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Baroda SB Self Help Group
Bank of Baroda offers Self Help Group (SHG), an account opening facility for self help groups. These can be opened by SB Self Help Group General and SB Self Help Group - Women Empowerment. With OD facility of upto Rs. 3 lakhs and a minimum balance of Rs. 1000, opening an SHG account ensures independent savings and benefits for all the groups.Read More
Most Important Terms and Conditions (MITC)
Baroda SB Self Help Group : Features
|Sr. No.||Parameter||Details of BARODA SB SELF HELP GROUP|
|1||Mode of Operation||Jointly as per resolution.|
|2||Minimum balance||Rs.1,000/- (QAB)|
|3||Maximum Amount||There is no ceiling on the amount deposited / held in the account.|
|4||Non- maintenance charges||Branch Category||With Cheque Book||Without Cheque Book|
|Rural /Semi Urban||500||0|
|5||Debit Card Variant & Annual Fee||Not Applicable|
|6||Cheque book||Non -Personalized Cheques - (30 leaves per calendar year not chargeable) Beyond that Rs.3.00 per leaf. *Total 30 leaves will be free for financial year for personalized and non-personalized cheque book|
|7||Value Added SMS alert facility||Chargeable as per Bank’s extent guidelines.|
|8||Auto sweep facility||Not Available|
|• Limit up to Rs.3.00 Lacs: As applicable to Agriculture/Other Priority Sector Advances, as the case may be, presently One year MCLR+ Strategic premium+ 0.50%|
|• Limit above Rs.3.00 Lacs: One year MCLR+ Strategic premium+ 1.00%|
|10||Internet Banking/ Mobile Banking||Not Available|
|11||Collection of outstation cheque||Available|
|12||Nomination facility||Not Applicable|
|13||Convertibility of existing accounts||Not Permissible|
|14||Pre- closure charges|| • If an account is closed after 14 days or before 1 year of first customer induced credit transaction in the account, a service charge of Rs.200/- plus GST will be levied. |
• SHG account is to be closed on receipt of written request with resolution.
• Staff to verify that there is no outstanding amount in the name of SHG.
Baroda SB Self Help Group : Eligibility
Self Help Groups including Women SHGs subject to submission of resolution and list of members of the SHG.
Baroda SB Self Help Group : 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 SB Self Help Group : Most Important Terms and Conditions (MITC)
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 in-operation of accounts.
- Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, and 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 commitment 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, any change in terms and conditions/interest rates & 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. 5,00,000 (Rs. 5 lakhs).
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17 Oct 2022
03 Jul 2019
17 Oct 2022
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