Frequently Asked Questions (FAQs)

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Resolution Framework 2.0 for COVID-19 related Stress to Individuals & Small Businesses
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  • Why this Resolution Framework is provided?

    This Resolution Framework is to provide relief to the borrowers adversely affected due to the COVID-19 pandemic and its resurgence in recent past.

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  • Whether all type of loan given to individual borrowers are covered under this Framework?

    The following loans given to individual borrowers are covered under the Framework: Baroda Home Loan, Baroda Top-up Loan, Baroda Auto Loans, Baroda Education Loans, Baroda Mortgage Loans, Baroda Personal Loans, Baroda Loans against Future Rent Receivables, Baroda advance against LIP, Baroda Loans against Gold Ornaments/ Jewellery, loan to individuals for business, a loan to business entity not exceeding in aggregate above Rs. 25.00 crs & not fall under MSME category.

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  • Whether every borrower is eligible for Resolution under this framework?

    Borrowers who are impacted financially due to COVID-19 & who’s accounts were standard as on 31.03.21 and on the date of invocation.

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  • I have taken loan from the Bank after 31st March 2021 and adversely affected due to COVID-19 pandemic. Whether I am eligible for the resolution?

    No, Loans availed on or before 31.03.2021, are only eligible for resolution under this Framework

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  • What are the eligibility criteria for the resolution framework?
    • Borrower’s loan must be “Standard” as on 31.03.2021.
    • The Loan account should be a “Standard Account” as on the date of application for relief under this framework i.e. date of invocation.
    • Borrower/ their close relative must be COVID 19 impacted and/ or their income must have been adversely affected due to COVID-19 pandemic and fulfil other eligibility criteria such as reduction in income, maintenance of Loan to Value norms, maximum age norms, repayment capacity norms, etc

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  • By what date, can I apply for this benefit?

    As per extant regulations, the resolution plan should be invoked maximum upto 30.09.2021. Therefore, you are required to apply at least -7- days before the last allowable date of invocation. Please note that your account should standard as on the date of application.
    We advise you to connect with your base Branch at the earliest to avoid last moment rush.

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  • By what time, do I need to complete all formalities to avail benefit?

    You need to complete all formalities of terms of sanction such as execution of documentations, etc. within 90 days from the date of your application subject to approval of resolution plan by the Bank.

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  • How can I apply for relief under above Framework.

    You can visit the Branch where your account is maintained and submit the application.

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  • How to check my eligibility for resolution?

    Contact your Base Branch or refer detailed policy documents available on Bank’s website.

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  • I am having Home Loan and Car loan facility with the Bank, can I avail benefit in both the accounts?

    Yes, you may avail benefit under resolution framework in all retail & small business loan accounts with the bank, subject to your overall eligibility.

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  • I have availed benefit under Resolution Framework 1.0, whether I can avail benefit in the Resolution Framework 2.0 also?

    You may also avail benefit under the new Resolution Framework 2.0 subject to the overall cap on moratorium and/ or extension of residual tenor provided in Resolution Framework 1.0 and this Framework combined shall be two years.

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  • I have availed benefit under resolution framework, can I avail any other fresh credit facility from the Bank?

    Yes, subject to fulfilment of eligibility criteria as per Bank’s extant guidelines.

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  • I have availed moratorium given by the Bank under regulatory package in the month of March-2020 and June 2020, whether I can avail benefits under this Resolution Framework?

    Yes.

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  • I have availed relief under the resolution framework and now have surplus funds, can I pay excess amount as against the revised repayment schedule? Any prepayment charges are applicable?

    Yes, it is always up to you. No pre-payment charges are applicable for retail loans given to individuals.

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  • In how many days after my application Bank will inform its decision?

    Bank will convey its decision to you within 30 days from the date of your application.

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  • In my loan, there are two co-borrowers and two guarantors, whether consent of all these individuals are also required to avail benefit under resolution plan?

    Yes, consent of all applicants/ co-applicants/ guarantors are required to avail resolution under the framework and they are required to sign the legal restructuring agreement/ documents.

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  • May I apply for refund of any interest/ instalments paid by me on or after 31.03.2021 till the date of implementation of resolution plan?

    No.

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  • What are the documents required to apply under resolution framework?

    Application form along with, necessary declaration/ documents reflecting stress due to COVID-19 on health / income of the borrowers / their family members.

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  • What do you mean by moratorium?

    During the moratorium period, borrower may choose not to pay principal and interest. In case of interest moratorium same will be accrued and required to be paid in remaining rescheduled repayment period.
    Please note this moratorium is different from the moratorium provided by the Reserve Bank of India under regulatory package during 01.03.2020 to 31.08.2020.

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  • What kind of relaxations are available under the Framework?

    For Loans accounts

    • Rescheduling of instalments with or without moratorium and with or without extension of period maximum upto -24- months.
    • Moratorium with or without extension of period maximum upto -24- months.
    For overdraft accounts:

    Conversion of interest/ charges into separate loan accounts for maximum period of -24- months. Repayment of such carved out loan can be done maximum within -24- months.

    For Working Capital:

    Re-assessment of working capital based on operating cycle & concessional margin
    No additional funding will be available under the resolution framework.

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  • What will be the impact on my EMI?

    Your EMI will be changed as per the resolution/ relaxation opted by you. It will be increased in case of moratorium availed. Revised repayment scheduled and EMI will be advised to you at the time of invocation.

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  • Whether I have to pay any processing fee or any additional charges under resolution framework?

    No processing charges are applicable under resolution framework. However, any out of pocket expenses for invocation and implementation (if any) to be borne by you. An additional interest of 0.35% p.a. on secured loans and 0.50% p.a. on unsecured loans will be applicable over and above your current Rate of interest for the remaining period of the loan.

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  • Whether opting for the resolution under framework will have an impact on my credit bureau?

    As per RBI guidelines, your loan/credit facility will be reported to the credit bureau as “Restructured due to COVID-19” and your credit scoring will be done by the Credit information Companies accordingly.

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  • What are the eligibility conditions to qualify for relief under the Framework?

    To be eligible under the Framework, the following eligibility conditions need to be fulfilled by the entity:

    • Loan should be a “Standard Account” as on date of application and should have been ‘Standard’ and also not in default for more than 30 days as on 01.03.2020.
    • Operations of the entity should have been affected by Covid-19 pandemic as a result of which revenues/profitability/Capacity utilisation have declined substantially or Operating cycle has substantially increased compared with pre-Covid period and you are not in a position to service your loan instalments/ debt without the relief under the Framework

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  • What documents do I need to provide along with application for being considered for relief under this Framework?

    You need to submit the following documents along with application / request letter:s

    • Board Resolution (in case of companies) stating that the Company’s operations are under stress on account of Covid-19. In case of other applicants (other than companies), borrower to declare in the request letter that unit’s operations are under stress on account of COVID-19.
    • GST returns from April 2020 till the latest available month and also for the corresponding period of the previous year.
    • In case of listed companies, the latest financials filed with Stock Exchanges to be submitted.
    • Projected financials (including Cash flows statement) for the period of loan.
    • Any other document as advised by your Branch/Relationship Manager.

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  • Whether Term loan and working capital facility both are eligible for relief under the Framework?

    Yes, Both term loan and working capital facility are eligible for relief under the framework

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  • Which are the Loans not covered under this Framework of RBI?

    The following loans are not covered under this Framework:

    • MSME borrowers whose aggregate exposure to lending institutions collectively, is Rs.25 crore or less as on March 1, 2020. (covered under separate scheme of RBI)
    • Farm credit
    • Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large-sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture.
    • Exposures to financial service providers including NBFCs.
    • Exposures to Central and State Governments, Local Government bodies (e.g. Municipal Corporations) and body corporates established by an Act of Parliament or State Legislature.

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  • How to apply for relief under above Framework?

