An account that goes beyond saving. It empowers.
Open Baroda Salary Classic Account and get attractive benefits.
Life Insurance Policy
Most Important Terms and Conditions (MITC)
Baroda Salary Classic Account Benefits
Baroda Salary Classic Account Features
- Overdraft Facility
- Maximum – Rs 50000
- Discounts on locker rentals, demat AMC, debit card issuance and renewal fee and issuance fee of prepaid cards.
- Free remittance facility on RTGS/NEFT/IMPS.
- Waiver on processing charges on retail loans.
- Discounts on the issuance of DD/BC
- Free lifetime Easy variant of Credit card subject to eligibility criterion of minimum income of 25000 /month and signing of auto debit mandate for debit of minimum due amount on card from salary account.
- Complementary Air Accidental Insurance of 15 lac and other accidental insurance cover of 5 lacs (Insurance linked to credit card)
- Debit Card Variant & Annual Fee
- Free Baroda Rupay Classic Debit Card for first year, thereafter chargeable @ Rs 150+ applicable taxes per year.
- Daily Cash Withdrawal limit Rs 25000 and Online Purchase limit is Rs 50000.
- Inbuilt Accidental Insurance of Rs 1 lac.
- Attractive offers linked to Debit card cards.
- Relationship Managers available on phone.
Baroda Salary Classic Account Eligibility
|Eligibility||Baroda Salary Classic|
|Salary band||Net monthly salary credit of less than Rs. 50,000/-|
|Suitable for||Entry level/trainees|
Baroda Salary Classic 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 Salary Classic Account Life Insurance Policy
All customers belonging to 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 payment of required premium and submission of simple Health Declaration Form (DOGH)
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.
Period of Insurance is one year from 01st 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 a prorated basis only for the year in which the insurance is subscribed as per details mentioned below:
|Insurance premium chart: Rs. 1 lakh|
|Age in Years|
|Month of joining the Scheme||Premium (Inclusive of GST) with effect from 01/01/2020||Coverage in Months|
From the second year onwards, the premium for the full year will be auto debited at the central level in 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.
Baroda Salary Classic Account Most Important Terms and Conditions (MITC)
- Net monthly salary credit of less than Rs. 50,000/-.
- Minimum salary credit Rs. 10,000/-.
- Age of the Accountholder should be 18 Years and above.
- Entry level staff/trainees.
Minimum Deposit Amount
- Allowed to open with Zero Balance subject to immediate salary credit in the following month.
Minimum Quarterly Average Balance QAB
- Zero Balance Account
Charges for Non-maintenance of QAB
- Not applicable as account type is Zero Balance account.
- Free 50 cheque leaves per year, thereafter Std. Charges will be levied.
- NEFT/RTGS free through online channel.
Inbuilt Overdraft Facility
- Available immediately after 3 salary credits.
- Amount of overdraft equivalent to the net credit of average of last three salary credit rounded off in multiples of the nearest figure in thousand.
- Maximum: Rs. 50,000/-.
- Clean overdraft.
- Overdraft is to be adjusted in full once in 60 days of availing the same.
Demand Draft/Banker's Cheque
- Three DD/BC free per quarter for personal use. Maximum amount Rs. 1 lakh per quarter.
- Free Baroda Rupay Classic Debit Card for the first year, thereafter Std. Charges will be levied.
- Daily Cash Withdrawal limit is Rs. 25,000/- and online purchase limit is Rs. 50,000/-.
Waiver in Processing Charges on Retail Loans
- 25 % waiver on processing charges for housing loan, auto loan, education loan and mortgage loans. 100% waiver in processing charges for personal loan.
- Subject to the recovery of minimum Rs. 7,500 per property* to be mortgaged as out-of-pocket expenses (for legal, valuation etc.).
* Applicable on mortgage based Retail Loans.
Concession in Rate of Interest for Auto Loans
- For the employees who has availed home loan, a concession of 0.25% in applicable ROI of Auto Loan.
Discount on Depository Services/Demat AMC
- Waiver of 50% in charges.
- 5% discount on locker rentals.
- Free alerts.
- Sweep facility available on specific request.
- 25% waiver on issuance charges for gift/travel card.
- Bob World Mobile Banking Application with 225+ Services
- Relationship managers available on phone.
- Fully digitised
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.
- Account becomes inoperative/dormant, if there are no customer-induced transactions in 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 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 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 in application forms are available separately.
- The Bank will notify, 30 days in advance, about 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 up to Rs. 5 lakhs.