What are the Features & Benefits of the Baroda Advantage Current Account?

13 Jul 2022

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Are you looking for a way to manage your daily high-value business transactions? Do you want access to extra cash to fund unforeseen financial crises? If yes, then you can opt for a Current Account. Unlike a Savings Account, these accounts come with high-value, unlimited transactions, and you can access them as often as you like, to manage your business needs. Plus, you can enjoy the overdraft facility that lets you borrow higher amounts than your balance. One of the best current accounts you can open in India is the Bank of Baroda Advantage Current Account. In this article, we assess the Bank of Baroda current account benefits and features.

What is Baroda Advantage Current Account?

The Baroda Advantage Current Account is Bank of Baroda's high-transaction Current Account, which comes with a wide range of benefits for our urban and rural customers. As a BOB current account holder, you can enjoy a low minimum quarterly average balance and free mobile and internet banking services. The account comes with the unique Baroda Cash Management System (BCMS) service software that streamlines bulk payments and collections.

With the Baroda Advantage Current Account, you can make a large number of transactions in one day and access numerous banking services without any cost, including the overdraft facility application process.

Features of Baroda Advantage Current Account

Following are the prominent features of the Bank of Baroda Advantage Current Account.

  • Baroda Cash Management Services (BCMS): BCMS is a software application that facilitates your businesses' fund management. You enjoy services such as bulk payments and collection at competitive rates.
  • You also enjoy e-commerce services like Point-of-Sales, Bharat QR Codes and BHIM QR Code.
  • You can avail of the Internet Payment Gateway (IPG) facility with the Bank of Baroda Current Account Online.
  • Baroda Pay Point: You can accept online and offline payment for your business transactions through various payment modes with lower transaction fees and initial investments.
  • Baroda Payment Gateway: You can accept online payments through all payment modes with BOB Current Account services.

Baroda Advantage Current Account Benefits

Below are the Bank of Baroda Current Account benefits that can prove helpful for your business.

  • Internet & Mobile banking facility: You can access your business account anytime you want with BOB internet and mobile banking facility available for individuals and proprietors.
  • Instant balance enquiry with missed call facility: You can give a missed on 8468001111 from your registered mobile number to get the account balance immediately.
  • Value added SMS alert facility: You can stay updated on all your transactions through SMS Alerts for your BoB Current Account.
  • Debit/ATM Card Facility: You can enjoy a host of benefits with the Baroda Vyapaar Business Debit Card with ATM facility.

Baroda Advantage Current Account Charges

Following are the Bank of Baroda Current Account charges you ought to know:

  • Minimum balance requirements: The BOB Current Account minimum balance requirements depend on your business location.
    • Metro Regions: INR 10,000
    • Non-metro Urban Regions: INR 5,000
    • Semi-urban & Rural Regions: INR 2,000
  • Non-maintenance of Quarterly Average Balance: Here, too, the charges will differ from region to region.
    • Metro Regions: INR 800 per quarter
    • Non-metro Urban Regions: INR 600 per quarter
    • Semi-urban & Rural Regions: INR 400 per quarter
  • Cash Deposits: The following charges are applicable to both, the home branch and other local branches:
    • INR 10 for cash deposits for each cash deposit above INR 50,000
    • OR,

    • INR 10 per 10 packets (1000 pieces of note of any denomination)
    • In the case of outstation branches, cash deposits of more than INR 25,000 will attract a charge of INR 2.50 per thousand.
  • Cheque Book
    • The bank does not levy any charges on issuance of the first cheque book of 50 leaves on opening a Current account. Cheques thereafter will attract charges at INR 5 + GST, per leaf.

Documents Required For Baroda Advantage Current Account

Following is the list of documents for Resident Indians who wish to open a Baroda Advantage Current Account.

Accepted and Valid KYC Documents:

  • Permanent Account Number (PAN) or Form 60 (mandatory at the time of account opening per RBI Guidelines)
  • Passport
  • Driver’s License
  • Aadhaar
  • Voter ID
  • Latest 2 months utility bill (electricity, telephone, gas, etc.)
  • Property or Municipal Tax receipt

Business Documents:

  • Certificate of Business Incorporation
  • Company PAN
  • Memorandum & Articles of Association
  • Official Valid Documents of managers or other employees.
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act.
  • Goods & Service Tax (GST) Certificate
  • Income Tax Returns
  • Partnership Deeds
  • Trust Deeds

Baroda Advantage Current Account Eligibility

You can open a Baroda Advantage Account if you are above 14 years of age and you own any of the following:

  • Registered & Un-registered Trust
  • Businessman and professionals
  • Hindu Undivided Family (HUF)
  • Proprietorship / Partnership firms
  • Private / Public Ltd Cos
  • Clubs & Association
  • Government Departments
  • Panchayat Samities
  • Charitable & Public Trusts
  • Registered & unregistered Societies
  • Banks and Financial Institutions

Final Note

A Current Account differs from your regular savings account in numerous ways. It lets you make high-value transactions with minimal or zero charges on a daily basis, making it ideal for the financial operations of a business. You can deposit a higher amount of cash and enjoy bulk payment and cash collection facilities as well. Bank of Baroda Advantage Current Account gives you access to several banking services, including the overdraft facility.

To open a Baroda Advantage Current Account, get in touch with your nearest Bank of Baroda branch. You can also call our toll free number 1800 258 44 55 or 1800 102 44 55 for more information.

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