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Financial Inclusion

  • Important Notification
  • Micro Insurance
  • Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Pradhan Mantri Suraksha Bima Yojana
  • Provisions available for customers to enroll under PMSBY & PMJJBY
  • Pradhan Mantri Jan-Dhan Yojana Overdraft up to Rs. 10,000 in PMJDY Accounts
  • RuPay Debit Card
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Notice for information to general public and customers of Bank of Baroda particularly: It has been decided to levy Charges for AePS OFFUS/ONUS transactions in BSBD Accounts from 01/09/2021.

Type of Transactions (In BSBD account maintained with Bank of Baroda) Current Charges Proposed Charges (Approved)
AePS cash withdrawal  (debit) at CSP / BC points of Bank of Baroda Free Overall maximum   4 free debits allowed in a month. Above -4- free debits Rs. 20/- + GST will be charged for each debit
AePS cash withdrawal  (debit) at CSP / BC points of other Banks Free
AePS Fund Transfer (debit) to beneficiary within the Bank Free
AePS Fund Transfer (debit) from Bank of Baroda to beneficiary at other Bank Free
Card + PIN based Cash Withdrawal at ATMs / Micro ATMs of Bank of Baroda Free
Card + PIN based cash withdrawal at ATMs / Micro ATMs of other Banks 5 transactions (including financial and non-financial) free in a month. Above -5-, Rs. 15/- + GST
Card + PIN based cash withdrawal at ATMs / Micro ATMs of other Banks 5 transactions (including financial and non-financial) free in a month. Above -5-, Rs. 15/- + GST Balance enquiry will not be charged
Micro Insurance

Social security in the form of micro insurance can be a boon for the poor, when the income raising ability of the breadwinner is impaired. In India, the micro insurance schemes are mostly implemented by the MFIs as a compulsory element along with the micro credit provided. Micro insurance schemes can be considered as a stepping stone to social protection.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two open ended micro insurance schemes initially launched on 9th May, 2015 and implemented w.e.f. 01/06/2015.

PMJJBY is one of the flagship schemes under the ambitious social security scheme captioned "Jan Dhan Se Jan Suraksha" launched by Government of India on 1st of June, 2015. In absence of any formal social security system in India, Government had envisioned a larger set of population through the banking channel.

Under both schemes the risk period is fixed for 12 months i.e. 1st June to 31st May. In PMSBY, any good health certificate is not required. The PMJJBY scheme is also a strong enabler to canvass new savings Account which are fully funded in nature. It has been decided to aggressively canvas this scheme to our existing eligible SB account holders who are still not covered under the scheme till date along with other SB accounts which are being opened fresh.

Pradhan Mantri Jeevan Jyoti Bima Yojana
  • One year Term Life Insurance Scheme, renewable from year to year (1st June to 31st May), offering life insurance cover for death due to any reason.
  • Eligibility: Saving’s bank account holders in the age 18 to 50 years, extended up to 55 years if insurance availed before attaining age of 50 years.
  • Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death due to any reason.
  • Premium: Renewal of policy from next year payable @ Rs. 330 per annum but payment of pro rata premium for enrolment under PMJJBY will be charged as per the following rates:

  • Sr.No. Enrollment Period Applicable Premium
    1 June, July, August Annual Premium of Rs. 330.
    2 September, October & November 3 quarters of premium @Rs. 86 i.e. Rs. 258.
    3 December ,January & February 2 quarters of premium @Rs. 86 i.e. Rs. 172.
    4 March, April & May 1 quarter premium i.e. Rs. 86.

  • Bank’s Insurance Partner: IndiaFirst Life Insurance Company Ltd.
Pradhan Mantri Suraksha Bima Yojana
  • One year Accidental Insurance Scheme, renewable from year to year (1st June to 31st May) through auto debit facility, offering accidental cover on a subscriber’s death or disability due to accident.
  • Eligibility: Savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join.
  • Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death or disability due to accident. In case of partial disability Rs. 1 lakh.
  • Premium: Rs. 12 per annum per subscriber.
  • Bank’s Insurance Partner: National Insurance Company Ltd.
Provisions available for customers to enroll under PMSBY & PMJJBY

For fresh enrollments under both the schemes PMSBY & PMJJBY done starting from 1st June, 2016 and following amenities have been made available to our customers through which they can enroll themselves under PMSBY & PMJJBY:

