Baroda Advantage Saving Account

• As a customer, you can enjoy the many features of a savings account free of cost or for minimum charges. With a savings account, you will receive a passbook and chequebook.
• You may also apply for a debit card, mobile banking and net banking on your savings account, though charges may apply. With net banking, you can access your bank statements and make payments directly from your savings account. You can use the debit card linked to your savings account to withdraw cash from ATMs and to pay merchants.
• Bank of Baroda pays interest on all savings accounts, the interest of which, is transferred to your savings account every quarter, though it is calculated daily.

Eligibility

All customers within the age group of 18-70 are eligible to avail the Life Insurance benefits. Any resident individual who has attained the age of 18 years and has not completed the age of 70 years can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) up to an amount of Rs. 5 lakhs after the payment of required premium and submission of simple Health Declaration Form (DOGH).

Sum Assured

The sum assured starts at a minimum of Rs. 1 lakh and goes up to Rs. 5 lakhs (in multiples of Rs. 1 lakh).
Under the scheme, only one insurance cover per person shall be allowed.

Periodicity

Period of insurance is one year from 1st January to 31st December every year and is annually renewable. In case of those accounts which are opened in due course in the middle of the year, premium shall be paid on prorata basis only for the year in which the insurance is subscribed as per details mentioned below:

Premium Table

From second year onwards, the premium for the full year will be auto-debited at the central level in the month of January.

Insurance cover shall be available only till the savings account is active and the premium amount once collected shall not be refunded, even if the account is closed.

Transactions

Transactions that are savings oriented in nature are permitted. Commercial transactions are non-allowable transactions. If non-allowable transactions are noticed, then the bank may close the account with prior notice/intimation citing reasons thereof. In case of single account of minor to be operated by him/her, the maximum balance outstanding on any day should not be more than Rs. 1 lakh when the minor is aged between 10-14 years.

Cash Deposit

• For Rs. 50,000 and above, PAN must be submitted as per the requirement of Income Tax.

At Cash Machines

• Cash deposit with debit card up to Rs. 2 lakhs per day where if the PAN is registered and, Rs. 49,999 if the PAN is not registered in to the account.
• Card less transactions (by feeding account number) up to Rs. 20,000 per day.
• Fake note, suspicious note is impounded and a receipt is given to the customer. Torne/mutilated/taped notes are not accepted by these machines.

Cash Withdrawal

• Inter SOL cash payments to third parties is not permissible.
• Per day per transaction limit is of Rs. 50,000 is fixed for cash withdrawal by the account holder only (through withdrawal up to Rs. 25,000 Saving Bank Account without cheque book facility) at non-base CBS branches, irrespective of nature of accounts. Passbook should accompany with withdrawals.
• Self-withdrawal at the base branch is free.

Interest Calculation and Frequency

Interest is calculated on a daily product basis and credited to accounts quarterly. For this purpose, Bank’s quarters are May-July, August-October, November-January and February-April. Interest is credited to the account within 15 days at the end of the quarter. However, the value date effect as of 1^st day of the month is given while crediting interest.

Withdrawal(s) & Use of Withdrawal Form (Slip)

Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25,000 (Minimum Rs. 25 in rural/semi-urban and Rs. 50 in metro/urban).

Passbook and Statement of Account

• Free passbook.
• Rs. 100 per duplicate pass book/statement with latest balance only. For previous statements/entries, applicable charges apply.

Cheque Book

30 cheque leaves will be issued free in a financial year. For additional cheque leaves, charges will be applicable.

Registration and Execution of Standing Instructions

• No charge within the bank.
• Rs. 50 per transaction plus applicable remittance charges in case of credits for outside the branch whether in the same city or other cities i.e. in other branches/offices such as LIC etc. plus actual postage charges.

Transfer of Account/Scheme

Upon submission of application along with pass book and unused cheque leaves, the account can be transferred to another branch/scheme free of charge.

Dormant/Inoperative Account

• The account becomes inoperative/dormant if there are no customer-induced transactions in in the savings account for over a period of two years. Interest is continued to be applied in all such savings bank accounts. No charges are levied for in-operation of accounts.
• Activation/closure of dormant/inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature subject to satisfaction of the bank.
• All accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer, such deposits will be returned subject to conditions.

Minimum balance requirement

• Minimum Quarterly Average Balance (QAB)

  Rural	Rs. 500*
  Semi-Urban	Rs. 1,000*
  Urban/Metro	Rs. 2,000*

Computation

Minimum QAB requirement is calculated on the basis of summation of closing balance of the number of days divided by the number of days. For the purpose of arriving at the Quarterly Average Balance/Minimum Balance charges, the period of quarters is considered as 16th Mar to 15th Jun, 16th Jun to 15th Sept, 16th Sept to 15th Dec and 16th Dec to 15th Mar of a particular year.

Nomination

Facility available.

Rules for Transfer/Inter-sol Transfer/Clearing Transactions and Charges

• Transfer transaction at base branch: Allowed freely without any limit
• Transfer transaction at non-base branch (local as well as outstation): normally allowed only at a branch where either drawer or payee maintains the account. However, for genuine transactions, Branch Head is authoriszed to allow transactions at a non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions. There are no charges for inter-sol transfer transactions.

Clearing Transactions

There is no restriction for clearing transactions.

Closure of Account and Charges

• All the authorised signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, debit card and unused cheque leaves should be surrendered along with the letter requesting closure.
• In case of pre-mature closure of the account, no charges will be levied if the account is closed within 14 days of the first customer-induced credit into the account. However, charges Rs. 200 plus service tax will be levied if the account is closed beyond 14 days but within 1 year of the first customer-induced transaction. In case of death of the account holder, no charges will be levied.

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 to prevent 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, of 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 the Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum up to Rs. 5 lakhs.