Bank announces Financial Results for quarter ended, 30th September 2023.
Bank of Baroda (UK) Ltd announces its intention to wind down and close its UK retail banking activities
Visit our website https://www.bankofbarodauk.com/ for any further information.
NOTIFICATION DATED 27.06.2023 FOR SALE / ASSIGNMENT OF FINANCIAL ASSET (NPA) to ARCs (E-AUCTION ON 14.07.2023)
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
Locate Us, Anytime, Anywhere
Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
This is a Code of Customer Rights, which sets minimum standards of banking practices member banks have to follow while they deal with individual customers. It provides protection to customers and explains how banks are expected to deal with customers in their day-to-day operations.
The Code does not replace or supersede regulatory or supervisory instructions of the Reserve Bank of India (RBI) and we will comply with such instructions/directions issued by RBI from time to time. Provisions of the Code may have set higher standards than those prescribed in the regulatory instructions and such higher standards will prevail as the Code represents best practices voluntarily agreed to by us as our commitment to you.
We will endeavour to adopt higher standards of banking practices to extend better customer service and achieve higher levels of customer satisfaction.
The Code has been developed to:
The standards of the Code are covered by the key commitments in Section 2.
This Code applies to all the products and services listed below, whether they are provided by our branches or agents acting on our behalf, whether across the counter, over the phone, by post, through interactive electronic devices, on the internet or by any other method. However, all products discussed here may or may not be offered by us.
The meanings of (key) words in bold black have been given in the Glossary.
To Help You To Understand How Our Financial Products And Services Work By:
To Help You Use Your Account Or Service By:
We will treat all your personal information as private and confidential subject to matters mentioned in para No. 5 below.
To Adopt And Practice A Non - Discrimination Policy
We will not discriminate you on the basis of age, race, gender, marital status, religion, disability or financial status.
We will not transmit to you any unsolicited commercial information regarding our products and services, through telephone calls / SMS/ e-mails, if you have registered with the ‘Do Not Call Registry’ of our bank. or with the ‘National Do Not Call Registry’ directly or through your Service Provider. However, this will not apply to receipt of information regarding your account statements and other important advices and information including alerts relating to transactions on your account as also the products and services you are currently availing.
The Code has been evolved by the Banking Codes and Standards Board of India (BCSBI) in collaboration with the Reserve Bank of India, Indian Banks’ Association and member banks. The central objective of the Code is promoting good and fair banking practices, setting minimum standards, increasing transparency, achieving higher operating standards and above all, promoting cordial banker-customer relationship which would foster confidence of the common man in the banking system.
BCSBI was set up in February 2006 as an autonomous institution “to monitor and ensure that the Banking Codes and Standards adopted by the banks are adhered to in true spirit while delivering their services”.
BCSBI has evolved two sets of Codes – Code of Bank’s Commitment to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises. These Codes have been adopted by member banks of BCSBI which include scheduled commercial banks, urban cooperative banks and regional rural banks.
BCSBI by its design and mandate is not a grievance redressal forum. However, BCSBI looks at complaints with a view to identifying systemic deficiencies, if any, in terms of gaps in policies, procedures and practices at the banks and initiates action for their rectification.
For further information about BCSBI please log on to the website www.bcsbi.org.in
Account opening and operation of deposit accounts
Before opening any deposit account, we will:
When you open a Deposit Account, we will:
Specific charges for issue of cheque books, additional/duplicate statement of accounts, duplicate passbook, copies of paid cheques, folio charges, debit card, ATM card, verification of signature, return of cheque, change in mandate or style of account, closure of Savings Bank / Current accounts etc., will be included in our Tariff Schedule. Concessions or relief given will not be withdrawn during the original validity period of the concession/relief.
In case your account meets the terms for upgradation, we will upgrade your account only after obtaining your consent in writing or through any other mode or where your consent is obtained through authenticated electronic means after necessary validation.
Closing your account
Clearing Cycle / Collection Services
We will accept cash and dispense cash at any of our branches under core banking subject to any restrictions on type of transaction or charges, if any, applicable to such transactions.
We will explain the facility of loan/overdraft available against term deposits
Accounts with survivor/nominee clause
In case where the deceased depositor had not made any nomination or for the accounts other than those styled as “either or survivor” (such as single or jointly operated accounts), we will adopt a simplified procedure for repayment to the legal heir(s) of the depositor, keeping in view the imperative need to avoid inconvenience and undue hardship to the common person. Keeping in view our risk management policy, we will fix a minimum threshold limit up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter of indemnity.
We will settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claimant(s), to the bank’s satisfaction.
In the case of term deposits, we will incorporate a clause in the account opening form itself to the effect that in the event of the death of the depositor, premature termination of term deposits would be allowed. The conditions subject to which such premature withdrawal would be permitted would also be specified in the account opening form. Such premature withdrawal would not attract any penal charge.
In order to avoid hardship to the survivor(s) / nominee of a deposit account, we will obtain appropriate agreement / authorization from the survivor(s) / nominee with regard to the treatment of pipeline flows in the name of the deceased account holder. In this regard, we will consider
adopting either of the following two approaches:
We will give you the complete details of the rules and the procedures applicable for allotment of the safe deposit lockers and also safe deposit of valuables, in case we offer the service. We will allot lockers without linking it to placement of fixed deposits. However, to ensure prompt payment of locker rent, we may at the time of allotment, obtain a Fixed Deposit which would cover 3 years’ rent and the charges for breaking open the locker in case of an eventuality.