Sr.No. Provision of enrollment under PMSBY & PMJJBY Procedure
1 Branch Submission of enrollment forms at branch and ensuring sufficient balance in account (forms available below).
2 BC Point BC can do the enrollment of customers in kiosk portal.
3 M Connect + In M Connect + under “Insurance & Investment” tab.
4 Internet Banking In Bobibanking under the "Services" tab.
5 SMS through Registered Mobile Number PMSBY, send SMS to 8422009988 PMSBY < space="" /> Last 4 digit of account number < space="" /> Y
Example: PMSBY 2503 Y
PMJJBY, send SMS to 8422009988 PMJJBY < space="" /> Last 4 digit of account number < space="" /> Y
Example: PMJJBY 2503 Y
6 Missed Call through Registered Mobile Number PMJJBY, Call 8468001133
PMSBY, Call 8468001144
Pradhan Mantri Jan-Dhan Yojana Overdraft up to Rs. 10,000 in PMJDY Accounts
Sr. No. Modalities of Scheme
1 Purpose General purpose loan to provide hassle free credit to low income group/underprivileged customers to meet their exigencies without insistence on security, purpose or end use of the Credit.
2 Eligibility (Individuals Only)
  • All BSBD accounts, which are operated satisfactorily for at least six months.
  • The account should be active with regular credits. Credits could be from DBT or DBTL or from any other source.
  • Account should be seeded and authenticated with Aadhaar and Mobile No.
  • Age of the applicant between 18 years to 65 years.
3 Nature of Facility Running OD facility in SB account.
4 Period of sanction 36 months subject to review of the account thereafter.
5 Loan amount
  • Minimum OD amount of Rs. 2,000 and maximum Rs. 10,000.
  • Beyond Rs. 2,000 following stipulations to be followed:-
  • 4 times of average monthly balance.
  • Or, 50% of credit summations in account during the preceding 6 months.
  • Or, Rs. 10,000 whichever is lower.
6 Interest Rate @ 1 Year MCLR + 3%
7 Security Nil
8 Processing Charges Nil
9 Sanctioning Authority Branch
RuPay Debit Card

Sr. No. Modalities of Scheme
1 Eligibility All PMJDY account holders.
2 Insurance RuPay debit card has an in-built accidental insurance coverage of Rs. 1 lakh for all RuPay card holders as per RuPay Insurance Policy of NPCI which is subject to change every year. Further in case of PMJDY account opened on or after 28.08.2018, the accidental coverage of Rs. 1 lakh has been increased to Rs. 2 lakh.
3 Eligibility for Accidental Insurance RuPay card become eligible for accidental insurance for doing any of the financial or non-financial transactions at any ATM/MicroATM/POS/E-com/Business correspondent of Bank within timeline of 45 days (RuPay Premium cardholder), 90 days (RuPay non-premium card holder) before occurrence of the incident.
1) Aadhaar based transaction.
2) RuPay based.
3) Customer induced transaction.
4) Natural calamity and suicide is not covered under accident.
4 Deadline for Submission of documents for Accidental Insurance Claim Claim documents should be made available within 60 days.
5 Issuance of RuPay PMJDY Debit Card to Minors Minors above the age of 10 years opening a Savings Bank Account under Financial Inclusion Scheme in his individual name with operational instruction as “Self” (not through father/mother & natural guardian) can be issued a RuPay PMJDY Debit Card.
Accounts opened in Scheme other than Financial Inclusion Scheme: Existing criteria of 15 years of age and above remains unchanged for issuance of debit card (any variant) to Minors maintaining a Savings Bank Account in his individual name with operational instruction as “Self” (not through father/mother & natural guardian).

Terms & Conditions for availing PMJDY OD
  • BSBD account, which is operated satisfactorily for at least six months.
  • OD is available to only one earning member of the family, preferably women of the house.
  • There should be regular credits under DBT/DBTL scheme/other verified sources.
  • BSBD account holder should not be maintaining any other SB account with any bank/branch to ensure compliance with RBI directives.
  • Age of applicant between 18 years to 60 years.
  • Minor i.e. customer below the age of 18 years are not eligible for OD under PMJDY.
  • KCC/GCC borrower is not eligible for PMJDY OD.
  • Customer availing PMJDY-OD facility through SMS is agreeable to repay the interest, cost, charges etc. as and when applied in the account and outstanding together with interest, cost, charges etc. in the event of termination or discontinuation of the facility. The moment customer gives consent by sending SMS, it will be taken as her/his undertaking to abide by the T&C and the same will be preserved in bank’s system.

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