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Baroda Champ Account
Interest Rates & Charges
Terms & Conditions
- No minimum balance requirement
- Maximum credit balance in account is Rs. 1 lakh
Non-maintenance of Quarterly Average Balance charges: NIL
- Overall transaction limit of Rs. 5,000 per day
- Combined transaction limit of Rs. 3,000 per day from ATM & POS
Free cheque book
- Facility up to 45 leaves in a financial year, charges will be levied Rs. 5 per leaf thereafter.
- Facility is available.
- Baroda Champ Rupay Debit card to be issued for the applicant of more than 10 years of age.
Sweep Facility is available on request
- The auto-sweep will trigger in excess of Rs. 10000/- for transfer of the amount in term deposit.
Auto Sweep Amount
- Default setting: The amount in over the threshold limit in multiple of Rs. 5,000.The customer, looking to his needs, will have the liberty to fix higher amount than Rs. 5,000 in multiples of Rs. 1,000 for triggering the auto sweep.
Reverse Sweep Amount
Default setting: In case of need, reverse sweep will be permitted in multiple of Rs. 5000. For reverse sweep, the LIFO system will be followed
- Tenure of the term deposit: Tenure of the term deposit will be 180 days.
- In case the customer is in need of funds, the amount lying in FFD will be available to the customer through reverse sweep facility. However, for premature withdrawals of all deposits, interest will be paid 1% less than the rate which is applicable at the time of placing the deposit, for the period for which the deposit has actually run.
- Eligibility age: 0 to 18 years.
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. The maximum balance outstanding on any day should not be more than Rs. 1 lakh.
Interest calculation and frequency:
Interest is calculated on a daily product basis and credited to accounts quarterly. For this purpose, Banker’s quarters are April to June, July to September, October to December and January to March. Interest is credited to the account within 15 days at the end of the quarter. However, the value date is effective the 1st 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. 5,000 (Minimum Rs. 25 in rural/SU and Rs. 50 in metro/urban).
Registration and execution of standing instructions:
A) No charge within the same branch.
B) Rs. 50 for any other branch within the bank.
C) Rs. 100 for outside the Bank.
Rs. 100 per occasion will be levied for standing instruction failure because of insufficient funds.
Transfer of account/scheme:
Upon submission of application along with passbook and unused cheque leaves the account can be transferred to another branch/scheme free of charge.
- The account becomes inoperative/dormant, if there are no customer-induced transactions 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.
SMS Alerts and Charges
Charges Rs. 15 per quarter are levied.
All other rules like service charges on inoperative accounts, addition/deletion of names, payment of interest, etc. governing savings bank accounts shall also apply to these accounts mutatis mutandis, unless otherwise specified.
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.
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