Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactionsIf non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof. The maximum balance outstanding on any day should not be more than Rs.1 lakh
- No minimum balance requirement
- Maximum credit balance in account is Rs.1 lakh
Non-maintenance of QAB charges – Rs.100 + GST per quarter
- Overall transaction limit of Rs.5000/- per day
- Combined transaction limit of Rs.3000 per day from ATM & POS
Interest calculation and frequency:
- Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are April to June, July to September, October to December and January to March. Interest is credited to the account within 15 days of end of quarter. However, Value date effect as of 1st day of the month is given while crediting interest.
Withdrawal(s) & use of Withdrawal Form (Slip):
- Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs.5000/- (Minimum Rs.25/- in Rural/SU and Rs.50/- in Metro/Urban)
Passbook and statement of account:
- a. Free Pass Book
b. Rs. 100/-- per duplicate Pass Book / Statement with latest balance only. Charges for previous entries (if required) Rs. 75/- per ledger page (25 entries per page) or part thereof.
- Out of total 100 allowable withdrawals, 50 withdrawals are free in a calendar half year thereafter charges @ Rs.15 per transaction will be levied.
Free cheque book
- facility upto 45 leaves in a financial year, charges will be levied @ Rs. 5/- per leaf thereafter.
Registration and execution of Standing instructions:
- A) No charge within the same branch
B) Rs. 50/- for any other branch within the bank.
C) Rs. 100/- for outside the Bank.
- Rs. 100/- per occasion will be levied for Standing instruction failure because of insufficient funds
a) Transfer of account/ scheme :
- upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/ scheme free of charge.
b) Closure of account and charges :
- All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the unused cheque leaves should be surrendered along with the letter requesting closure. 2. In case of pre-mature closure of the account no charges will be levied if the account is closed within 14 days of first customer induced credit into the account. However, charges @ Rs.200/- plus service tax will be levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. In case of death of account holder no charges will be levied.
Dormant/ Inoperative Account:
- Account becomes inoperative/dormant if there are no customer induced transactions in Savings account for over a period of two years. Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for in-operation of accounts.
- Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature subject to satisfaction of the Bank.
- All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer such deposits will be returned subject to conditions.
Disclosure of information
- The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
SMS Alerts and Charges
- Charges @ Rs. 15/- per quarter are levied.
All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches.
MITCs OF ATM/DEBIT Card, Mobile Banking, Net Banking in Application Form.
The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website
Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum upto Rs 5,00,000( Rs 5 lakh)
Debit card and Charges:
- Debit card to be issued for applicant of more than 10 years of age.
- Free Debit card for first year then charges @ Rs. 150 per annum will be levied.
- ATM Transactions at other bank ATM (India) – free upto 3 transactions in a month both Financial and Non Financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and thereafter Rs. 20/- for every transaction will be charged. For any other centre (except these 6 centres) upto 5 transactions (both Financial and Non Financial) are free in a month thereafter Rs. 20/- for every transaction will be charged.
- Card Replacement charges (in India) - Rs. 200/- per replacement.
Pin Generation - Rs.150/- per regeneration.
Sweep Facility is available on request
- The auto sweep will trigger in excess of Rs. 10000/- for transfer of the amount in term deposit.
Auto Sweep Amount
- Default setting: The amount in excess of threshold limit in multiple of Rs. 5,000/-.The customer, looking to his needs, will have liberty to fix higher amount than Rs. 5,000/-, in multiple of Rs. 1,000/- for triggering auto sweep.
Reverse Sweep Amount
Default setting: In case of need, reverse sweep will be permitted in multiple of Rs. 5000/-. For reverse sweep, the LIFO system will be followed
- Tenure of the term deposit: Tenure of the term deposit will be 180 days.
- In case customer is in need of funds, the amount lying in FFD will be available to the customer through reverse sweep facility. However, for premature withdrawals of all deposits, interest will be paid one per cent less than the rate which is applicable at the time of placing the deposit, for the period for which the deposit has actually run.
(Inward Return): per instrument charges
- a) Upto Rs.1 Lac – Rs. 125/-
b) Above Rs. 1 Lac to less than Rs. 1 Crore : - Rs. 250/-
c) Above Rs. 1 Crore – Rs. 500/-
(Outward Return) per instrument charges.
- a) Upto Rs.1 Lac – Rs. 250/-
b) Above Rs. 1 Lac to less than Rs. 1 Crore : - Rs. 500/-
c) Above Rs. 1 Crore – Rs. 750/-
In case bank remains out of funds : Actual interest @ 7.5 % over Base rate is to be charged extra
Cheque returned due to technical reason – not at the fault of customer – No Charges.
Charges for Copy of original of cheque (paid by the Bank – a) Rs.100 upto 6 months old record. b) Rest - Rs. 250/-
All other rules like service charges on inoperative accounts, addition / deletion of names, payment of interest, etc. governing Savings Bank Accounts shall also apply to these accounts mutatis mutandis unless otherwise specified
*All Charges are exclusive of GST.
*All charges are subject to changes from time to time.
*For latest service charges, please visit our website www.bankofbaroda.com