    You can submit your request at the Branch where your account is maintained or alternatively contact your Relationship Manager and submit your request with required data/papers /documents.

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  • If additional loan facilities are sanctioned by the Bank, whether any capital has to be infused by the promoters?

    Minimum Promoter’s Contribution (capital infusion) of 10- 15% of the additional loan facilities sanctioned has to be brought in.

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  • Is Independent Credit Evaluation (ICE) of the Resolution Plan (RP) by External Credit Agencies mandatory?

    Independent Credit Evaluation(ICE) of the Resolution Plan (RP) by any one RBI accredited Rating Agency under the Prudential Framework will be required in respect of accounts where aggregate exposure exceeds Rs.100 crores from lending institutions. Only such RPs (resolution plans) which get a credit opinion of RP4 or better shall be considered for implementation.

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  • What are the relief/relaxations available under the Framework in case of Working Capital Loans?

    The following relief/relaxations are available in case of working capital loans, subject to compliance of bank norms:

    • Conversion of irregular portion in the account as Working Capital Term loan, which shall be repayable in maximum period of 2 years.
    • Interest moratorium of up to 6 months may be considered. Interest for the moratorium period may be converted into FITL, repayable within a maximum period of 2 years.
    • Need based additional funding may be provided which shall be repayable in not more than 5 years.

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  • What are the relief/relaxations available under the Framework in case of Term Loans?

    The following relief/relaxations are available in case of Term Loans, subject to compliance of bank norms:

    • Interest moratorium may be given up to a maximum of 6 months. The interest accrued during the moratorium period may be capitalized.
    • Moratorium of up to 2 years can be considered for repayment of instalments of principal.
    • Increasing the tenor of the loan by up to a maximum of 2 years including moratorium can be considered.
    • In all the steps enumerated above, the repayment period can be extended only up to a maximum of 2 years including moratorium.
    • For Project Loans, the tail period shall be taken into account while Rescheduling / Rephasing the instalments

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  • What is the last date to apply for relief under the Framework?

    For loans with aggregate exposure of Rs.1500 crores & above from the banking system, on or before by 15.11.2020.

    For others, the last date to apply for relief under the Framework is 30.11.2020 (However, it would be advisable to submit your applications on or before 15.11.2020).

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  • How do I send money to people? Do they need Baroda M CLIP wallet too?What is the process of availing relief if I am banking with a Consortium or under Multiple banking arrangement?

    If you are availing credit facilities under Consortium/ Multiple banking arrangement, the resolution process shall be treated as invoked if lending institutions representing 75 per cent by value of the total outstanding credit facilities (fund based as well non-fund based) and not less than 60 per cent of lending institutions by number agree to invoke the same.

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  • What is the timeline for Implementation of Resolution Plan ?

    The Resolution Plan to be implemented within maximum 180 days from the date of invocation.

    Date of invocation is the date on which both borrower and bank have agreed to proceed with a resolution plan under this framework.

    If the above timeline is breached at any point, the resolution process ceases to apply immediately in respect of the borrower concerned. Any resolution plan implemented in breach of the above stipulated timelines shall be fully governed by the extant Prudential Framework of RBI, as if the resolution process was never invoked under this resolution framework for COVID 19 related stress.

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  • Will there be any change in pricing of my loans?

    The ratios prescribed by RBI that are intended as floors or ceilings, as the case may be are as Annexure 1.

    Annexure- 1

    The ratios prescribed by RBI that are intended as floors or ceilings, as the case may be are as Annexure 1.

    SectorsTOL / ATNWTotal Debt / EBITDACurrent RatioAverage
    DSCRDSCR
    Auto Components<=><=>>= 1.00>= 1.20>= 1.00
    Auto Dealership< />< />>=1.00>=1.20>=1.00
    Automobile Manufacturing*<=><=>NA>= 1.20>= 1.00
    Aviation**<=><=>>= 0.40NANA
    Building Materials - Tiles< />< />>=1.00>=1.20>=1.00
    Cement< />< />>=1.00>=1.20>=1.00
    Chemicals< />< />>=1.00>=1.20>=1.00
    Construction< />< />>=1.00>=1.20>=1.00
    Consumer Durables / FMCG< />< />>=1.00>=1.20>=1.00
    Corporate Retails Outlets< />< />>=1.00>=1.20>=1.00
    Gems & Jewellery< />< />>=1.00>=1.20>=1.00
    Hotel, Restaurants, Tourism< />< />>= 1.00>=1.20>=1.00
    Iron & Steel Manufacturing< />< />>=1.00>=1.20>=1.00
    Logistics< />< />>=1.00>=1.20>=1.00
    Mining< />< />>=1.00>=1.20>=1.00
    Non Ferrous Metals< />< />>=1.00>=1.20>=1.00
    Pharmaceuticals Manufacturing< />< />>=1.00>=1.20>=1.00
    Plastic Products
    Manufacturing< />< />>=1.00>=1.20>=1.00
    Port & Port Services< />< />>=1.00>=1.20>=1.00
    Power
    - Generation< />< />>=1.00>=1.20>=1.00
    - Transmission< />< />>=1.00>=1.20>=1.00
    - Distribution< />< />>=1.00>=1.20>=1.00
    Real Estate##
    - Residential< />< />>=1.00>=1.20>=1.00
    - Commercial< />< />>=1.00>=1.20>=1.00
    RoadsNANANA>=1.10>=1.00
    Shipping< />< />>=1.00>=1.20>=1.00
    Sugar< />< />>=1.00>=1.20>=1.00
    Textiles< />< />>=1.00>=1.20>=1.00
    Trading - Wholesale @< />< />>=1.00Instead Interest Coverage Ratio > = 1.70
    Note on Financial Parameters

    Some of the key ratios have been marked as not applicable in the case of certain sectors in line with the recommendations of the Expert Committee which has concluded that those ratios may not be relevant for the respective sectors to which they have been made as not applicable.

    *No threshold has been prescribed for Current Ratio due to the “just in time inventory” business model for raw materials and parts, and finished goods inventory is funded by channel financing available from the dealers.

    **DSCR thresholds have not been prescribed since most of the airline companies work on refinancing of debt as a financing strategy. Consequently, average DSCR threshold is also not prescribed.

    ##In the roads sector, the financing is cash flow based and at SPV level where the level of debt is decided at the time of initial project appraisal. The working capital cycle in this sector is also negative. Accordingly, ratios like TOL / ATNW, Debt/EBITDA and Current ratio may not be relevant at the time of restructuring in this sector.

    @Most of the companies in the sector do not use long term debt for funding their operations and are unlisted. Hence DSCR and average DSCR may not be relevant for the sector.

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  • Whether any additional security will have to be furnished in case relief under the framework is sanctioned?

    In case of unlisted entities, Personal Guarantee of the promoters for the additional credit facilities to be mandatorily obtained, while the same shall be explored in case of listed companies. Pledge of shares by promoters shall be stipulated in case of listed entities.

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  • What is the timeline for Implementation of Resolution Plan ?

    Yes, the moratorium sanctioned under this Framework will be in addition to the moratorium granted, if any, by the Bank earlier.

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  • Whether there will be any change in Loan Instalments?

    Yes, on account of moratorium granted, the tenure of your loan can be extended by upto a maximum of 24 months and the instalments payable after the moratorium will be recalculated and advised by Bank.

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  • Will any Processing Fee need to be paid?

    Processing fee/ Upfront fee @0.25% of the aggregate limits will be payable.

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  • Will there be any change in pricing of my loans?

    Yes, there will be change in pricing to offset cost of additional provisions that the Bank is required to make for extending the benefits under this Resolution Framework. The pricing would be as under:

    FITL/WCTL/WCDL sanctioned under the Framework: 100 bps above your current pricing on Working Capital Loans.

