Baroda Mahila Shakti Saving Account

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).

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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.

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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

Insurance premium chart – Rs. 1 lakh
	Age in Years
	18-35	36-50	51-59	60-70
Month of joining the scheme	Premium ( Inclusive of GST ) with effect from 01/01/2020				Coverage in months
Jan	138	276	768	1,975	12
Feb-20	127	253	704	1,811	11
Mar-20	115	230	640	1,646	10
Apr-20	104	207	576	1,482	9
May-20	92	184	512	1,317	8
Jun-20	81	161	448	1,153	7
Jul-20	69	138	384	988	6
Aug-20	58	115	320	823	5
Sep-20	46	92	256	659	4
Oct-20	35	69	192	494	3
Nov-20	23	46	128	330	2
Dec-20	12	23	64	165	1

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.

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

(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;

• This product is designed for the Women’s segment Savings Account.
• This product is suited for individual women above 18 Years of age. The value added features are designed to meet the requirement of the customers.
• Resident Indian Women of 18 Years & above should be the Primary Accountholder.

- For Interest Rates & Charges please “Click Here”

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.

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 if the PAN is registered and, Rs. 49,999 if the PAN is not registered to the account.
• Cardless 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.

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Cash Withdrawal:

• Maximum Rs. 50,000 per day withdrawal is allowed to the account holder only at outstation branches.
• Third-party cash payment at local non-base branches and outstation branches is totally restricted.

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Minimum Quarterly Average Balance Requirement:

• Metro/Urban: Rs. 3,000
• S. Urban: Rs. 2,000
• Rural: Rs. 1,000

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Charges for non-maintenance of Minimum Balance:

• Metro/Urban: Rs.300/- per quarter
• Rural/Semi-Urban: Rs.150/-per quarter

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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.

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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 1st day of the month is given while crediting interest.

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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/SU and Rs. 50 in metro/urban)

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Passbook and statement of account

• Free passbook
• Rs. 100 per duplicate passbook/statement with latest balance only

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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.

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Dormant/Inoperative Account

• The account becomes inoperative/dormant if there are no customer-induced transactions from 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.

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SMS Alerts and Charges

• Free for the first year. Thereafter, charges Rs. 15+ GST per quarter are levied.

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Nomination Facility

• Nomination facility is available.

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Debit Card and Charges

• Free Rupay Platinum Debit Card for the 1st year after which Annual Charges will be levied.

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Auto/Reverse Sweep:

• Sweep facility is available on request only over & above Rs. 50,000 in multiple of Rs. 10,000 i.e. first sweep out for Rs. 10,000 will happen only when account balance reaches Rs. 60,000. The duration of Fixed Deposit will be 181 days and in case of requirement of funds in SB A/c, auto-reverse sweep in multiple of Rs. 1,000 on LIFO pattern (last in first out).
• 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.

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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 authorised 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.

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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. 300 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 account holder, no charges will be levied.

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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 a 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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