Treat every dream like a big one, with comfort.
Opt for Baroda Small Business Current Account and get multiple benefits.
Baroda Small Business Current Account (BSBCA)
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Benefits
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Eligibility
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Documents Required
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Fees & Charges
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Most Important Terms and Conditions (MITC)
Baroda Small Business Current Account (BSBCA) : Benefits
Key Benefits:-
- This Account is specially customized to cater to Banking needs of small business accounts run by
- Individual
- 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
Baroda Small Business Current Account (BSBCA) : Eligibility
This account can be opened by Small Businesses (i.e. Individuals, Proprietorship & Partnership concerns only). Account is available in Metro & Urban Centres only.
Baroda Small Business Current Account (BSBCA) : Documents Required
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 |
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Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.) |
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In case of Foreign Students |
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For NRI / Foreign Tourist For PIO/OCI |
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For Foreign Nationals |
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Address proof mentioning the current overseas address (any one) |
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(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 |
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Accounts of Sole Proprietary firms. |
(Any two of the following documents to be obtained)
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Accounts of Partnership firms. (Registered) |
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Accounts of Trusts |
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Accounts of Unincorporated Associations or body of individuals includes unregistered |
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Partnership firm/ trusts and societies. |
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Accounts of Hindu Undivided Family |
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Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc. |
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Account of Political Parties |
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Baroda Small Business Current Account (BSBCA) : Fees & Charges
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.
Transaction Charges:-
- 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
Cash Deposit:-
- 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
Cheque Book
- No charges on issuance of first cheque book of 50 Leaves on opening a Current account afterwards std. Charges will be levied.
Withdrawal(s):-
- 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.
Debit Card:-
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.
Baroda Small Business Current Account (BSBCA) : Most Important Terms and Conditions (MITC)
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.
Transfer transaction
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.
Unclaimed Deposit
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).
Note:
- *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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How does a small business open a current account?
A small business current account with turnover of Rs. 20 lakhs per annum can open a current account for their business by visiting to the nearest Bank of Baroda branch with the required documents or one can apply online.
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Does a small business need current account?
Yes, small business needs a current account, as the business-related transactions should be routed through a business current account. This current account is particularly suited for small businessmen and proprietors.
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How do you open a current account in a business name?
Current account can be opened in a business name by submitting the eligible documents.
For more details about the documents required for opening a current account for proprietorship and navigate to “Documents Required” tab on the same page.
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Can a sole proprietor open a current account?
Yes. A sole proprietor can open a current account by submitting the documents needed for opening a current account.
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Is a current account necessary for small business?
Yes, a current account is necessary for sole proprietors, individuals and small businessmen, who run their own businesses. By having a current account, they can enjoy the benefits which an ordinary savings account does not account for.
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What is a proprietorship account?
This is the simplest form of business, where an individual can operate a business as a sole proprietor of the firm with a proprietorship account. He himself owns the business and is also liable for any debts. It can operate in the name of the owner or in the firm’s name.
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How do I open a proprietorship bank account?
Proprietorship bank account can be opened by visiting the nearest branch with the valid KYC documents along with other documents.
For more details about the documents required for opening a current account for proprietorship and navigate to“Documents Required” tab on the same page.
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Is it mandatory to open current account for proprietorship firm?
It is not a mandatory norm to open a current account for proprietorship firm.
But, to run a business, a current account is required, where you can deposit cash from the business and pay to the creditors and receive fund from digital mode as well as cheques.
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Can we open bank account in the name of proprietorship firm?
Yes, a bank account can be opened in the name of proprietorship firm.
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What are the benefits of opening a Baroda Small Business Current Account (BSBCA)?
- Free cheques: First cheque book of 50 leaves free, thereafter charges per leaf will be levied as per latest service charge guidelines.
- Discount on DEMAT services: Waiver of the 1st year AMC charges of Rs. 250/- for individuals and Rs 550/- for Non individuals, such as individuals, partners, or proprietors.
- POS, Bharat QR Code & BHIM QR Code: Available on payment of monthly nominal charges.
- And free (Baroda Connect) internet banking
