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Baroda Senior Citizen Privilege Scheme

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  • Benefits
  • Life Insurance Policy
  • Eligibility
  • Terms & Conditions
Eligibility

All customers in 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)


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-20 127 704 768 1,811 11
Mar-20 115 230 640 1,646 10
Apr-20 104 207 576 1,482 9
May-20 92 184 512 1,317 8
Jun-20 81 161 448 1,153 7
Jul-20 69 138 384 988 6
Aug-20 58 115 320 823 5
Sep-20 46 92 256 659 4
Oct-20 35 69 192 494 3
Nov-20 23 46 128 330 2
Dec-20 12 23 64 165 1

From second year onwards the premium for the full year will be auto debited at central level in the month of January.

Insurance cover shall be available only till the savings account is active and premium amount once collected shall not be refunded even if the account is closed.

  • Resident Indians of 60 years and above are eligible to open the account
  • Pensioner can also open to avail pension facility

Minimum Balance Requirement.
Rural Rs 500*
Semi-Urban Rs 1000*
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.

Cash Deposit
  • 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.

Cash Withdrawal:
  • 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.

Interest calculation and frequency
  • Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are May-July, August to October, November to January and February to April. 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.

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.

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).

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