Baroda Pensioners Savings Bank Account
03 Jul 2019
Pensioners can avail the Bank of Baroda Pensioners Savings Bank Account. This is an ideal retirement savings account. All pensioners, including Bank of Baroda staff pensioners may open this account. The Baroda Pensioners Savings account is especially created to provide necessary banking facilities and benefits to pensioners and is meant only for savings oriented transactions.
Key features of the Baroda Pensioners Savings Bank Account
The pension savings account can be opened with a minimum deposit of Rs. 5 only.
Free pass book and cheque book:
All account holders are provided with a free passbook and chequebook with an unlimited supply of cheque leaves. The free cheques facility is only reserved for the literate pensioners.
All account holders get a debit card which can be used for cash withdrawals, ATM transactions, balance enquiries etc. The debit card can also be used for making online and retail transactions.
Pensioners may avail overdraft facility up-to a maximum of 2 months’ pension amount as per the net credit to savings account in the previous month, only if no other credit facility is availed by the pensioner.
Benefits of the Baroda Pensioners Savings Bank Account
No Minimum Balance requirement in the account.
Customer get access to net banking facility for paying utility bills, online shopping and making other online transactions.
Customers can enjoy immediate credit of outstation cheques for up to Rs. 25,000
Nomination facility is also available under this account
Customers can deposit unlimited cash in their home branch and up-to ₹25,000 in outstation branches free of charge.
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How To Open A Savings Account
Documents Required for Savings Bank Account
Features & Benefits of Savings Account
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A Complete Guide to Savings Account
What is Zero Balance Account
Different Types of Savings Account
Liquid Funds Vs Fixed Deposits
Baroda Basic Savings Account
Basic Savings Account
If you want to open a bank account where you are not required to maintain a minimum balance every month, you can open a basic savings account. Introduced to encourage more financial inclusion, in other words, have more people become part of the banking system, a basic savings account offers basic features like deposit and withdrawal, a debit card and internet banking facility. But there is no minimum balance requirement. There are some other features of a basic savings account that vary slightly from bank to bank.
Benefits of a basic savings account
No charges for not maintaining minimum balance
The major benefit of a basic savings account is that unlike other savings accounts, you will not be fined for not maintaining minimum balance.
The deposit account holder will receive a 15 leaves cheque book while opening this account for no extra cost. The account holder will receive 30 cheque leaves free in a financial year.
You will also get a Rupay Classic debit card free of cost that can be used to withdraw cash from ATMs or at points of sale when you make purchases.
The passbook facility is also available to you for free on opening a basic savings deposit account.
No charges for dormancy
You will not be charged for a dormant or non-operational account.
Free registration for standing instructions
Basic savings deposit account holders will get a free registration for standing instructions and execution from the same branch. They will have to pay charges for any other branch within the same bank or other bank.
Features of a basic savings account
Anyone can open it
Anyone can open a basic savings deposit account after furnishing all the documents to complete KYC (Know Your Customer) norms. But please note, that if you open a basic banking deposit account and you already have regular savings accounts with the bank, you will have to close the regular Savings accounts within 30 days of opening the basic savings deposit account. You will also have to submit a declaration to the Bank stating that you are not maintaining any BSBD account with our/ any other Bank.
Zero balance account
Basic savings account is a zero balance account where you are not penalized for not maintaining a specified account balance, like the regular savings accounts.
A Bank of Baroda basic savings deposit account has the following features-
30 cheque leaves in a year for free.
Debit cum ATM card at no cost however, annual fee will be applicable from second year onwards.
Internet banking facility
Four withdrawals allowed in a month for free (including ATM withdrawals from own/ other Bank’s network)
Account holders can provide standing instructions to the bank
Interest rate, tenure, application of interest is the same as regular savings accounts
No charges for dormant account or inoperative accounts.
Regular KYC norms will apply for basic schemes as well.
Baroda Premium Current Account-Privilege (BPCAP)
The Baroda Premium Current Account-Privilege is an ideal account for customers who own medium to large businesses. Account holders can avail several free services and benefits under the BPCAP account. The privilege current account is designed to meet several specific needs of customers holding the account. Immediate credit of outstation cheques and auto payroll are some of the key benefits offered with this account.
Key features of the Baroda Premium Current Account-Privilege
Free cheque books
BCAP account holders can obtain free unlimited chequebooks for their transactions.
Account holders can get free account statements, twice a month.
BCAP account holders get free banker’s cheques, balance certificates, MT/TT facilities and signature verification facilities. They also get free auto payroll, internet banking facility, SMS alert and missed call facilities. Folio charges on the account are also waived off.
No charges are levied for funds transferred at BOB’s Core Banking Solution branches.
Auto and reverse sweep facility
Account holders can deduct a minimum amount of ₹25,000 through the auto-sweep facility, provided their balance has crossed ₹5.25 lakh. Reverse sweep facility is also available.
Free Cash withdrawals
Free unlimited cash withdrawals at home branches however up-to ₹50,000 are permitted per day at non-home branches only for withdrawals made through self-cheques
Benefits of the Baroda Premium Current Account-Privilege
Account holders get a debit card (for Individual & Sole Proprietorship accounts only) with annual charges waived off for the first year
Outstation cheques of up-to ₹1.5 lakh are credited immediately credited for customers holding the account for a period of 6 months and above
Account holders are provided with a free credit card with annual charges for first year, waived off
Account holders receive a complimentary personal accident insurance cover with the credit card
Loan processing fees are waived off for car loans disbursed in the name of the firm or proprietor
20% discount is offered on BOB locker rental charges
Free standing instruction against account service if offered with the account
Nomination facility is offered with the account