Saving is good. Saving smartly is even better.
Choose from our wide range of Baroda Savings Accounts
Most Important Terms and Conditions (MITC)
|MInimum QAB Balance||Nil|
|Cheque Book||Free Unlimited|
|Sweep Facility||Threshold limit to create FFD will be Rs. 5 lakhs. Auto transfer of funds exceeding Rs. 5 lakhs to fixed deposit with a minimum of Rs. 50,000 for 180 days will be effected. In case of requirement (honouring of cheque, requirement of funds etc.), there will be re-transfer from the deposit account to the original saving account in multiples of Rs. 50,000. Sweep will take place on every Monday.|
|NEFT/RTGS/IMPS (outward and inward) through Branch channel as well as through Internet Banking||Nil Charges|
|Cash Transaction (Deposit/Withdrawal||Cash deposit free unlimited in home branch
Cash withdrawal is not permissible from non-base branch.
|Internet Banking||Allowed Free|
|SMS alerts||Allowed Free|
|Transferability of Account||Transferability of account is allowed subject to submission of all the KYC documents in new branch.|
|Ledger Folio Charges||Nil|
|Collection of outstation cheques||No collection charges, only postage payable.|
|Baroda Cash Management Services||The state-of-the-art Baroda Cash Management Services is leveraging on this opportunity by bringing the benefits of this digital integration to its Government customers.
The Cash Management System coupled with Bank of Baroda’s unmatched branch network will enable the corporates to accelerate their receivables, enhance control over their payments and enable just-in-time funding.
|Public Financial Management System services||PFMS facility is available to facilitate registration of implementation government agencies and to initiate direct online payments to beneficiaries|
|Collection of taxes & Fees||Manage collections of fees, taxes etc. through various online modes by linking this account with our Payment Gateway, POS terminals, Payment Kiosk etc.|
As per RBI guidelines, Savings Account cannot be opened for:
- Government Departments/bodies depending upon budgetary allocations for performance of their functions.
- Municipal Corporations or Municipal Committees.
- Panchayat Samitis.
- State Housing Boards.
- Water and sewerage/Drainage Boards/State Text Book Publishing-Corporations/Societies/Metropolitan Development Authority/State/District Level Housing Co-operative Societies.
- Any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.
Minimum Balance Requirement/Charges
Charges for Non Maintenance of Minimum Balance
- At Base/local Non-Base Branch
- Any amount - Free of Charge.
- At Out-Station Branches
- Free up to Rs. 30,000/- per day per account, thereafter chargeable @ Rs. 2.50 plus GST per thousand or part thereof.
At Cash Machines
- Cash deposit with Debit Card up to Rs. 2,00,000/- per day is allowed where PAN is registered and Rs. 49,999/- where PAN is not registered in account.
- Card less transaction (by feeding account number) is allowed up to Rs. 20,000/- per day.
- At Base/Local Non-Base and Outstation Branches: No Charges.
- Third party cash payment at local non-base branches and outstation branches is totally restricted.
Interest Calculation and Frequency
- Interest is calculated on a daily product basis and credited to accounts quarterly. For this purpose, bank’s quarters are April-June, July to September, October to December and January to March. Interest is credited to the account within 15 days of the end of quarter. However, value date effect as of 1st day of the month is given while crediting interest.
Cheque Book Charges
- Unlimited Free Cheque Book Facility is available.
Registration and Execution of Standing Instructions
- Free of charge.
- 100/- per occasion will be levied for standing instruction failure because of insufficient fund
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 with his/her/their intention to close the account. The relative passbook, debit card and the unused leaves should be surrendered along with the letter requesting closure.
- In case of premature 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. 500 plus service tax is 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.
- Account becomes Inoperative/Dormant if there are no customer induced transactions in Savings Accounts 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 Charges
- Free of charge.
Rules for Transfer/Inter-sol Transfer/Clearing Transactions and Charges
- Transfer Transaction at Base Branch: Allowed freely without any limit.
- Transfer Transaction at Non-Base Branch (local as well as outstation): Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, branch head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions.
- There are no charges for Inter-sol transfer transactions.
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, 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 upto Rs 5,00,000/- ( Rs 5 lakh).
|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||
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