Frequently Asked Questions (FAQs)

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Baroda Omni
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  • How to register for Baroda Omni Services?

    Customer desirous of availing these facilities should submit an application form in the prescribed format to the branch where he/she maintains his/her account. After registration, customers of AnyBOB will be provided with a smart card and PIN (Personal Identification Number); ID & PIN will be provided to the users of Dial BOB and Connect BOB products. For security reasons, customers are advised to change the present PIN before using the facilities and also at frequent intervals.

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  • What are the timings for using Baroda Omni services? AnyBOB

    You can avail this service within the common banking hours of both the base branch & operating branch. Base branch is the branch where you maintain your account and operating branch is where you desire to avail the facility. Operating Branch can be any designated branch of your city.

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  • Dial BOB and Connect BOB

    You can avail these services from anywhere in India and abroad, all the 24 hours through a telephone/mobile phone (for DialBOB) or PC/laptop (for ConnectBOB).

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  • Are Baroda Omni services secure?

    Baroda Omni products are offered in a highly secured environment using state-of-the-srt smart card based technology, electronic digital certificates, etc. Access to Baroda Omni services is based on ID & PIN. ID & PIN are given to the customer after registration under the scheme. Only customer knows the PIN. For security reasons you are advised to change the PIN at frequent intervals and not to share with any one or write his/her PIN on any piece of paper, not in his/her exclusive custody.

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  • What is smart card?

    A smart card is a card similar to a plastic ATM or credit card but with a chip embedded on it. The main function of a smart card is the identification of the user and authentication of the card by the system. It is tamper proof and secret information cannot be read by anyone other than the customer himself.

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  • What to do if smart card is lost?

    When the card is lost you should immediately inform your branch/control centre and also submit a written application to the base branch. The loss of card message will be intimated to Baroda Omni control centre and the card will be hotlisted.

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  • Can somebody else family members can use my smart card?

    Other than the cardholder, nobody else can use the smart card. Smart card identifies the customer in four different ways photograph, signature, personal identification number i.e. his secret PIN and online verification of his account. PINs are to be kept secret.

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  • What actions are taken for the security of my account, if my card is lost?

    If the card is lost you should report to the base branch/control centre immediately. Base branch will intimate the message to Baroda Omni control centre and your card will be hotlisted. Once a card is hotlisted that card cannot be used anywhere else.

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  • What I have to do at the collection centre?

    You have to instruct your dealer/representative to deposit your cheque at our identified collection centre. You may also avail our pickup facility.

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  • I maintain an account with Bank of Baroda at other than the base branch. Can I avail BCR services?

    Yes, you can avail the services even if you are not maintaining the account at the base branch. For more information and details on procedure of availing the service, contact the branch manager of the base branch.

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  • Who can open a current account?

    An individual, proprietorship and partnership firm, limited company and even a limited liability partnership can open a current account. For specific eligibility criteria on current account opening, contact the nearest branch.

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  • What is the minimum balance needed for a current account?

    One of the benefits of a current account is the low minimum average quarterly balance. However, this amount varies based on the type of current account you hold. Ask your relationship manager or bank executive for more details.

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  • What are the benefits of a current account?

    With a current account, you can do a large number of transactions in a single day. You also access several banking services free of charge, depending on the type of current account. This includes applying for overdraft facilities on your current account.

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  • What is FATCA?

    FATCA is an acronym for the Foreign Account Tax Compliance Act, a new set of U.S. Tax Regulations brought in by the U.S. Government. to prevent the tax evasion by U.S. Nationals and the same enacted through the Internal Revenue Service (IRS), which is similar to the Income Tax Department in India.

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  • When was FATCA enacted?

    IGA between India and the U.S. was signed on 09/07/2015.

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  • What is the objective of FATCA?

    The primary goal of FATCA is to obtain information from countries other than (reporting) USA about U.S. persons. FATCA would help the U.S.A. to detect and prevent offshore tax evasion by U.S. persons by identifying them and collecting the appropriate tax on their holding financial assets outside the U.S.

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  • What is the objective of FATCA?

    CRS stands for Common Reporting Standard. To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS on AEOI was presented to G20 Leaders in Brisbane on 16/11/2014.

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  • When was CRS enacted?

    India signed up for CRS on 03/06/2015..

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  • What is the objective of CRS?

    The primary goal of CRS is to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad through mutual exchange of information among countries. 98 countries are the member of CRS.

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  • What information under CRS is required for submission?

    Collect and report information about account holders held by residents in other countries to their tax authorities through Automatic Exchange of Information. Information relates to individuals, shell companies and trusts having beneficial ownership or interest in the ‘resident’ countries.

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  • Is there any legal binding to report under FATCA and CRS?

    Necessary legislative changes have been made through Finance (No.2) Act, 2014, by amending section 285BA of the Income Tax Act, 1961. Income Tax Rules, 1962 were amended by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions for maintaining and reporting information.

