A salary account that equals as status.

Open Baroda Salary Privilege Account and get attractive benefits.

  • Benefits
  • Features
  • Eligibility
  • Documents Required
  • Life Insurance Policy
  • Most Important Terms and Conditions (MITC)

Baroda Salary Privilege : Features

  • Overdraft Facility
    1. Maximum –Rs 3 lacs
  • 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.
  • Debit Card Variant & Annual Fee.
  • Free VISA Platinum Debit Card for life.
  • Daily Cash Withdrawal limit Rs 100000 and Online Purchase limit is Rs 200000.
  • Attractive offers linked to Debit card.
  • Free lifetime Premier variant of Credit card subject to eligibility criterion of minimum income of Rs 60000/month and signing of auto debit mandate for debit of minimum due amount on card from salary account.
  • Complementary Air Accidental Insurance of Rs 50 lac and other Accidental Insurance cover of Rs10 lacs (Insurance linked to credit card).
  • Relationship Manager with Wealth Management advisory services available on phone.

Baroda Salary Privilege : Eligibility

Salary Band: Net monthly salary credit more than Rs. 2 lakhs.
Suitable for: Top management.

Baroda Salary Privilege : 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
  • 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;

Baroda Salary Privilege : Life Insurance Policy

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

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

127

253

704

1,811

11

Mar

115

230

640

1,646

10

Apr

104

207

576

1,482

9

May

92

184

512

1,317

8

Jun

81

161

448

1,153

7

Jul

69

138

384

988

6

Aug

58

115

320

823

5

Sep

46

92

256

659

4

Oct

35

69

192

494

3

Nov

23

46

128

330

2

Dec

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.

Baroda Salary Privilege : Most Important Terms and Conditions (MITC)

Salary Band
  • Net monthly salary credit more than Rs. 2 lakhs.

Eligibility
  • Age of the applicant should be 18 years and above.

Suitable for
  • Top Management.

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.

Cheque Books
  • Free 150 Cheque leaves per year, thereafter Std. Charges will be applicable.

Remittance
  • NEFT/RTGS free for Online & through Branch.

Inbuilt Overdraft Facility
  • Available immediately after first Salary Credit.
  • Amount of overdraft is equivalent to the net credit of first salary rounded off to the nearest figure in thousands.
  • Maximum: Rs. 3 lakhs.
  • Clean overdraft.
  • Overdraft is to be adjusted in full once in 60 days of availing the same.

Demand Draft/Banker's Cheque
  • Six DD/BC free per quarter for personal use. Maximum amount Rs. 5 lakhs.

Internet Banking/Mobile Banking
  • Free

Debit Card
  • Free VISA Platinum Debit Card for life.
  • Daily cash withdrawal limit is Rs.1,00,000 and online purchase limit is Rs. 2 lakhs.

Waiver in Processing Charges on Retail Loans
  • 100 % waiver on processing charges for housing loan, auto loan, education loan, mortgage loans and 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 100% in charges.

Lockers
  • 20% discount on Locker Rentals.

Other Benefits
  • Free alerts.
  • Sweep facility available on specific request.
  • 75% waiver on issuance charges for gift/travel card
  • bobWorld (Mobile Banking)

Relationship Manager
  • RM with Wealth Management Advisory Services.

A/c Opening
  • Fully digitised

A/c Activation
  • Instant

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.

Dormant/Inoperative Account
  • 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.

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