Eligibility
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.
Periodicity
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.
Baroda Salary Classic (SB174) - Net monthly salary of Rs 10,000.00 – Rs 50,000.00
DICGC Insurance Cover
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)
Salary Band
Net Monthly Salary credit of less than Rs 50,000.00
Minimum Salary credit Rs 10,000.00
Eligibility
Age of the applicant should be 18 years and above
Suitable for
Entry Level Staff/trainees
KYC Norms
Aadhar is must as KYC to open account under the scheme.One proof of Address and Proof of Identity is required .
Minimum Deposit Amount
Allowed to open with zero balance subject to immediate salary credit in the following month
Minimum Quarterly Average Balance QAB
Zero balance account
Charges for Non-maintenance of QAB
Not applicable as account type is zero balance account
Cheque Books
Free 50 cheque leaves per year, thereafter Rs. 5.00 per leaf.
Interest Payable in SB
3.25% for balances upto Rs 50.00 lacs and 3.75% for balances above 50.00 lacs.
Remittance
NEFT/RTGS free through Online channel
Inbuilt- Overdraft Facility
- Available immediately after 3 salary credits.
- Amount of overdraft equivalent to net credit of average of last three salary credit rounded off in multiples of nearest figure in thousand.
- Maximum -Rs 50000.00
- Clean Overdraft.
- Overdraft is to be adjusted in full once in 60 days of availment of the same.
Demand Draft/Banker's Cheque
Three DD/BC free per quarter for personal use. Maximum Amount Rs 100000/- per Quarter.
Internet Banking/Mobile Banking
Free
Debit Card
Free Baroda Rupay Classic Debit Card for first year,thereafter chargeabe @ 150+taxes per year. Daily Cash Withdrawal limit Rs 25000.00 and Online Purchase limit is Rs 50000.00
Inbuilt Accidental Insurance of Rs 1.00 lac.Attractive offers linked to Debit card cards .
ATM Withdrawals
- Free unlimited transactions at Bank of Baroda ATMs
- Other Bank ATM- 5 free transactions per calendar month.
Waiver in Processing Charges on Retail Loans
- 25 % waiver on processing charges for Housing Loan, Auto Loan, Education Loan and Mortgage Loans. 100% waiver in Processing charges for Personal Loan
- Subject to recovery of minimum Rs. 7500.00 per property * to be mortgaged as out of pocket expenses (for legal, valuation etc).
* Applicable on mortgage based retail loans
Concession in Rate of Interest for Auto Loans
For the employees who has availed Home Loan, a concession of 0.25% in applicable ROI of Auto Loan
Discount on Depository Services/ Demat AMC
Waiver of 50% in charges,
Credit Card
Free lifetime Easy varaint of Credit card subject to eligibility critirieon of minimum incomeof Rs 25000/month and signing of auto debit mandate for debit of minimum due amount on card from salary account.
*Insurance only for Primaary Card Holder* ( Insurance linked to credit card)
Compementary Air Accidental Insurance of Rs 15.00 lac and other accidental insurance cover of Rs 5.00 lacs .
Lockers
5% discount on locker rentals.
Other Benefits
- Free Alerts.
- Sweep facility availaible on specific request.
- 25% waiver on issuance charges for Gift/Travel card
- Free M connect
- Baroda Rewardz Program.
Relationship Manager
Relationship Managers available on Phone.
A/c Opening
Fully Digitised
A/c Activation
Instant