More than an account. An asset, advantage and a privilege.
Open Baroda Senior Citizen Privilege Saving account and get unlimited benefits.
Most Important Terms and Conditions (MITC)
Baroda Senior Citizen Privilege Scheme : Benefits
- Debit Card - Cash withdrawal limit up to Rs.50, 000/- per day.
- 25% waiver on annual locker rental charges
- First year free Visa Platinum debit card
- Cash withdrawal limit up to Rs.1 lakh
- Sweep facility is available on request
Free BOB prime
- Waiver on first year demat annual maintenance charges
- 50% waiver on processing fees on reverse mortgage loan
- Free unlimited transactions on BoB ATM
- Higher Interest with Flexi Fixed Deposits
- Can be used as Pension Account
- Attractive Offer on Health, Wellness, Lifestyle etc.
- BoB Prime Credit Card, Chequebook, E-mail Statements, SMS Alert Facility
- Attractive Discounts on Locker Rentals
Baroda Senior Citizen Privilege Scheme : Features
- Sweep facility is available on request only over & above Rs.50,000/- in multiple of Rs.10,000/- for 181 days & reverse sweep in multiple of Rs.1000/-
- Free 3 transaction in a month (included Financial & non-financial) on non-BOB ATMs over & above of free transaction limit of non-BOB ATMs
- 1st year free Visa Platinum Debit card with cash withdrawal limit upto Rs.1 lac and purchase limit on POS up to Rs.2 lac per day.
Baroda Senior Citizen Privilege Scheme : Eligibility
- Resident Indians of 60 years and above are eligible to open the account
- Pensioner can also open to avail pension facility
Baroda Senior Citizen Privilege Scheme : 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 Senior Citizen Privilege Scheme : Most Important Terms and Conditions (MITC)
|Urban / Metro||Rs 2000/-*|
Computation: Minimum QAB requirement is calculated on the basis of summation of closing balance of number of days divided by number of days. For purpose of arriving at Quarterly Average Balance/Minimum Balance charges, the period of quarters are considered as 16th Mar to 15th Jun, 16th Jun to 15th sep, 16th sep to 15th Dec and 16th Dec to 15th Mar of a particular year
Terms & Conditions
- Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof.
- For Rs.50000/- and above PAN is required to be submitted as per requirement of Income Tax
- At Cash machines:
- Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day where PAN is registered and Rs.49,999/- where PAN is not registered in account.
- Card less transaction (by feeding account number) 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 Rs. 50000/- per day withdrawal allowed to A/c 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 withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25000/- (Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)
Passbook and statement of account
- Free Pass Book
- Rs. 100/-- per duplicate Pass Book / Statement with latest balance only.
Nomination Facility: - Nomination facility available
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.
Closure of account and charges
- All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the unused cheque 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, charges @ Rs.300/- plus service tax will be levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. In case of death of 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.
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 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.
SMS Alerts and Charges
- Free for the first year. Thereafter, charges @ Rs. 15/- per quarter are levied.
Debit card and Charges
- Free Debit card for first year
- ATM Transactions at other bank ATM (India) – free upto 6 transactions in a month both Financial and Non- Financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and thereafter Rs. 20/- for every transaction will be charged. For any other centre (except these 6 centres) upto 8 transactions (both Financial and Non- Financial) are free in a month thereafter Rs. 20/- for every transaction will be charged.
Auto / Reverse Sweep:
- Sweep facility available on request only over & above Rs.50,000/- in multiple of Rs.10000/- i.e. first Sweep out for Rs.10,000 will happen only when account balance reaches Rs.60,000. The duration of Fixed Deposit will be 181 days and in case of requirement of funds in SB A/c, auto reverse sweep in multiple of Rs.1,000/- on LIFO pattern (last in first out).
- However, for premature withdrawals of all deposits, interest will be paid one per cent less than the rate which is applicable at the time of placing the deposit, for the period for which the deposit has actually run.
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 Form.: Available separately.
- The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.
- All deposits to the extent of Rs.5/- lac per depositor of our bank (except Deposits of Central/State/Foreign Governments and commercial banks) are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC).
What is the Baroda Senior Citizen Privilege Saving account?
Baroda Senior Citizen Privilege Savings Account is for Indian citizens who have reached the age of 60 or older. This account is mainly for senior citizens, who are looking for earning interests on the deposits. Additionally, retirees can apply for a pension as well.
Can a senior citizen open a bank account?
Yes, a senior citizen can open a bank account.
How many accounts can be opened under SCSS by a senior citizen?
No limit on the number of investments, but the overall limit of investment under the SCSS scheme is Rs. 15 lakhs.
Can the Senior Citizen Savings account can be used as Pension Account?
Yes, it can used as a pension account for retirement-seeking residents above the age of 60 years.
Does Baroda Senior Citizen Privilege Scheme provide a sweep facility?
Sweep facility is available on request only over and above Rs. 50,000 in multiples of Rs. 10,000 for 181 days & reverse sweep in multiple of Rs. 1000.
How to open senior citizen savings account online via Bank of Baroda?
A senior Citizen savings account can be opened online via bank’s website or through the branch.
What is the interest rate for senior citizens in the Bank of Baroda?
Senior citizens earn normal interest rates that apply to savings accounts. Please visit the interest rates section of our website for the latest Bank of Baroda interest rates for senior citizens.
Can a person below the age of 60 years open a joint account with a senior citizen?
Yes, a person below the age of 60 years can open a joint account with a senior citizen.
What is the minimum account balance required to be maintained for a senior citizen privilege saving account?
Minimum balances are defined below:
- Rs. 3,000 in Metros or urban areas
- Rs. 2,000 in Semi-urban
- Rs. 1,000 in rural
How is the average monthly balance (AMB) calculated?
The closing-day balance average for a given month is known as the AMB. You must add up the end-of-day balances for each day and divide the total by the number of days in the month to determine the AMB.