credit, your money is protected, unless you are a small business customer¹⁷.

The FSCS follows rules set by UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority¹⁸. You can check whether a firm is authorised on the FCA Register, and you can check whether your money is protected using the FSCS's own guidance³. If you are unsure whether a firm is covered, the FSCS has a guide to investment protection and a tool to check firms that cannot be found⁵.