Baroda Premium Current Account-Privilege (BPCAP)
03 Jul 2019
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
Baroda Pensioners Savings Bank Account
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.
Current account vs savings account
Having a bank account is essential for modern-day living. You need it to receive and make payments, and there are very few transactions that do not require a bank account. Of course, cash is still king in India for large sections of the population, but the number of those people is steadily declining. Besides, Internet banking has made banking so much more convenient, allowing people to carry out most transactions online, without the need for messy paper bills and cheques.
The majority of bank customers open either a current account or a savings account. Some people get confused between the two terms and are unable to tell the difference between current account vs savings account. Of course, these are very different, and it’s important for you to understand what is the difference between current and savings account? Here are some of the differences:
Current vs savings account
Purpose: A current account is intended for those who do business, like shopkeepers, traders, companies and service organisations. Generally, the volume of transactions in a current account is very high. A Savings Account, on the other hand, is meant mainly for individuals, who deposit their salaries/ income in the account and use it to pay their personal and household bills.>
Interest: Generally, since a current account is opened for business purposes, funds deposited in it do not earn any interest. However, some banks offer a sweep-in facility to its customers. Any sum that is over a certain limit is automatically put in a fixed deposit, which earns some interest. A savings account, on the other hand, offers interest on funds deposited. Of course, this is not very high, ranging from 3.5-6% per annum, which might not even be enough to cover inflation. Interest is calculated on the daily outstanding balance. However, the interest earned is credited to your account not daily but every quarter or half year.Of course, if you want higher interest rates, you could deposit any excess funds in a fixed deposit. A savings account should be used mostly for carrying out transactions, and is not preferred as an investment avenue.
Balance: You need to keep a certain minimum balance in most accounts, except in those classified as zero-balance accounts. Generally, banks require its customers to keep a larger minimum balance in current accounts compared to savings accounts.
Overdraft facility: Current Accounts offer an overdraft facility that savings account do not. Businesses generally conduct a lot of transactions every day. Sometimes, there may be a mismatch between deposits and payments, or the funds in the account may not be enough to meet payments. To bridge this gap and prevent cheques from being dishonoured, the bank may allow an overdraft facility, a sort of bridge loan, for a short period.
Withdrawals: There no limit on withdrawals from a current account. In a savings account, on the other hand, the bank will allow you only limited number of withdrawals, after which you may have to pay some charges.
To sum up, the difference between current and savings account is that they target different types of customers, who will have different needs. A businessman will open a current account because his need is mainly for liquidity to handle huge volumes of transactions. An individual who opens a Savings Account, on the other hand, won’t feel the need for a large number of transactions and may want to earn some interest on the amount deposited.
Your browser does not support HTML5 video.