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.