    Additional Interest of 35 bps shall be charged for remaining tenure of the loan, in respect of Term loans, wherever restructuring is considered. Further, any concessions/Waiver provided during the resolution period shall result in right of recompense.

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  • General: COVID-19 Loan Moratorium

    In line with COVID 19 Regulatory Package announced by RBI the moratorium on payment of loan EMIs and Instalment /Interest under the COVID-19 regulatory package has expired on 31st August 2020.

    Your EMI/ monthly Instalment & Interest will be debited from September 2020 by the Bank as per schedule. You are requested to maintain sufficient balance in your account to avoid any default.

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  • Cash Credit/OD Accounts

    The accrued interest on working capital limits allowed in the form of CC/OD into FITL from 01.03.2020 to 31.05.2020 / 31.08.2020 (as the case may be) for borrowers where moratorium was allowed between 1st March 2020 and 31st August 2020.

    The repayment of these FITL accounts shall commence from 1st October 2020 in six equal monthly instalments. The interest on these FITL accounts shall also be recovered separately as and when debited in FITL account on monthly basis. The instalment and its interest will be recover from your operating account. Please arrange to have sufficient fund in your operating account.

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  • Term Loan

    The unpaid EMIs/interest of Non EMIs Term loan along with the accrued interest is added to balance outstanding and the loan tenor is extended accordingly keeping EMI as constant.

    In NON-EMI Term loans, the instalment and accrued interest for the period 01.03.2020 to 31.05.2020 / 31.08.2020 (as the case may be) shall be deferred for recovery after the end of the original tenor, thereby extending the repayment period accordingly. In addition, the interest for extended period shall also be recovered separately as and when due.

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  • Whether I need to pay entire pending EMIs in a single instance after 6 months of deferment, if opted by me?

    No, You may continue to pay your usual EMI/ instalments falling due from 1st September 2020 onwards as per the original repayment schedule. However, due to interest on EMI amount deferred, the number of EMIs will change accordingly.

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  • The increase in tenor resulted in increase in amount that I will be paying back to the Bank on my loan which seems to be more in comparison to Moratorium interest. How is the increase in EMI tenor calculated?

    The accrued interest have been added to balance outstanding. Hence the additional amount is the accrued interest on the unpaid EMI which you have to pay at the end of the loan tenor. However if you have adequate funds to pay the deferred EMI/Instalments/Interest during the moratorium period, you can pay to avoid any extra interest burden.

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  • Will deferment of EMI result in increase of my future EMI amount?

    You have to pay usual EMI/ instalments falling due from September 2020 onwards as per the original repayment schedule. However, due to interest on EMI/ instalment amount deferred, the number of EMIs may change during the extended period. There is no change in EMI.

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  • Whether I can pay the deferred EMI/Installment /Interest now.

    We encourage customers with adequate funds to pay the deferred EMI/Instalments/Interest during the moratorium period to avoid any extra interest burden. No pre-payment charges will be levied for early payment of interest/ instalments/ EMI.

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  • Will all these measures of RBI be treated as restructuring?

    No. It will not be treated as restructuring

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  • What is the Purpose of the scheme

    The purpose of the scheme is to provide immediate financial assistance to the SHGs to meet the emergent needs of its members for their domestic and agriculture purposes.

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  • Who can avail this facility

    The existing SHGs enjoying credit facilities from the Bank in the form of Cash Credit/Overdraft/Term Loan/Demand loan with satisfactory Loan record.

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  • Can a new SHG avail this scheme

    This scheme is only for the existing SHG enjoying credit facilities from the Bank.

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  • Is there any Moratorium period for this scheme

    Moratorium period is for 6 Month from the date of disbursement.

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  • Nature of Facility

    Loan under this scheme is a demand loan and repayable in 24 Months.

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  • What is the margin requirement for this scheme

    Nil (For Max limit up to Rs. 10 Lakhs).

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  • What is the maximum Loan amount given in the facility

    SHGs can avail a maximum of 30% of Existing Limit.

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  • What is the maximum loan amount that can be availed by per member of SHG

    Under this scheme loan amount shall not exceed Rs.1 Lac per member of the SHG.

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  • What is the minimum Loan amount given in the facility

    Minimum loan amount that the SHGs can avail is Rs.30,000 per SHG group

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  • What is the rate of Interest

    One year MCLR+ Strategic Premium

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  • What is the repayment period for this scheme

    The loan can be repaid Monthly / Quarterly. The entire tenure of the loan shall not exceed 24 months.

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  • What is the security to be required

    Nil ( For Max limit up to Rs. 10 Lakhs)

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  • What is the total exposure of the loan amount in this scheme

    The existing limit plus the proposed Demand Loan per SHG shall not exceed Rs.10 lacs.

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  • Will this loan be covered under prompt incentive scheme

    Under DAY-NRLM norms Women SHGs availing credit from Public and Private Sector Banks are to be financed at 7% p.a. on credit limit up to Rs. 3 lakhs.

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  • Purpose for which the loan facility can be availed?

    To meet the temporary liquidity mismatch of FPO / FPCs arising out of COVID-19.

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  • Who are eligible?

    Existing FPO / FPC borrowers of our Bank under Standard category

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  • What is the Quantum of Loan?

    10% of the combined limits (includes CC and TL) sanctioned to FPO / FPC with Max amount of Rs.5,00,000/- (Rupees Five lakhs only)

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  • Credit Bureau Score

    Exempted

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  • Security Charges

    NIL

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  • Tenure

    36- Months (Max.)

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  • Validity

    31.05.2020

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  • What is the margin?

    Nil

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  • What is the security required to be offered?

    Extension of Hypothecation of Stock / structure / equipment / machinery purchased or created out of bank finance.

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  • What will be the Collateral Security?

    For group exposure up to Rs 100.00 lakhs and Credit Guarantee sought from SFAC- No collateral security required but the CG coverage to be enhanced through due process of application to SFAC

    For credit facilities without CG from SFAC and / or credit facilities of more than Rs 100.00 lakhs – As per Bank’s policy

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  • What will be the nature of facility?

    Working Capital Demand Loan

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  • What will be the Rate of Interest?

    One year MCLR + SP

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  • What will be the Repayment period?

    Maximum Moratorium of 6 months

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  • What will be the repayment schedule

    Repayment can be fixed as monthly / quarterly instalments

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  • Who can avail this facility

    Existing borrowers enjoying investment credit with satisfactory repayment track record

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  • Why this scheme is launched

    To provide an instant credit for farming community to meet the emergent funds requirements for farm maintenance and other farm related activities due to COVID-19 pandemic.

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  • What is satisfactory repayment track record

    Accounts currently classified as standard accounts with no serious delinquency in repayment history

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  • Do borrower needs to contribute any margin

    No margin is required to be contributed by the applicant for this loan.

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  • Does this facility requires any additional security

    If any asset is created by this facility then it is to be hypothecated and existing security under Investment agriculture credit loan accounts is to be extended. However the existing norms of no collateral security up to Rs.1.60 lacs to be followed if the combined limit is within Rs.1.60 lacs.

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  • How much loan amount one can get

    10% of the sanction limit of existing investment credit facility to be sanctioned to the borrower subject to mini. Rs. 10,000.00 and max. Rs. 50,000.00 per borrower.

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  • How much ROI will be charged

    Rate of Interest is MCLR linked. Its MCLR plus Strategic Premium i.e. 8.15 (Current MCLR) + 0.25= 8.40% subject to change in MCLR

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  • In how much period this loan is to be repaid

    This loan is to be repaid in max. -36- Months from date of sanction.

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  • Is there any prescribed activity for which loan is to be sanctioned

    Loan can be sanctioned for any agricultural activity other than speculation and hedging.

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  • Validity

    31.05.2020

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  • What is the mode of disbursement

    Loan can be disbursed directly to the borrowers for Saving Bank account and further it will be directly transfer via DD/BC/NEFT/RTGS to respective party.

