Treat every dream like a big one, with comfort.
Opt for Baroda Small Business Current Account and get multiple benefits.
Fees & Charges
Most Important Terms and Conditions (MITC)
- This Account is specially customized to cater to Banking needs of small business accounts run by
- Proprietorship firms
- Partnership Concerns
- Best suited for:
- Start Ups
- Mom & Pop stores.
- This account is based on concept of "PAY AS YOU USE"
- Available only for Metro & Urban Centers.
- Lower Quarterly Average Balance unlocks the potential of funds in the account for use in businesses.
- 5 Non ADC transactions are free per month.
- Unlimited free digital transactions
This account can be opened by Small Businesses (i.e. Individuals, Proprietorship & Partnership concerns only). Account is available in Metro & Urban Centres only.
Fees and Charges:-
- Minimum Balance Requirement:-Minimum Quarterly Average Balance (QAB) – Rs. 2500/-
- Non-maintenance of Minimum QAB will attract Rs.300/- +GST per quarter.
- First 5 non ADC transactions are free per month after which Rs.10 +GST per transaction will be levied for all non ADC transactions routed through branches till annual turnover reaches Rs.20 lakhs.
- If Annual turnover crosses Rs.20 lakhs, transaction charges @ Rs.15 +GST per transaction will be levied.
- All ADC transactions are free irrespective of number.
- Transaction charges as mentioned above will be calculated on daily basis but recovered at the end of every month
- At Base Branch and Local Non-Base Branch:Beyond Cash Deposit of Rs. 50000/- 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. 1000 pieces of notes charges will be levied @ Rs.10/- per packet or a part thereof. (Min. Rs.10/- Maxi. Rs.10000/- (per day per Txn.)
- At Outstation Branches:Chargeable in case of cash deposit in excess of Rs 25000/- per day per account at Rs 2.50 per thousand or part thereof at outstation branch.
- Without PAN or Form No 60/61 max. amount of Rs.49999/- cash can be deposited in the account in a day
- At Cash Machines:Cash deposit with debit card is allowed up to Rs.2,00,000/- (2 Lacs) 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. Torne/Mutilated/Taped notes are not accepted by this machine
- No charges on issuance of first cheque book of 50 Leaves on opening a Current account afterwards std. Charges will be levied.
- Withdrawal allowed by cheque only. No upper limit for cash withdrawing at Base Branch. At local non-base branch and outstation branches Cash withdrawal up to Rs.25,000/- per day per account is free of charges thereafter service charges is levied. Third party cash payment at non-base branches is not allowed
- System will not charge Rs 10/- as transaction charges upto 5 transactions per month.
Statement of Account:-
- Statement of Account is provided once a month free of cost.
- One statement (Hard Copy) free in a month.
- Free e-statement on registered e-mail provided minimum 4 transactions per month are there in the account.
RuPay Classic Card(for individual & Proprietors only) – Free for 1st Year and thereafter charges will be levied.
Transfer/ Closure of Accounts:-
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.250/- +GST (Individual) & @Rs. 500/- +GST (others) will be deducted.
|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||
|Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)||
|In case of Foreign Students||
|For NRI / Foreign Tourist For PIO/OCI||
|For Foreign Nationals|
||Address proof mentioning the current overseas address (any one)||
(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||
|Accounts of Sole Proprietary firms.||
(Any two of the following documents to be obtained)
|Accounts of Partnership firms. (Registered)||
|Accounts of Trusts||
|Accounts of Unincorporated Associations or body of individuals includes unregistered||
|Partnership firm/ trusts and societies.||
|Accounts of Hindu Undivided Family||
|Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.||
|Account of Political Parties||
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.
In case of transfer transaction one entry i.e. either debit or credit entry of the transaction must be in the branch transferring the fund. All genuine purpose oriented transactions are allowed. Annual turnover permissible in the account is capped at Rs.20 lakhs.
Account remaining Dormant for 10 years are treated as unclaimed deposits and are transferred to RBI.
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 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).
- *All Charges are exclusive of Taxes.
- *All charges are subject to changes from time to time.
- *For latest service charges, please visit the Link https://www.bankofbaroda.in/interest-rate-and-service-charges/service-charges
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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.
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.
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Baroda Start-up Current Account