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Baroda Pensioners Savings Bank Account

Saving is good.
Saving smartly is even better.

Benefit from our wide range of Baroda Savings Accounts

Pension Account

  • Opening of account by Rs. 5/- only
  • Overdraft facility in Savings Bank a/c upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner
  • Bank of Baroda staff pensioners are also eligible under this scheme
  • Immediate credit of outstation cheques upto Rs. 25000/- as per Bank's norms
  • Free Debit Card, Baroda Connect / Internet Banking and "BOBCARD Silver" for 1st year with accidental death insurance cover of Rs. 1 lac (to be provided by BOBCARDS Ltd. Under credit card scheme)
  • Free unlimited cheque book facility except to the illiterate pensioner


All Customers in Age Group of 18-70 are eligible to avail the Life Insurance benefits Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH)

Sum Assured

The Sum assured starts at a minimum of Rs.1.00 lac and goes up to Rs.5.00 lacs (in multiples of Rs. 1.00 lac).

Under the Scheme, Only one insurance cover per person shall be allowed.


Period of Insurance is one year from 01st January to 31St December every year and is annually renewable. In case of those accounts which are opened in due course in the middle of the year, premium shall be paid on prorata basis only for the year in which the insurance is subscribed as per details mentioned below:

Premium Table

Insurance premium chart - 1 Lac
Age in Years
18-35 36-50 51-59 60-70
Month of joining the Scheme Premium ( Inclusive of GST )
with effect from 01.01.2020
Coverage in Months
Jan 138 276 768 1,975 12
Feb-20 127 253 704 1,811 11
Mar-20 115 230 640 1,646 10
Apr-20 104 207 576 1,482 9
May-20 92 184 512 1,317 8
Jun-20 81 161 448 1,153 7
Jul-20 69 138 384 988 6
Aug-20 58 115 320 823 5
Sep-20 46 92 256 659 4
Oct-20 35 69 192 494 3
Nov-20 23 46 128 330 2
Dec-20 12 23 64 165 1

From second year onwards the premium for the full year will be auto debited at central level in the month of January.

Insurance cover shall be available only till the Savings Account is active and Premium amount once collected shall not be refunded even if the account is closed.

Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof.

Cash Deposit

At Base / Local non-base Branch

Any Amount - Free of charge.

At Out-station Branches

Up to Rs. 30000/- per day per account  free of charge, thereafter chargeable @ Rs. 2.50 plus service tax per thousand or part thereof.

At Cash Machines

  • Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day is allowed where PAN is registered and Rs.49,999/- where PAN is not registered in account .
  • Card less transaction (by feeding account number) is allowed up to Rs. 20,000/- per day.
  • Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.

Cash Withdrawal

  • At Base/Local Non Base branches and outstation branches – No charges
  • Maximum Rs. 50000/- per day withdrawal allowed to A/c holder only at outstation branches.
  • Third party cash payment at local non-base branches and outstation branches is totally restricted.

Interest Calculation and Frequency

Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are April-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. 25000/- ( Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)

Passbook and Statement of Account

  • Free Pass Book
  • 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.

Transaction Charges

out of total 100 allowable withdrawals 50 withdrawals are free in a calendar half year thereafter charges @ Rs. 15 per transaction will be levied.

Unlimited Free cheque book facility except to illiterate pensioner.

Registration and Execution of Standing Instructions

  • No charge within the Bank.
  • Rs. 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.

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.

Closure of Account and Charges

  • All The authorized signatories of the account will give in writing with his/her/their intention to close the account. The relative passbook, Debit Card and the unused leaves should be surrendered along with the letter requesting closure.
  • In case 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/- is levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. However, in case of death of account holder no charges will be levied.

Dormant/Inoperative Account

If there are no customer induced transactions in Savings accounts  for over a period of two years. Interest is continued to be applied in all eligible Savings Bank accounts. No charges are levied for inoperation 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

Available separately.

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).

Minimum Balance Requirement


Opening of account by Rs. 5/- only.

Charges for Non Maintenance of Minimum Balance


Free transfer of funds through Demand Draft/Bankers Cheque upto maximum limit of Rs. 1 lac per month.

Nomination facility


Free collection of outstation cheques / DD, however, out of pocket expenses and other Bank’s charges, if applicable, to be borne by the A/c holder

ATM/Debit card/Credit Card and Charges:

Free Debit card for first year then charges @ Rs. 100 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 transactions 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.

ATM Transactions at other bank ATM (India) - Rs. 20/- for every transactions
Card Replacement charges (in India) - Rs. 200/- per replacement.
Pin Generation - Rs. 150/- per regeneration

Credit Card: “Chip Base Card” for 1st year with accidental death insurance cover of Rs. 1 lac by BOBCARDS subject to conditions

Overdraft facility in Savings Bank a/c: upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.

Immediate credit of outstation cheques upto Rs. 25000/- as per Bank norms.

Cheque Return:

(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/-

Cheque Return

(outward) 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 charges 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/-

Rules for Transfer/ inter-sol transfer/clearing transactions and charges

Transfer Transaction at base branch
Allowed freely without any limit

Transfer Transaction at Non-base branch (local as well as outstation) Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions. There are no charges for Inter-sol transfer transactions.

Clearing Transactions: There is no restriction for clearing transactions.

  • *All Charges are exclusive of Service Tax.
  • *All charges are subject to changes from time to time.
  • *For latest service charges, please visit our website www.bankofbaroda.com

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