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  • What is the nature of this facility

    This facility will be sanctioned as a Demand Loan

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  • What will be the repayment schedule

    Loan is to be repaid in Half Yearly/ Yearly installments depending upon income generation and cropping pattern of the borrower

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  • Who can avail this facility

    Individual Farmers / Joint borrowers who are existing Baroda Kisan Card (BKCC) account holders having satisfied repayment track record and eligible for Prompt Repayment incentive in existing account.

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  • Why this scheme is launched

    This scheme is launched to provide an instant credit for farming community to meet the emergent funds requirements for Agriculture and related domestic purposes due to COVID-19 pandemic.

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  • What is satisfactory repayment track record

    Accounts currently classified as standard accounts with no serious delinquency in repayment history

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  • Do borrower needs to contribute any margin

    No margin is required to be contributed by the applicant for this loan.

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  • Does this facility requires any additional security

    If any asset is created by this facility then it is to be hypothecated and existing security under Investment agriculture credit loan accounts is to be extended. However the existing norms of no collateral security up to Rs.1.60 lacs to be followed if the combined limit is within Rs.1.60 lacs.

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  • How much loan amount one can get

    10% of the sanction limit of existing investment credit facility to be sanctioned to the borrower subject to mini. Rs. 10,000.00 and max. Rs. 50,000.00 per borrower.

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  • How much ROI will be charged

    Rate of Interest is MCLR linked. Its MCLR plus Strategic Premium i.e. 8.15 (Current MCLR) + 0.25= 8.40% subject to change in MCLR

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  • In how much period this loan is to be repaid

    This loan is to be repaid in max. -36- Months from date of sanction.

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  • Is there any prescribed activity for which loan is to be sanctioned

    Loan can be sanctioned for any agricultural activity other than speculation and hedging.

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  • Validity

    31.05.2020

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  • What is the mode of disbursement

    Loan can be disbursed directly to the borrowers for Saving Bank account which can be further be utilized by borrower as per requirements.

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  • What is the nature of this facility

    This facility will be sanctioned as a Demand Loan

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  • What will be the repayment schedule

    Loan is to be repaid in Half Yearly/ Yearly installments depending upon income generation and cropping pattern of the borrower

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  • Dear Cardholder

    We hope you and your family are safe and secure during the ongoing COVID-19 pandemic, and are following the guidelines of the local, state and national authorities.

    This communication is regarding extension of Moratorium on payments for your Bank of Baroda (BoB) Credit Card dues. This extension is as per the guidelines of RBI, where a 3-month Moratorium was first permitted for payments due from 1st March 2020 to 31st May 2020, and has been extended now for payments due from 1st June 2020 to 31st August 2020. For your convenience, we are offering the Moratorium to all customers who have been paying regularly till 29th February 2020.

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  • The Moratorium is summarised below:
    • As advised by the RBI, the Moratorium, first granted for payments falling due between 1st March 2020 and 31st May 2020 has now been extended to payments falling due till 31st August 2020
    • The Moratorium is applicable for your BoB Credit Card dues as indicated in the statements dated 1st June 2020, 1st July 2020 and 1st August 2020
    • You are eligible for the Moratorium if your statement dated 1st March 2020 did NOT mention “IMMEDIATE” under the “Payment Due Date” column.
    • If your 1st March 2020 statement mentioned “IMMEDIATE” under Payment Due Date, please make the payment as advised on the statement or on call from our representatives, to make your BoB credit card account regular. Once your card account is regular and your statements of 1st June, 1st July and 1st August do not mention “IMMEDIATE”, you will be eligible for the remaining Moratorium period.
    • If you are eligible for the Moratorium, you may choose not to make any payment towards the dues indicated in the 1st June, 1st July and 1st August statements. No Late Payment Charges will be levied as part of the Moratorium. Your card account will continue to be regular and will not be reported as overdue/delinquent during the Moratorium period.
    • However, as advised by the RBI, interest will continue to occur on the unpaid balance and fresh transactions, unless you pay the Total Payment Due. We recommend you continue to make payments to avoid/reduce accrual of interest.
    • Please note that any payments already made towards your 1st June statement dues will not be refunded.
    • If you have opted for Auto Debit, we will debit your BoB savings account towards the payments due in the 1st June, 1st July and 1st August statements. If you do not want us to debit your BoB savings account during the Moratorium extension, please respond to the SMS and E-mail you’ll receive from us shortly.
    • As per current guidelines, the Moratorium will end on 31st August 2020. Hence, the statement dated 1st September 2020 will require you to pay at least the Minimum Payment Due by the Payment Due Date, to avoid levy of Late Payment Charges and your credit card becoming overdue/delinquent. The statement will also have the interest accrued during the Moratorium period, and will be part of payment due.
    • For more questions about the Moratorium, please visit our website (www.bobfinancial.com) and check the FAQ. You can also check the Most Important Terms & Conditions to understand how interest is charged on the unpaid balances and fresh transactions, if you don’t pay the Total Payment Due.
    • As you are aware, our customer service helpline is working with minimal staff. We encourage you to visit the customer portal for self-service of your credit card account to the extent possible. If you still need help, please write to crm@bobfinancial.com and we will try and respond at the earliest possible.
    • We are with you as we navigate the COVID-19 pandemic together, and assure you of our best services always.

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  • Branches are working as per regular banking hours? or between 10:00 AM to 2:00 PM.

    State wise branch banking hours

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  • Will the branches be working during Lockdown

    Banking is an essential service and as per the Govt. directive and branches will be functional

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  • What are the services available for customers at Branches during Lockdown?

    Our branches shall remain open with reduced staff catering to Cash Deposits/Withdrawals, clearing of cheques, Remittances and Government Transactions only.

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  • Q: Can I visit the nearest BOB branch and withdraw cash,

    You can withdraw cash from the nearest branch with a cheque

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  • What are the services available for customers at Contact Centres during Lockdown?

    Contact Centre will support Emergency services such as Fraudulent transaction complaints, blocking of Debit Card/Internet Banking/M-Connect plus & UPI channel

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  • Will the ATMs be working during the Lockdown

    Yes ATM's will be functional during the Lockdown

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  • When will my complaint be resolved

    Given the pandemic, while we are striving our best to serve you , as a precautionary measure, we are forced to work with reduced staffing. We may take more time than usual for resolution of complaints, please bear with us.
    Please lodge your complaints at http://www.archive.bankofbaroda.in/grievance-redressal.htm

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  • Why have I been billed for not maintaining minimum balance charges

    You will not be billed charges for April, May and June

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  • What is the Hygiene to be followed during withdrawal of Cash at ATM

    As per IBA directive, following Hygiene to be followed by customers -

    1. Customers are advised to clean hands with sanitizer while entering any ATM for withdrawal of Cash from ATM.
    2. To safeguard the customers from COVID-19 Virus, all our ATM machines are sanitised twice in a day.
    3. Do not visit an ATM if customer have cold, cough and fever. Seek medical help.
    4. Cover nose and mouth with mask/handkerchief while sneezing and coughing.
    5. Cooperate with bank staff/customers to maintain hygiene of the ATM site

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  • Which are the different digital products that can be used during COVID-19 outbreak

    Debit card, Baroda Connect- Internet Banking, Mobile Banking M Connect plus and UPI- BHIM Baroda Pay&

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  • How to locate nearest ATM?

    You may search for nearby Branches or ATM using Locator in M-connect plus / BHIM Baroda Pay/ Bank's Website

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  • Are there any charges levied for ATM withdrawal at other Bank's ATM

    The Debit Card charges are NIL for retail users for 3 months w.e.f. 21.03.2020

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  • How do you carry out self registration of M Connect plus

    You may self-register on an Android device using details of your debit card. Download m-connect plus application from Google play store and enter details of your debit card. On successful registration, you will receive 4-digit M-PIN on your registered mobile number.

