Baroda Premium Current Account-Privilege (BPCAP)

03 Jul 2019

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Baroda Premium Current Account Privilege

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 statements

Account holders can get free account statements, twice a month.

Free facilities

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.

Fund transfer

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

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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.
Cheque book
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.
ATM-cum-debit card
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.
Free passbook
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.

Complete Guide to Business Current Account

When you start a business, you have to set up several things. You might need to rent an office space, a shop, or set up your factory. You also need to open a bank account to manage your business transactions. However, a basic savings account may not suffice. You need an account that enables unlimited transactions, i.e., a Current Account. This article explains what a Current Account is, why it is essential for your business and the many advantages of Current Accounts.

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