A Life vest for your lifetime savings.
Open Jeevan Suraksha Savings Bank Account to manage your savings.
Jeevan Suraksha Savings Bank Account
Terms & Conditions
- The product shall be available at all our branches irrespective of area classification.
- Any resident individual who has attained the age of 18 years and has not completed the age of 70 years can open his account under this scheme and 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).
- Accounts can be opened in single name as well as in joint names (maximum two) and both the account holders can also be covered under insurance subject to submission of requisite papers and payment of premium in respect of both the account holders.
- Existing Savings bank accounts can also be converted into “Baroda Jeevan Suraksha Savings Bank Account” while retaining the same account number.
- Opening of account by minimum Rs. 1000 only
- Minimum balance Rs. 1000 on daily balance basis.
- 20 cheques leaves shall be provided per half year free of cost.
- 50 withdrawals per half year shall be allowed as per general savings bank account. In case of debits more than 50 per half year (excluding auto sweep transactions and GST transactions) a charge of Rs. 15 plus taxes per debit transaction shall be levied.
- Charges for non-maintenance of minimum balance is Rs. 100 plus taxes, per quarter.
- Auto sweep: Auto transfer of funds exceeding certain fixed amount to term deposit to provide high yield on such funds.
- Auto reverse sweep in case of need to honour cheque to savings account from term deposit.
- Facility of getting life insurance cover from “IndiaFirst Life Insurance Co. Ltd” up to an amount of Rs. 5 lakhs (minimum Rs. 1 lakh and thereafter in multiples of Rs. 1 lakh) without any medical examination and only against submission of Declaration of Good Health (DOGH), at the cost of customer at following premium rates:
|BOB Jeevan Suraksha per Rs. 1 lakh cover - Maximum Cover up to Rs. 5 lakhs|
|Month of joining the Scheme||Premium exclusive of Taxes||Coverage in Months|
|18-35 years||36-50 years||51-59 years||60-70 years|
Insurance cover is annually renewable after payment of premium. Age will be calculated as completed years on last date of birth. At the time of opening of account, only one option for choosing the amount of insurance cover will be available and no other option can be exercised in future to change the sum insured. There will not be any grace period for renewal of cover and the customer will be required to maintain sufficient balance in his account for payment of insurance premium for renewal of cover.
Amount paid by the customer towards insurance premium is admissible for deductions under Section 80 C of Income Tax Act. Only one insurance cover per person shall be allowed. In case of Joint Accounts, premium amount will be paid separately for each of joint account holder.
Following documents will be required for opening of account:
- Photo identity proof
- Address proof (passport/driving licence/voter identity card or any other document admissible to open a normal savings bank account)
- Age proof (birth certificate issued by municipality/matric certificate/passport/driving licence/voter identity card, etc.)
- Consent cum letter of undertaking to maintain a minimum required balance for payment of insurance premium opted by the customer.
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. Any resident individual who has attained the age of 18 years and has not completed the age of 70 years can open account under this scheme and avail the facility of Life Insurance Cover from IndiaFirst Life Insurance Co. Ltd (IFLIC) up to an amount of Rs. 5,00,000 lakhs after payment of required premium and submission of Good Health Declaration Form (DOGH). Accounts can be opened in single name as well as in joint names (maximum two).
At Base/Local Non-base Branch
Any amount: Free of charge.
At Out-station Branches
Up to Rs. 30,000 per day per account free of charge, thereafter chargeable @ Rs. 2.50 plus service tax 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.
- Fake note, suspicious note is impounded and receipt is given to the customer.
- Torn/mutilated/taped notes are not accepted by these machines.
- At base/local non base and outstation branches: No charge.
- Maximum Rs. 50,000 per day withdrawal allowed to account holder only at outstation branches.
- Third party cash payment at non-base 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 April-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.
Withdrawals & 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. 25,000 (Minimum Rs. 25 in Rural/SU and Rs. 50 in Metro/Urban).
Passbook and Statement of Account
- Free passbook
- Rs. 100 per duplicate passbook/statement with latest balance only. Charges for previous entries (if required) Rs. 75 per ledger page (25 entries per page) or part thereof.
Not more than 50 debits (except system generated & ADC transactions) is allowed per half year beyond which service charge @ Rs 15 + service tax per debit will be charged.
20 cheque leaves will be issued free of charge per half year, thereafter charges @ Rs. 5 per leave will be levied.
Registration and Execution of Standing Instructions
- No charge within the bank and Rs. 100 for outside the bank.
- Rs. 100 per occasion will be levied for Standing instruction failure because of insufficient funds.
Transfer of Account/Scheme
Upon submission of application along with passbook and unused cheque leaves the account can be transferred to another branch/scheme free of charge.
Closure of Account
- 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. 200 is levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. However, 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 2 years. Interest is continued to be applied in all such savings bank accounts. No charges are levied for inoperation 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.
Disclosure of Information
The bank may disclose information about customers 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).
SMS Alerts and Charges
Charges @ Rs. 15 per quarter are levied.
All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches.
ATM/Debit Card, Mobile Banking, Net Banking in Application Form
The bank will notify, 30 days in advance, any change in terms and conditions/interest rates and charges on its website.
All deposits to the extent of Rs. 1 lakh per depositor of our bank (except deposits of Central/State/Foreign Governments and commercial banks) are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC).
Minimum Balance Requirement
Rs. 1000 on daily basis.
Charges for Non Maintenance of Minimum Balance
Rs. 100 per quarter will be levied.
Nomination facility available.
ATM Transactions at other bank ATM (India) free up to 3 transactions in a month (both financial and non-financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Hyderabad and thereafter Rs. 20 for every transaction will be charged. For any other centre (except these 6 centres), up to 5 transactions (both financial and non-financial) are free in a month thereafter Rs. 20 for every transaction will be charged.
Issuance/maintenance charge: Free for 1st year/Rs. 100.
Card replacement charges (in India): Rs. 200 per replacement.
Pin generation: Rs. 150 per regeneration.
Auto/Reverse Sweep Facility
Auto sweep out will happen beyond threshold limit of Rs. 5,000 to short deposit of 180 days in multiple of Rs. 5,000 and case of requirement 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.
Immediate credit of outstation cheques up to Rs. 15,000 as per bank norms.
Cheque Return (per instrument charges)
- Up to Rs. 1 lakh: Rs. 125
- Above Rs. 1 lakh to less than Rs. 1 crore: Rs. 250
- Above Rs. 1 crore: Rs. 500
- Up to Rs.1 lakh: Rs. 250
- Above Rs. 1 lakh to less than Rs. 1 crore: Rs. 500
- Above Rs. 1 crore: Rs. 750
In case bank remains out of funds: Actual interest @ 7.5% over Base rate is to be charges extra.
Cheque returned due to technical reason not at the fault of customer: No Charges.
Charges for copy of original of cheque (paid by the Bbnk):
a) Rs. 100 up to 6 months old record.
b) Rest - Rs. 250
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.
Clearing transactions: There is no restriction for clearing transactions.
*All charges are exclusive of Service Tax.
*All charges are subject to changes from time to time.
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