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  • How to withdraw cash using Cash on mobile

    Generate OTP using M-Connect Plus application and enter the OTP within 15 minutes in any nearby Bank of Baroda ATM only to withdraw upto Rs. 5000 without using debit card.

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  • Are there any charges levied for ATM withdrawal at other Bank's ATM

    The Debit Card charges are NIL for retail users for 3 months w.e.f. 24.03.2020

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  • How do I carry out my Bill Payments , recharge and insurance payments

    Through our Digital products Baroda Connect, M Connect plus and Bhim Baroda Pay

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  • How to apply for a new cheque book?

    You may apply for a new cheque book using m-connect plus/ Baroda Connect

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  • How to block my debit card?

    You may temporarily block your debit card using m-connect plus by reducing limit to zero. You may also permanently block it by hotlisting debit card using m-connect plus.

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  • How to check status of complaint in SPGRS

    After login click on track complaint status and check the status with help of complaint id

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  • How to check the status of my cheque?

    You may check the status of your cheque using m-connect plus. You may also request new cheque book if you have exhausted all leaves.

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  • How to know resolution status of a complaint

    SPGRS to be checked by providing the compliant ID/tracker no.

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  • How to link other Bank accounts using UPI

    After successful registration with UPI, click on Add bank account. Choose your bank from the list in which this mobile number is updated. Application will fetch the eligible account number linked with the same mobile number. You may click on "Plus" icon under UPI accounts or go to "Manage Accounts" and proceed for adding bank accounts in case you want to add more accounts of different bank. For doing transaction through newly added bank you have to set UPI PIN for that Bank account with the debit card credentials issuedin that Bank account.

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  • How to pay credit card bills?

    You may pay bills of Bank of Baroda Credit card using M-connect plus. Go to Recharge & Bill pay page and register using BOB credit card first. Then you may proceed to pay bills immediately. Bills will be effected in T+2 days.

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  • How to register of BHIMBaroda pay?

    Step 1: Download the app from Google Play Store or Apple App Store.

    Step 2: For dual SIM users, select registered mobile number and enter the same (Standard SMS rate will be charged)

    Step 3: Confirm mobile number and Enter details (Name, Last name, Email etc.) and Set a Virtual Payment Address (VPA) also known as UPI ID

    Step 4: Set 4-digit login PIN and set Question and Answers

    Step 5: Login with 4 Digit login PIN and Add Bank Account

    Step 6: Create UPI PIN using debit card linked to your bank account and enjoy UPI facility seamlessly

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  • How to reset sign on password online for retail users?

    By using Set/Reset password option available at login page and follow the instructions thereon

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  • How to reset transaction password onlinefor retail net banking customers?

    By using Set/Reset password option available at login page and follow the instructions thereon

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  • How to set limits on my debit card transactions?

    You may set limits for debit card transactions, both domestic and International, using m-connect plus

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  • If any unauthorised transaction has been reported, what is the process needs to be followed
    1. Branch needs to ensure that the channel such as Debit Card UPI, Net Banking, Mobile banking through which unauthorised txn happened being blocked.
    2. FIR copy must be obtained
    3. Complaint in SPGRS be lodged with all required details
    4. For Debit Card: Insurance claim should be lodged. All related claimed documents should be submitted to Debit Card Insurance Team.( In hard Copy)
    5. Any other information sought by the Digital Banking Team should be provided.
    6. If any txn related information is sought by local authority, then same can be acquired from respective verticals

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  • What are financial services of M Connect plus
    1. Fund transfer within Bank to self-linked accounts and third-party accounts
    2. Fund transfer to accounts outside Bank using IMPS/NEFT
    3. Recharge (mobile/DTH/Baroda FASTag)
    4. Bill Payment
    5. Cash on Mobile (card less withdrawal)
    6. Open Fixed/Recurring deposits
    7. Scan to Pay
    8. Tone Tag

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  • What are non financial services of M Connect
    1. 360 degree view of all accounts linked to your customer ID
    2. Balance Inquiry
    3. Mini Statement
    4. cheque book request
    5. enquire cheque status and stop cheque
    6. seeding of aadhaar number
    7. interest certificate
    8. TDS certificate
    9. Filing 15G/15H forms
    10. New Debit card request
    11. Add/modify/delete nominee
    12. view and close online FD/RD
    13. request savings account transfer
    14. Apply for PMJJBY/PMSBY/APY
    15. account statement
    16. Internet Banking registration and password reset
    17. set communication email id
    18. Branch/ATM locator

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  • what are the charges levied for online NEFT/IMPS transactions

    The NEFT/IMPS charges are NIL for retail users for 3 months w.e.f. 21.03.2020 carried out through Baroda Connect and mconnect plus

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  • What is collect request of BHIM Baroda Pay

    The UPI Collect request is sent to the customer on his registered virtual payment address for which the customer also receives a mobile notification, intimating him that a UPI Collect request has been sent to him. The recipient of the money raises a collect request. Once the request is accepted, the payment is complete after entering UPI PIN by the customer and the recipient account is credited. One can choose to receive money immediately or in the future by choosing the time(Minimum 30 minutes and Maximum 45 days)

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  • Where to lodge a complaint?

    All digital complaint must be invariably lodged in SPGRS. https://bobcrm.bankofbaroda.co.in/onlinecomplaint/

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  • Which are the different channels, using which online NEFT/IMPS transaction can be initiated?

    NEFT transaction can be initiated online through M Connect plus and Baroda Connect and Cash Management Services&

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  • Whether Aadhaar Enrollment Centres are opened during Lockdown due to COVID-19?

    No, Aadhaar Enrollment Centres are not opened during Lockdown period due to COVID-19.

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  • Whether BC points are opened and what preventive measures should be taken during Lockdown due to COVID-19?

    Yes opened, we have instructed all the Branch Managers to provide 2 Hand Sanitizer and a tissue box to BC Agents and we also credited Rs. 2000/- directly to the account of BC for purchasing Hand Sanitizers, masks gloves, disinfectants, etc towards maintenance of hygiene at their outlets .

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  • Is there any additional incentive for BCs during this difficult period?

    Yes, to encourage the BC agents to extend their continued services during this difficult period, bank has decided to incentivize them by paying Rs. 100/- per day to every active BC agents towards transportation, etc for extending services from 10:00 AM to 5:00 PM by performing minimum 5 transactions. This facility will be available till 14.04.2020

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  • How & When will I get my payment for the transactions done at POS / QR?

    BFSL will process the transactions done & settled by you on T+1 basis (except in situation beyond the control of BFSL) and accordingly your Bank Account shall be credited.

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  • Is there any difficulty in opening of BC Points during Lockdown due to COVID-19?

    Yes, in some states Police Authorities are not allowing the functioning of BC point which fall under Essential Services as notified by Government of India. For allowing BC to open the BC Point we have written a letter to Chief Secretary of the State regarding forced closure of Bank Mitra’s by Police Authorities and requested them to issue necessary instructions to the Police Authorities to allow the functioning of BC Point.

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  • Where is my nearest BC point?

    For knowing the nearest BC Point visit our Website. Path for knowing the nearest BC Point as follows: http://www.archive.bankofbaroda.in/bc-locator.htm

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  • Where should I approach for getting my forex transactions processed?

    All customers are advised to approach their Base branch (where account of the customer is being maintained) for submission of required documents for processing the forex transactions.

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  • Whether Bank of Baroda is undertaking forex transactions during these testing times of coronavirus epidemic?

    Bank of Baroda is undertaking all essential forex transactions including foreign remittances, exports and imports except conversion of foreign currency notes.

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  • Where can I get my forex related queries addressed?

