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Baroda SB Self Help Group
Baroda SB Self Help Group is available in two variants - SB Self Help Group General & SB Self Help Group - Women empowerment. The minimum balance requirement is Rs. 1000. 30 cheque leaves will be free in a financial year. OD facility available: Up to Rs. 3 lakhs ROI is One year MCLR+ Strategic premium+ 0.50%. For limit above Rs. 3 lakhs ROI is One year MCLR+ Strategic premium+ 1.00%.
Terms & Conditions
Self Help Groups including Women SHGs subject to submission of resolution and list of members of the SHG.
|Mode of Operation||Jointly as per resolution.|
|Minimum balance||Rs. 1,000 (QAB)|
|Maximum Amount||There is no ceiling on the amount deposited/held in the account.|
|Non-maintenance charges||Branch Category||With Cheque Book||Without Cheque Book|
|Debit Card Variant & Annual Fee||Not Applicable|
|Cheque book||Non-Personalized Cheques – (30 leaves per calendar year not chargeable) Beyond that Rs. 3 per leaf. *Total 30 leaves will be free for financial year for personalized and non-personalized cheque book.|
|Value Added SMS alert facility||Rs.10 + GST charged quarterly|
|Auto sweep facility||Not Available|
|Overdraft Facility||Available Limit up to Rs. 3 lakhs: 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 lakhs: One year MCLR+ Strategic Premium+ 1.00%
|Internet Banking/Mobile Banking||Not Available|
|Collection of outstation cheque||Available|
|Nomination facility||Not Applicable|
|Convertibility of existing accounts||Not Permissible|
|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.
Most important Terms & Conditions of Baroda Self Help Group
Interest calculation and frequency:
Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose bank’s quarters are April to June, July to September, October to December and January to March. Interest is credited to the account within 15 days of end of quarter. However, value date effect as of 1st day of the month is given while crediting interest.
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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