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.

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.

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.

Baroda Premium Current Account (BPCA)

Ideal for customers with medium to large businesses, this current account offers a number of free services and benefits, such as an immediate credit of outstation cheques and auto payroll.

Apply now

Benefits
Eligibility
Documents Required
Fees & Charges
Most Important Terms and Conditions (MITC)

Key Benefits :-

It can be opened as a single or Joint
Minimum QAB is ₹ 75,000/- at all locations
Auto and Reverse Sweep facility enabling Current Account holder to earn higher interest on your deposit.
Baroda Vypaar Business Debit Card with higher limits for Individual/ Proprietorship Accounts only.
Baroda Connect facility (Internet Banking)
Mobile Banking for Individual/ Proprietorship Accounts only.
POS/ QR Code facility is available for payment collection.
Baroda Cash Management Services: Enjoy the convenience of BCMS services for bulk payment & collection at competitive rates offered by the Bank.
Baroda Payment Gateway: Accept online payments through all modes through state of art payment gateway of the Bank.
Baroda Pay Point: Accept online/offline payment through all modes with Low transaction fee and initial investments

Elegibility Creteria

All Individuals including Minors of age 14 years and above
Traders
Registered & Un-registered Trust,
Businessman and professionals
Hindu Undivided Family (HUF)
Proprietorship / Partnership firms
Private / Public Ltd Cos
Corporations
Clubs & Association,
Government Departments
Panchayat Samities
Charitable & Public Trusts
Registered & unregistered Societies
Banks and Financial Institutions.

List Of Valid KYC Documents For Account Opening

Permanent Account Number (PAN)/ FORM60 is mandatorily to be obtained while opening of the accounts as per extant Reserve Bank of India Guidelines.

Officially Valid Documents (OVDs) for Accounts of Individuals

Passport
Driving license with photo
Proof of possession of Aadhaar Number
Voter’s Identity Card issued by Election Commission of India,
Job card issued by NREGA duly signed by an officer of the State Government.
Letter issued by the National Population Register containing details of Name and Address.

Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)

Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
Property or Municipal Tax receipt;
Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, If they contain the address;
 Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;

In case of Foreign Students

Copy of Passport and copy of Visa.
An Identity Card issued by college / institution.
An admission letter for the course mentioning duration of course for which he/ she is admitted by the Institute / College.
An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.

For NRI / Foreign Tourist For PIO/OCI

Passport
Valid Visa
PAN/FORM60

Address proof mentioning the current overseas address (any one of the below)

Documents issued by Govt. Deptt. of foreign jurisdictions i.e. Driving License, National Identification Card, Social Security Card, Employee Card and Labour Card, Tax Residency Certificate etc. having Name and Address of the Applicant Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old) Property/ Municipal Tax Receipt
Letter of allotment of accommodation/ Leave and License agreements allotting official accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.

For Foreign Nationals

PAN/FORM60 Valid Foreign Passport Valid Indian Visa	Address proof mentioning the current overseas address (any one)	Foreign Driving License Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National. Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

PAN/FORM60
Valid Foreign Passport
Valid Indian Visa

Address proof mentioning the current overseas address (any one)

Foreign Driving License
Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National.
Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

(FRRO/ FRO Certificate/ Permit/ Indian Driving License/ OVDs/ any Deemed OVD mentioned herein above, is required to be provided for Indian Address Proof.)

Accounts of Companies	Certificate of Incorporation Memorandum & Articles of Association. PAN No. of the Company Resolution of the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and Any one of the OVDs and PAN/FORM60 of the managers, officers or employees, as the case may be, holding an attorney to transact on its behalf with his / her photograph
Accounts of Sole Proprietary firms.	(Any two of the following documents to be obtained) Registration Certificate Certificate/ license issued by the municipal authorities under Shop & Establishment Act, Sales and income tax returns, CST/ VAT/GST Certificate (Provisional/Final), Certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities. IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities. Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. In case where the branches are satisfied that it is not possible to furnish two such documents from the above list, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches would have to undertake contact point verification, collect information to establish the existence of such firm, confirm, and satisfy itself that the business activity has been verified from the address of the proprietary concern. AND Any one of the OVDs along with PAN/ FORM60 of the proprietor.
Accounts of Partnership firms. (Registered)	Registration certificate, Partnership deed; and PAN No. of the Partnership Firm, Any one of the OVDs and PAN/ FORM60 of the person holding an Attorney to transact on its behalf with his/ her photograph
Accounts of Trusts	Registration Certificate Trust Deed PAN/ FORM60 of Entity Any one of the OVDs and PAN/FORM60 of the person holding an Attorney to transact on its behalf with his/her photograph.
Accounts of Unincorporated Associations or body of individuals includes unregistered	Resolution of the Managing body of such association or body of individuals; PAN/ FORM60 of Unincorporated Associations or body of individuals Power of Attorney granted to transact on its behalf;
Partnership firm/ trusts and societies.	Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf; Any one of the below mentioned list of documents to collectively establish the legal existence of such an associations or body of individuals. Partnership Deed/ Trust Deed/ Bye Laws Certificate/ license issued by the municipal authorities under Shop & Establishment Act, Sales Tax Returns, CST/ VAT/ GST certificates (Provisional/ Final) Certificate/ registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities. License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute. Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities. Utility bills such as electricity, water, and landline telephone bills in the name of the concerns.
Accounts of Hindu Undivided Family	PAN Card of HUF. Declaration from the Karta. HUF Letter/ Declaration signed by all the coparcener and Karta. Any one of the OVDs and PAN/ FORM60 of the Karta with his / her photograph
Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.	Document showing name of the person authorized to act on behalf of the Government or its Departments, societies, universities and local bodies like village panchayats; Any one of the OVDs and PAN/FORM60 of the person holding an attorney to transact on its behalf and Any document to establish the legal existence of such an entity/ juridical person.
Account of Political Parties	Duly signed resolution of the working committee/ managing body as per bye- laws indicating details of the party president/ authorized signatory, tenure etc. PAN of the Political Party Power of Attorney granted to transact on its behalf; Duly authenticated copy of Constitution/ Bye laws of the Party Duly authenticated copy of Registration of Party with election commission Authority letter, on party letter head, from Party president/ Authorized signatory as per Bye-laws for opening of account mentioning address of the State Unit, Title of Account and operating instructions for authorized signatory with attestation of their signature and photograph. Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;