If you want to remit money within India we will inform you how to effect it and will:
When you avail of a loan facility involving immoveable property as primary or collateral security, we will advise you the functioning of the Central Registry and the fact that their records will be available for search by any lender or any other person desirous of dealing with the property.
PINs and Passwords
We will undertake to sell third party products like mutual funds, insurance, etc. only if we are authorised to do so. We will have a Board approved policy regarding marketing and distribution of third party financial products.
We will endeavour to provide credit counselling facility. Wherever such facility is available, we will display, at our branches in a particular centre, the address, timings, etc. of the counselling centres set up by any bank at that centre to enable you to avail of the service.
We will, on request, make available to you, at a cost, records pertaining to your transactions, provided this is within the prescribed preservation period of such record.
When you apply for a credit facility:
Secure and reliable banking and payment systems
Due care by you of your cheques, passbook and other security information is essential to help prevent fraud and protect your accounts. Please make sure that you follow the advice given below:
If you act fraudulently, you will be responsible for all losses on your account. If you act without reasonable care, which results in losses, you may be responsible for them.
These definitions explain the meaning of words and terms used in the Code. They are not precise legal or technical definitions.
An Automated Teller Machine [ATM] is a machine in which a customer can use his card along with PIN to get cash, information and other services.
An independent dispute resolution authority set up by the Reserve Bank to deal with disputes that individuals and small business have with their banks.
A general term for any plastic card, which a customer may use to pay for goods and services or to withdraw cash. In this Code, it includes debit, credit, smart and ATM cards.
A Credit Card is a plastic card with a credit facility, which allows you to pay for goods and services or to withdraw cash.
Cheque Collection Policy refers to the policy followed by a bank in respect of the various local and outstation cheques and instruments deposited with the bank for credit to an account . The policy inter alia deals with
A person who has an account [including a joint account with another person or an account held as an executor or trustee or as a Karta of an HUF, but not including the accounts of sole traders/ proprietorships, partnerships, companies, clubs and societies] or who avails of other products/ services from a bank.
A form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount.
A Deceased account is a deposit account in which case either the single account holder has deceased or in case of joint accounts one or more of joint account holders has/have deceased.
A Demat account refers to dematerialised account and is an account in which the stocks of investors are held in electronic form.
Equity means a part of capital of a corporate entity which is represented by the shares of the company whether in physical or in dematerialised form.
It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House.
Fixed Rate of Interest on a loan means that interest rate is fixed for the entire period of the loan or it may be revised after the first few years depending upon the terms and conditions of loan.
Floating Rate of Interest on a loan means that interest rate is not fixed but is linked to Reference Rate and would vary in proportion to the variations in the latter.
A promise given by a person
Government bond means a security created and issued by the Government for the purpose of raising a public loan.
An inoperative / dormant account is a savings bank or current account in which there are no transactions for over a period of two years.
A letter in a physical or electronic form.
National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from one bank branch to any other bank branch in the country.
The nomination facility enables the bank to : make payment to the nominee of a deceased depositor, of the amount standing to the credit of the depositor; return to the nominee, the articles left by a deceased person in the bank’s safe custody; release to the nominee of the hirer, the contents of a safety locker, in the event of the death of the hirer.
A cheque, presented for collection, six months after the date of issue of the cheque.
The Permanent Account Number is an all India unique number having ten alphanumeric characters allotted by the Income Tax Department, Government of India. It is issued in the form of a laminated card. It is permanent and will not change with change of address of the assessee or change of Assessing Officer.
A word or numbers or a combination on an access Code, which the customer has chosen, to allow him to use a phone or Internet banking service. It is also used for identification.
A confidential number, use of which along with a card allows customers to pay for articles/ services, withdraw cash and use other electronic services offered by the bank.
The acronym ‘RTGS’ stands for Real Time Gross Settlement. RTGS system offers the fastest means of transfer of funds through banking channel. Settlement of transactions under RTGS takes place on one-to-one basis, which is termed as ‘Gross’ settlement and in ‘real time’ i.e. without any waiting period.
It is the benchmark rate of interest of a bank to which interest on loans sanctioned under floating rate of interest is linked. The Reference Rate of interest is determined/modified by individual banks in accordance with their policies.
Senior Citizen is a person of over sixty years of age.
A smart card is a plastic card about the size of a credit card, with an embedded microchip which can process data. It provides a secure way of identification, authentication and storage of data. It can be used for telephone calling, electronic cash payments, and other applications.
A schedule detailing charges levied by a bank on the products and services offered by it to its customers.
This is a cheque, which is returned ‘unpaid’ [bounced] by the bank.
We will give you information on:
We will inform you of changes in interest rates on our loan products and changes in the reference rate to which the floating rate of interest is linked within a fortnight of the decision by any of the following means:
We will also display this information on the Notice Boards in our branches as also on our website.
If we increase any fee or charge or introduce a new fee or charge, it will be notified through statements of accounts /e-mail /SMS alerts / notice board at branches, one month prior to the revised charges becoming effective. This information will also be made available on our website.
This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.
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