    Forex related queries should made to the following email ID/phone number for addressal

    Email ID: care.fbo@bankofbaroda.com

    Phone number: 079-66734153

    (During these testing times, we request you to kindly make your queries on Monday to Friday between 10:00 AM to 5:00 PM)

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  • Where can I get details guidelines/operational instructions for various forex related products introduced by our Bank.

    Detailed guidelines/operational instructions in respect of various forex related products can be referred on our website using the following link:www.bankofbaroda.in/trade-finance.htm

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  • Where can I get latest forex related Rates of Interest/Service charges?

    Forex related Rates of Interest/Service charges are updated on our Bank's website from time to time.

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  • Whether Bank of Baroda is providing any concession to Forex trade finance customers for transacting digitally through Baroda Insta Front end Portal?

    Yes, with effect from 27.03.2020, Bank has allowed 20% concession on the following transactions for forex trade finance customers transacting through Baroda Insta Front end portal:

    • Import LC including UPAS LC and Trade credit through SBLC issuance charges subject to a minimum charge of 0.40% p.a.
    • Import bill payments with cap in charges to be reduced accordingly.
    • Foreign Bank Guarantee issuance charges.
    • Export bill realization charges with cap in charges to be reduced accordingly.
    • Advance remittance against exports
    • Advance remittance against imports

    (Please Note: The above concession will be provided subject to no other concession allowed to the customer)

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  • I am an exporter and a holder of an ECGC Policy, obtained by me directly from the ECGC. Do I get any relaxation in submission of claims, returns, representations, etc. amidst COVID-19 pandemic?

    ECGC has come up with the following relaxations in respect of policies directly obtained by the exporters from the ECGC:

    • ECGC has extended time limit upto 31.05.2020 for all returns, extension requests, default notifications, etc. to Policy holders.
    • Time for filing claim, reply to claim queries, representations has been extended upto June 2020.
    • Specific Shipment Policy expiring in March 2020 is now extended automatically upto June 2020.

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  • I am an exporter and unable to realise the export proceeds within the regulatory timeline of 9 months (from the date of export) amidst the COVID-19 pandemic. I fear, that due to non-realisation as above, I may get caution listed by RBI.

    Reserve Bank of India vide vide Notification RBI/2019-20/206 A. P. (DIR Series) Circular No. 27 dated April 01 2020 has extended the period of realisation of export proceeds from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020. The exporter however, needs to approach his branch and apply for extension of the due date. The Bank will take a decision on extension, subject to approval from ECGC, if required.

    Note The provisions in regard to period of realization and repatriation to India of the full export value of goods exported to warehouses established outside India remain unchanged.

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  • Can I transfer funds to my girl child’s Sukanya Samriddhi account without visiting the branch?

    Yes, you can transfer funds to your girl child’s Sukanya Samriddhi account linked to your Bank of Baroda Account online through Baroda Connect (Internet Banking) and M-Connect (Mobile Banking application). Also, you can transfer funds from other Banks to your PPF account via NEFT.

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  • Can I transfer funds to my Public Provident Fund (PPF) account without visiting the branch?

    Yes, you can transfer funds to your PPF account linked to your Bank of Baroda Savings Bank Account online through Baroda Connect (Internet Banking) and M-Connect (Mobile banking application). Also, you can transfer funds from other Banks to your PPF account via NEFT.

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  • Is Bank of Baroda instructed to not accept the PPF extension letters till 14th April?

    No such instructions are issued by Bank of Baroda regarding the acceptance of PPF extension letters.

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  • Can I make contributions to my PPF/SSA account for F.Y. 2019-20 and F.Y. 2020-21 ?

    The subscribers of PPF account/SSA may continue to make deposit/s for FY 2020-21 in the usual manner. A single deposit for F.Y. 2019-20 can be made till 31.07.2020. However, the subscriber of the PPF Account/SSA shall deposit the amount for FY 2019-20 and 2020-21 separately in his/her account.

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  • Can I withdraw funds from my NPS account for treatment of COVID-19?

    As Government of India has declared COVID-19 as pandemic, PFRDA has declared COVID-19 as a critical illness which is life threatening in nature.

    Hence, in view of the above, partial withdrawals shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents.

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  • I was unable to deposit funds in my daughter’s Sukanya Samriddhi Yojana account (SSA) for F.Y. 2019-20 due to COVID outbreak and lockdown. Can I do it now?

    Yes, you can. The SSA account holder is eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for F.Y. 2019-20 till 31.07.2020 subject to the condition of maximum deposit ceilings prescribed in the SSA scheme provisions.

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  • I was unable to deposit funds in my Public Provident Fund (PPF) account for F.Y. 2019-20 due to COVID-19 outbreak and lockdown. Can I do it now?

    Yes, you can. The PPF account holder is eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for F.Y. 2019-20 till 31.07.2020 subject to the condition of maximum deposit ceilings prescribed in the PPF scheme provisions.

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  • My PPF account got matured on 31.03.2020. How can I extend it further?

    All those PPF subscribers, whose accounts were matured on 31.03.2020 (including the period of one year for extension) and couldn't be extended due to lockdown despite willingness, may now extend their PPF account by submitting the prescribed form before 31.07.2020.

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  • What documents are required for partial withdrawal of funds from NPS account for treatment of COVID-19?

    Medical certificate and formal request for partial withdrawal are required for partial withdrawal of funds for treatment of COVID-19.

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  • In light of clear instructions from DFS with respect to providing only essential services, can staff refuse to do work that falls outside the ambit of these essential services in branches, if so requested by walk-in customers.

    Branches have been advised to undertake the following minimum services at branches from 23.3.2020 till further instructions :-

    • Cash Deposits and withdrawals
    • Clearing of cheques
    • Remittances
    • Government Transactions

    Non-essential services like passbook printing etc are suspended and customers are requested to avail the digital services of the Bank.

    Customers may also use Bank’s digital platform for services such as opening of FD Accounts, transfer of funds, pay bills and recharge online, make investments etc.

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  • What precautionary measures employees are taking while rendering minimal banking services at the branches?

    The staff members have been advised about precautionary measures to be taken by them. They have been advised to practice the following DO’s and Don’ts to prevent the spread and maintain health and safety of oneself and others :-

    • Maintain personal hygiene, washing of hands with soap and water frequently, to use alcohol based sanitizers.
    • If having cough/ cold, to stay at home, drink plenty of water.
    • While coughing/ sneezing, to cover mouth with handkerchief, tissue paper or by flexed elbow.
    • If having cough/ cold, to stay at home, drink plenty of water.
    • To seek medical advice if having fever, cough, cold or shortness of breath.
    • To not touch face with unclean hands.
    • To not stay in contact with any person with flu like symptoms or cold.
    • To avoid crowded places such as malls, markets, cinema halls etc, when having cold or flu like symptoms.
    • To not eat uncooked food.
    • To take special care of elderly, pregnant women and people with low immunity.

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  • What are the best practices adopted by the Bank for maintaining safe work environment for employees.

    All our branches/ offices have been provided with adequate masks, gloves, sanitizers, generic medical supplies

    General advisories have been issued to branches/ offices regarding the Do’s and Don’ts and other precautionary measures for curbing the spread of infection and ensure a safe environment for self and others

    Detailed guidelines have also been issued for self-quarantine of staff members travelling from abroad and specific guidelines for medical screening and clearance in respect of staff / any family member of staff who have recently visited countries largely affected by the epidemic.

    All our branches/ offices are working on skeletal staff with a view to rendering of essential services to customers.

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  • Are Bank employees using sanitizers and masks?

    All employees has been provided with the masks and sanitizers by the Branches/ Offices at the Bank’s cost.

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  • I have recently returned from an overseas trip. Can I visit the branch for transacting business? What are the measures to be taken by me amid the outbreak?