Opening & Maintenance of Minimum Balances: -

Parameter	Particulars
Not maintaining minimum quarterly average balance of Rs. 75,000	At all branches Rs. 600 + GST per quarter
Closing of account within one year	Rs. 600 + GST

If the minimum balance remains below the stipulated levels continuously for three months, the Bank may, after giving due notice, transfer the account to Standard Current Account.
Baroda Advantage Current account holders can upgrade their account to Baroda Premium Current Account.
Cash Handling Charges- For Cash Deposit:
- Applicable to Base Branch, Local Non-Base Branches: Beyond Cash Deposit of Rs. 50,000 Or above 10 packets i.e. 1000 pieces of notes of any denominations taken together, whichever is higher charges will be levied as under – Above 10 packets – i.e. 1,000 pieces of notes charges will be levied @ Rs.10 per packet or a part thereof. (Min. Rs.10 Maximum Rs.10,000 (per day per taxation.)
- Applicable to Outstation Branches: Chargeable in case of cash deposit in excess of Rs. 25,000 per day per account at Rs 2.50 per thousand or part thereof at outstation branch.
- At Cash Machines:Cash deposit with debit card is allowed up to Rs. 2,00,000 (2 lakhs) per day where PAN is registered and Rs. 49,999 where PAN is not be registered in account. Card less transaction (by feeding account number) is allowed up to Rs. 20,000 per day. Fake note, suspicious note is impounded and receipt will be given to the customer. torn/mutilated/taped notes are not accepted by this machine.
Monthly Statements: Two times in a month free of charge.
Balance Certificate: Free
Folio Charges: Free
Signature Verification: Free
Cheque Book: Free Unlimited.
50% waiver of charges on NEFT/RTGS through branch. It does not include Bulk NEFT/RTGS transactions.
50% waiver on monthly POS (one) rental
SMS Alert Facility: Free
50 % discount on issuance of Demand Draft / Bankers cheque.
20% Rebate/ Discount on locker Rent, if locker rent is paid in advance for three years and above in lump sum, to proprietor/ partners/ directors.
Discount on Demat Services: waiver of 25% of annual custody charges to partners, directors, proprietors and up to two authorized managing members of other bodies.
Waiver of Processing Charges: 100 % Waiver in case Car Loans are in the name of Proprietor, Firm and Company.
VISA Vypaar Business Debit Card will be issued to Individual and Proprietor accounts only. Debit card will be issued free for the 1st Year and thereafter charges will be levied.
A/c can be transferred/ closed at the written request of customers only. New cheque book will be issued to him. No charges required for transfer of an account.
For closure of Current account within one year @ Rs. 600 + GST will be deducted.

Interest Payment

No interest is payable in current account except in case of deceased account where interest @ of saving banks is paid from the date of death of the account holder till the settlement of the account.

Sweep facility

First Sweep out for ₹ 25,000 will take place only when account balance reaches ₹ 5,25,000/- for 15 to 91 days.
The threshold amount of ₹ 5,00,000/- can be increased in multiples of ₹1,000/-
Sweep out amount of ₹ 25,000/- can be increased in multiples of ₹ 25,000/-
Sweep will take place on every Monday. In case of holiday sweep will take place on the next working day.
On maturity the proceeds of sweep amount will be credited to respective current account. Rate of interest on short deposit will be period specific as per bank’s Term Deposit rate. TDS will be applicable as per IT rules.
Sweep in will take place on LIFO (Last in First Out) basis in multiples of Rs.25,000/-.

Disclosure of information

The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches
MITCs OF ATM/DEBIT Card, Mobile Banking, Net Banking in Application Forms are available separately.
The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.
Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum upto ₹ 5,00,000 (₹ 5 lakh).

Note: -

*All Charges are exclusive of Taxes.
*All charges are subject to changes from time to time.
*For latest service charges, please visit the Linkhttps://www.bankofbaroda.in/interest-rate-and-service-charges/service-charges

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Frequently Asked Questions (FAQs) about

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.
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.
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.