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  • What to report?

    In case of an individual, the name, address, Taxpayer Identification Number and date and place of birth of each reportable person.

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  • Whom to report?

    Information regarding the reportable person should be reported to CBDT every year.

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  • Who is who?
    • FOR FATCA:One or more specified U.S. persons (U.S. person means an individual, being a citizen or resident of the U.S.A., or a partnership or corporation organised in the U.S.A., or a trust, or an estate of a decedent who was a citizen or resident of the U.S.A.)
    • FOR CRS:One or more persons that is a resident of any country or territory outside India (except the U.S.A.) under the tax laws of such country.

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  • I am not a U.S. person; why should I give self-certification?

    If you are not a U.S. Person, still you have to give self-certification stating non US tax residency. We have to abide by guidelines issued by Regulatory Authorities. In the absence of you providing the necessary details, we may not be able to process your application to open the account.

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  • I have given self-certification/undertaking at the time of opening of account. Do I need to give it again every year?

    You need not to provide us the self-certification again unless there are a change in circumstances, which results in change in your Tax Residency Status.

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  • How does the bank find out whether who is a U.S. person?
    • To identify U.S. persons for U.S. tax filing purposes, the Bank will run the following checks in case all the accounts are opened on or before 30/06/2014:
    • Identification of the account holder as a U.S. citizen or resident.
    • Unambiguous indication of a U.S. place of birth.
    • Current U.S. mailing or residence address (including a U.S. post office box).
    • Current U.S. telephone number.
    • Standing instructions to transfer funds to an account maintained in the United States.
    • Currently effective power of attorney or signatory authority granted to a person with a U.S. address.
    • An "in-care-of" or "hold mail" address is the sole address that the Reporting [FATCA Partner] Financial Institution has on file for the account holder.
    • In accounts, opened on or after 1/07/2014, basis will be the self-declaration by the account holder.

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  • Who is reportable under FATCA/CRS?
    • FATCA legislation will affect both individual and non-individual customers (entities) who are treated as ‘U.S. persons’ for U.S. tax purposes.
    • With respect to CRS, the coverage would extend to account holders/beneficial owners or controlling persons of entities, being tax residents of any of the signatory countries.

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  • Definition of Reportable Assets as per Sec 295 of IT Act 1963, rules 114G and 114H.
    • Financial account-any commercial, checking, savings, time or thrift account, CD, investment certification, certificate of indebtedness or other similar instruments held by a bank or insurance company.
    • Insurance contract.
    • Security viz. shares/stock, bond, debenture or other evidence of indebtedness

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  • Who is the resident of US (other than US Citizens) for the purpose of identification under FATCA?
    • You are a resident, for the U.S. federal tax purposes, if you are a Lawful Permanent Resident of the U.S. at any time during the calendar year. This is known as the "green card" test.
    • You will be considered a U.S. resident for tax purposes, if you are physically present in the U.S. on at least.
    • 31 days during the current year, and 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting
      • All the days you were present in the current year, and
      • 1/3 of the days you were present in the first year before the current year, and
      • 1/6 of the days you were present in the second year before the current year.

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  • If one or more of the 7 indicators for identifying U.S. persons match with my existing account details, but I am not a U.S. person, will the bank still give my information to U.S.?

    No, before ascertaining your tax residency status, bank will not provide any information to the U.S./any other country. This is why the bank obtains Self-Certification/Documents. If it is verified that you are not a tax resident of the U.S. or any other country, the bank will not depart with any information to anyone.

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  • No indicator matches with my existing account details but I am a US person. How will the Bank cover me in FATCA?
    • If no indicator matches with your existing account (accounts opened up to 30/06/2014) details, the Bank will rely upon the details submitted by you. Further, if you have not offered/submitted any updated information to bank about your tax residency/citizenship etc., the onus of its implications will remain on you.
    • In case of accounts opened on or after 01/07/2014, bank obtains the FATCA declaration (extended to CRS as well) on tax residency of the account holders. This document is a legally valid declaration and bank will rely upon information disclosed in this form.

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  • At present, I am not a U.S. person, but in near future I am likely to get residency of the U.S. What will my position be?

    It will depend upon your residency status at the cutoff date for the submission of information. However, you should update your account details as and when there is any change in circumstances which results in a change in your tax residency.

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  • Why the Bank is concerned to know whether I am a U.S. person or not?

    The Inter Governmental Agreement signed on 9/07/2015 between the U.S.A. and India made it mandatory for the banks to provide necessary information to the Indian Tax Authorities, which will then be transmitted to the U.S.A. periodically. Banks are required to provide information about the accounts held with them by the U.S persons or entities controlled by the U.S persons.

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  • I am a U.S. person but my joint account holder is not a U.S. person? What is the position?