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“Open Baroda Pensioners Savings Bank Account and get attractive benefits”
Interest rates & charges
Most Important Terms and Conditions (MITC)
Baroda Pensioners Savings Bank Account : Benefits
Baroda Pensioners Savings Bank Account : Eligibility
The eligibility criteria for the Baroda Pensioners Savings Bank Account are mentioned below:
- All individuals who have retired on Superannuation / retired due to VRS from any Central Govt Department/ State Govt. Department/Local Bodies/PSU and eligible for pension can open the Pension Account under the Scheme.
- Retired Defence Services Personnel are eligible irrespective of their age.
Baroda Pensioners Savings Bank Account : 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||
|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||
Baroda Pensioners Savings Bank Account : Interest rates & charges
Baroda Pensioners Savings Bank Account : Most Important Terms and Conditions (MITC)
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.
Minimum Balance Requirement
Charges for non-maintenance of minimum balance
- For Rs. 5 lakhs and above, PAN card 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 is allowed if the PAN is registered and, Rs. 49,999/- if the PAN is not registered to your account.
- Cardless transaction (by feeding account number) is allowed up to Rs. 20,000/- per day.
- Fake note, suspicious note is impounded and receipt is given to the customer. Torne/mutilated/taped notes are not accepted by these machines.
- Maximum of Rs. 50,000 per day withdrawal allowed to the account holder only at outstation branches.
- Third-party cash payment at local non-base branches and outstation branches is totally restricted.
Withdrawal(s) & use of Withdrawal Form (Slip)
- Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against the 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).
Passbook and Statement of Account
- Free passbook.
- 100 per duplicate passbook/statement with latest balance only.
SMS Alerts and Charges
- Charges Rs. 15 + GST per quarter are levied.
Registration and Execution of Standing Instructions
- No charge within the Bank.
- 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.
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.
ATM/Debit Card/Credit Card and Charges
- Free debit card for the first year then Std. charges per annum will be levied.
Overdraft facility in Savings Bank A/c
- Up to a maximum of 2 months pension amount (Net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.
Closure of Account and Charges
- All the authorised signatories of the account will give in writing with his/her/their intention to close the account. The relative passbook, debit card and unused 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 first customer induced credit into the account. However, Rs. 200 is levied if the account is closed beyond 14 days but within 1 year of the first customer induced transaction. However, in case of death of the account holder, no charges will be levied.
Interest Calculation and Frequency
- Interest for the period February to April will be credited in May, Interest for May to July will be credited in August, interest for August to October will be credited in November and interest for November to January will be credited in February every year.
- If there are no customer-induced transactions in the savings accounts for over a period of two years. Interest is continued to be applied in all eligible Savings Bank accounts. No charges are levied for the 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.
Disclosure of Information
- The Bank may disclose information about customer’s account, if required and permitted by the 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 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 form are available separately.
- The Bank will notify 30 days in advance, of any change in terms and conditions/fees and charges on its website.
- All deposits to the extent of Rs. 5 lakhs per depositor of our bank (except deposits of Central/State/Foreign Governments and commercial banks) are covered under the Deposit Insurance & Credit Guarantee Corporation (DICGC).
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