    As per the advisory issued by the World Health Organisation/ Govt. of India/ Bank, any person who has returned from abroad is required to quarantine himself/herself for a period of at least 14 days and check for any signs/ symptoms of COVID-19 If any symptoms are seen, one should get himself/herself medically screened to rule out possibilities

    However, if the person has recently visited a country which is affected by the pandemic of COVID-19, he/she needs to get himself/herself tested/ medically screened and obtain a fitness certificate before going outside to public places including bank branch

    The same protocol is required to be followed if residing with a family member falling under any of the above categories.

    We have advised our staff members also to follow the same protocol.

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  • Is it safe for me to visit a bank branch now?

    Customers are advised to not visit a branch unless to carry out essential banking transactions. Customers are advised to avail of banking services, through the digital mode.

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  • What are our obligations as an organisation if any of our employee tests positive COVID-19.

    Branches/ offices have been advised that all suspected / confirmed cases of either staff or the customers should be reported to their local hospital authorities The number of these authorities. have been kept handy at every branch/ office.

    The Bank’s Regional/ Zonal Head or Regional HR/ Zonal HR Functionaries are also required to report all such cases to the Quick Response Team for a further decision in the matter. This team can be contacted .

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  • What precautionary measures have been taken by the organisation for the health and safety of the vulnerable section of its employees?

    Employees who are in high risk complications such as suffering from chronic kidney diseases, chronic respiratory diseases, heart disease, patients of cancer, undergoing chemotherapy, uncontrolled diabetes mellitus, pregnant lady employees etc. have been advised to work from home/ avail leave.

    Disabled Employees who are wheel chair bound or Visually Impaired employees who need assistance for their movement or have to necessarily use touch for navigating have been mandatorily advised to work from home/ avail leave.

    Employees showing flu like symptoms, coughing/ sneezing have been advised to self-quarantine themselves.

    High rise building/ offices of the Bank are being fumigated on a daily basis to combat spread of virus.

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  • Is Mobile Banking Services Available 24/7?

    Yes, Mobile Banking Services are available 24/7.

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  • What are the essential services available under Mobile Banking?

    Fund transfer (Within Bank/NEFT/IMPS/PPF/SSA).

    Recharge (mobile/DTH/Recharge)

    Bill Payment (Electricity/Gas/Water/Telecom/Insurance/Tax/Credit Card)

    Cash on Mobile (Withdrawal of cash from ATM without ATM Card).

    Various other services such as are also available for customers to fully utilise the Mobile Banking channel.http://www.archive.bankofbaroda.in/writereaddata/images/pdf/Services-Offered-04-01-2019.pdf

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  • As financial year is closing, how can I invest to save on taxes?

    m-Connect+ gives you the benefit of transferring amount to PPF and SSA accounts opened through Bank of Baroda branches.

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  • Can I control the use of Debit Card from Mobile Banking?

    Yes you can control many operation of Debit Card like, apply for fresh Debit Card, set Debit Card PIN, Debit Card Hotlisting & set debit card limits on various channels.

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  • Can I get my statements and Certificates without visiting Branch?

    You can get your Account Statement and Interest/TDS certificates on your registered email id through m-connect+. If your email id is not registered, then with m-Connect+ you can update your communication email id as well.

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  • Can I operate Cheque based transactions?

    You can give new request to issue cheque book, check the status of already issued cheque and even you can initiate stop payment of issued cheque.

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  • Can MConnect-Plus help me in Internet Banking?

    You can register for Internet Banking and also reset your Internet Banking Password through m-Connect+.

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  • How can I register/activate myself for m-Connect+ without visiting branch?

    You can register yourself through m-Connect+ app using your debit card (Only for Android users).

    Also you can register through Bank of Baroda Internet Banking ‘Baroda Connect’ or through ATM.

    Video link: https://www.youtube.com/watch?v=0uy6It8c6oM&feature=youtu.be

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  • What are the limits and how to increase them?

    For IMPS/NEFT, per day limits is Rs. 2 Lakhs (Rs. 50,000 per transaction)

    For Third-Party, per day limit is Rs. 1 Lakh (Rs. 50,000 per transaction)

    No limit on self-linked accounts.

    In case of requirement of higher limits, register for Baroda Connect (Internet Banking) through m-Connect+. .

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  • What are the various charges of m-Connect+?

    In view of current pandemic situation, we have waived off all charges till 30th June 2020

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  • What Bank of Baroda offers in current situation of Coronavirus Impact?

    Bank of Baroda has announced zero charges on digital transactions for 3 months. In addition, new users of Mobile Banking on first pay transaction, are eligible for Rs. 50 as cashback (T&C apply) till 30th June 2020

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  • Whether government schemes / Insurance schemes available in m-Connect+?

    m-Connect+ offers Pradhan Mantri Jivan Jyoti Bima yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Atal pension Yojna (APY) scheme

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  • Is rescheduling of payments applicable for all kinds of Terms Loans?

    It is applicable for all Term Loans in all the Segments,

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  • Which are the facilities eligible for availing the benefits under the Extended RBI Covid- 19 regulatory package?

    Bank has extended moratorium benefit to all customers having outstanding up to Rs 10 Lacs ( Term Loan outstanding and working Capital Limit) as on 31.05.2020 across the board and customers having outstanding above Rs 10 lacs( Term Loan outstanding and working Capital Limit) need to give their option for availing moratorium at the Base branch for availing the benefit.

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  • Whether the bank has granted extension of moratorium from 01/06/20 to 31/08/2020.

    Yes, the bank has granted the moratorium to all the customer having outstanding up to 10 lacs and customer having outstanding above 10 lacs will have to contact base branch for availing moratorium.

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  • In what other ways, businesses have been given relief

    The businesses may request the Bank to re-assess their Working Capital requirements on account of disruption of their cash flows or elongation of Working Capital Cycle. They may also request for reduction in margin on NFB facilities (LCs/ BGs etc). Decision will be taken by the Bank on case-to-case basis.

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  • What will be the treatment of interest on the Working Capital facilities?

    Bank will convert accrued interest on working capital in FITL (accrued interest from 01.03.2020 to 31.05.2020 and 01.06.2020 to 31.08.2020) of all borrowers (Agriculture, Retail, MSME) having total outstanding in term loan and sanctioned limit in working capital upto Rs 10.00 lacs across the Board.

    Bank may convert accrued interest on working capital in FITL (accrued interest from 01.03.2020 to 31.05.2020 and 01.06.2020 to 31.08.2020) for borrowers (Agriculture, Retail, and MSME, corporate) having total outstanding in term loan and sanctioned limit in working capital above of Rs 10.00 lacs (customer balance) on the request of the borrower.

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  • Whether Bank will honour the existing ECS, NACH, SI mandate in the account during this period

    Bank will continue to collect instalments as per the ECS, NACH,SI mandate even in accounts where moratorium has been granted unless stopped by the borrower. In case borrower wants to avail extended moratorium period of 3 months by discontinue ECS, NACH,SI mandate payment, they may approach to the base Branch.

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  • Can I opt for deferment of EMI in one month and then pay EMI in another month?

    Yes.

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  • Whether Bank is sending an OTP to customers for availing moratorium?

    No, bank is not sending any sort of OTP for availing moratorium. All customers are requested to stay alert of any such fraud communication asking to share OTP.

    Bank officials will never ask you to share OTP / PIN / password / account details.

    Please be guided by information shared in the above moratorium related FAQs.

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  • Which are the facilities eligible for availing the benefits under the RBI Covid- 19 regulatory package and whether the facility is extended across the board to all borrowers?

    All Term Loans (including Agricultural Term Loans, Retail, Crop Loans and Cash Credit/Overdraft are eligible to avail the benefits under the package. This is available to all such accounts, which are Standard Assets as on 1st March 2020. Further, to avoid unnecessary paperwork the facility has been extended across the board to all the borrowers by extending repayment of Term Loan instalments (includes interest) by 3 months. The original repayment period for Term Loans will get extended by 3 months e.g. a loan repayable in 60 instalments maturing on 1st March 2025 will mature on 1st June 2025.

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  • Why RBI has announced the relief package?

    Reserve Bank of India has announced certain regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of Covid-19 pandemic and to ensure the continuity of viable businesses. It was felt that there may be a temporary disruption in the Cash Flows, and in some cases loss of income, for the businesses/ individuals and the present measures work to bring relief to those businesses / individuals.

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  • Is rescheduling of payments applicable for all kinds of Terms Loans?

    It is applicable for all Term Loans in all the Segments, irrespective of the Segment and the tenor of the Term Loans.

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  • Is rescheduling of Term Loans only for Principal amount or it also includes interest?

    Rescheduling of Principal can be done for a period of three months falling due between March 1, 2020 and May 31, 2020. For example, where the last instalment of a Term Loan falls due for payment of on say 1st March 2020, it will become payable on 1st June 2020.

    For EMI based Term Loans, it will be three EMIs falling due between 1st March 2020 and May 31st, 2020 and the tenor will be extended by three months and have to be repaid during the extended period.

    For other Term Loans, it will be all the instalments and Interest falling due during the same period, irrespective of the tenor of payment i.e. Monthly, Quarterly, Half Yearly, Annually, Bullet Payment etc. For Term Loans, where the repayment has not commenced, the interest portion for three months alone needs to be reckoned.

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  • What will be the impact of this relief by RBI on borrowers as far as reporting of default is concerned?

    Any delay in payment leads to default and gets reported to Credit Bureaus. For business loans of Rs. 5 Crores and above, the Banks report the overdue position to RBI also through CRILC. As a result of this relief package, the overdue payments post 1st March 2020 will not be reported to Credit Bureaus/ CRILC for three months. No penal interest or charges will be payable to the Banks. Similarly, SEBI has allowed that Credit Rating Agencies (CRAs) may not consider the delay as default by listed companies if the same is owing to lockdown conditions arising due to Covid-19.

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  • What will be the treatment of interest on the Working Capital facilities?

    The recovery of Interest applied to Cash Credit/Overdraft on 31st March, 30th April and 31st May 2020 is being ‘deferred’. However, the accumulated accrued interest shall be recovered immediately after the completion of the moratorium period.

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  • In what other ways, businesses have been given relief

    The businesses may request the Bank to re-assess their Working Capital requirements on account of disruption of their cash flows or elongation of Working Capital Cycle. They may also request for reduction in margin on NFB facilities (LCs/ BGs etc) or also relief in Security. Decision will be taken by the Bank branches on case-to-case basis based on the genuineness of the request.

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  • Should I get upset if any Bank Staff or its collection agent approach me for repayment?

    You should not get upset and tell Bank Staff/ Collection Agent that you want to avail the benefit being extended under regulatory package.

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  • That means Businesses/ Individuals should necessarily take the benefit?

    You may take the benefits under this package if there is a disruption in your cash flows or there is loss of income. However, you must take into account that the EMI of the loans, though not mandatorily payable immediately and gets postponed by 3 months, continues to accrue interest on compounding basis in your account which results as higher amount and additional EMIs. It is advised, if someone has adequate cashflows and capacity to pay regular EMIs, he/she should continue to pay.

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  • What about interchangeability being permitted from NFB to FB or FB to NFB for businesses?

    The interest applied on the Fund Based portion of Interchangeability availed during the said period of 1st March to 31st May 2020 will be eligible for moratorium. In respect of new sanctions accorded from 1st March and availed during the period, the interest applied on the Fund based portion would be eligible.

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  • Whether Bank is sending an OTP to customers for availing moratorium?

    No, bank is not sending any sort of OTP for availing moratorium. All customers are requested to stay alert of any such fraud communication asking to share OTP.
    Bank officials will never ask you to share OTP / PIN / password / account details.
    Please be guided by information shared in the above moratorium related FAQs.

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  • Whether Bank will honour the existing ECS, NACH mandate in the account during this period

    Bank will continue to collect instalments as per the ECS, NACH mandate unless stopped by the borrower. In case borrower wants to avail moratorium period of 3 months, they must approach to the base Branch or respond to the SMS which we are sending for stopping of NACH/ECS mandate

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  • Whether Bank will honour the Standing instructions in the account during this period.

    Bank will continue to collect instalments as per the standing instructions unless stopped by the borrower. In case Borrower wants to avail moratorium period of 3 months, they must approach to the base Branch by way of Mail or letter for stopping of standing instructions. Bank is also in the process of sending the SMS to borrower for seeking permission for temporarily stopping of standing instructions for a period of 3 months.

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  • Whether Bank will refund the EMI already deducted for the month of March.

    Bank will refund the EMI (of Retail loans) deducted through standing instruction /NACH/ECS for the month of March 2020 to May 2020 at the request of the customer made at Base Branch.

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  • Will all these measures of RBI be treated as “restructuring”? What about the provisions applicable?

    The measures stipulated by RBI under the March 27, 2020 circular on COVID 19 Regulatory Package will not be treated as “Restructuring” and hence will not result in asset classification downgrade. Accordingly, the enhanced provisions for Restructured Accounts will not apply.

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  • How many branches will remain open?

    Normally all branches will remain open as per the instructions of IBA/ SLBC/ Government Administration subject to any change.

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  • What are the services available ?

    Branches will provide following services as suggested by IBA

    • Cash Deposit and Withdrawals
    • Clearing of Cheques
    • Remittances
    • Government Transactions

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  • How many staff is working at the branches?

    Branches are running with minimum staff.

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  • What are the relaxation given to the customer during this period?

    Debit Cardholders can now withdraw cash free from any other Banks ATMs for three months without any charges till 30th June, 2020.

    Waiver of minimum balance fee for maintaining a minimum balance requirement for three months ending 30th June, 2020.

    Reduced Bank charges for digital trade transactions for all trade finance customers till 30th June, 2020 .

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  • What care is taken by Branch staff while providing banking services?

    While providing banking services branch staff is maintaining social distancing, using sanitizer, gloves etc. Care is also taken while dealing with currency notes.

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  • I would like to order some terminal paper rolls. Whom shall I contact?

    You may raise a request to our vendor through e-mail at awl-in.merchanthelpdesk@atos.net. or by call log at their Toll Pay No. / Customer Care No. 18602332332 / 022-40426060. Your request shall be attended & resolved at the earliest possible.

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  • My terminal is faulty, whom shall I contact?

    Please furnish your MID & TID and details of the issues facing with the POS Machine and raise a request through our vendor for technical assistance by sending E-mail at awl-in.merchanthelpdesk@atos.net. You will receive a Docket No. on e-mail itself and the issues shall be attended & resolved at the earliest possible.

    Alternatively, you can call log the request by call log at vendor Toll Pay No. / Customer Care No. 18602332332 / 022-40426060. The request shall be attended & resolved over telephone itself, wherever possible. For the issues wherein physical visit is required, the same shall be attended & resolved at the earliest possible.

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  • My terminal is offline, how do I accept transactions?

    We request & recommend restarting the terminal and trying again. However, if the issue still persists, you may raise a request to our vendor through E-mail / call log as illustrated above at Point No. 1.

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  • How & When will I get my payment for the transactions done at POS / QR?

    BFSL will process the transactions done & settled by you on T+1 basis (except in situation beyond the control of BFSL) and accordingly your Bank Account shall be credited.

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  • Where shall I approach for my other queries / support as Toll Free No. 1800223225 is closed?

    As a precautionary measure, Toll Free No. 1800223225 is closed. However, you can raise your query / request at E-mail id: pos@bobfinancial.com. The same shall be attended with resolution, wherever possible. Other requests / queries shall be responded with resolution at the earliest possible.

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