A Life vest for your lifetime savings.

“Your service makes a big difference in our life”

  • Benefits
  • Features
  • Life Insurance Facility
  • Most Important Terms and Conditions (MITC)
  • Documents Required

Sr. No.

Parameters

Features

1

Product Nature

Special Savings Bank Account for Central / State Government employees for drawing Salary/Pension.

2

Eligibility Criteria

  • Central Government Employee
  • State Govt. Employee
  • PSU Employee
  • Employees of Local Bodies
  • Employees of companies with major holding of Govt.

3

KYC documents

  • Applicable documents for opening Savings account as per extant guidelines
  • Employment ID

4

Authorized  branches to open SB account under this scheme code

All domestic branches

5

Min. Quarterly Average Balance(QAB)

Zero

 

6

Maximum Amount of deposit

No upper limit

7

Minimum Balance Charges for non- maintenance of minimum QAB

Not applicable

8

Overdraft facility

Available immediately after credit of first salary /Pension, if any other credit facility is not being availed by the employee. Interest on such overdraft shall be charged as per Bank’s extant guidelines for Baroda Pensioners Savings Bank a/c.

Available immediately after first salary credit. Maximum- Rs.3.00 Lakhs (avg. of two months net salary).

Overdraft is to be adjusted in full once in 60 days of availment of the same.

 

9

Cheque books

Free 150 cheque leaves per year

10

Remittance

NEFT/RTGS free  for online & through branch

11

Demand Draft/Banker's Cheque

Six DD/BC free per quarter for personal use. Maximum Amount Rs 500000/-

12

Internet Banking/Mobile Banking

Free

13

Debit Card

  • Free Debit Card for lifetime as per Salary Structure
  • Net monthly salary of Rs 10,000 – Rs 50,000:- RuPay/VISA Classic
  • Net monthly salary above Rs 50,000 to Rs 1.00 lac:- Master Platinum Debit Card
  • Net monthly salary above Rs 1.00 lac to Rs 2.00 lac:- RuPay Platinum Debit Card
  • Net monthly salary more than Rs 2.00 lacs:- VISA Platinum Debit Card

Personal Accidental Insurance Cover

I.Group Personal Accidental Death Insurance cover upto Rs.40.00 lacs*

  • Permanent Total Disability(as defined vide Insurance Policy) cover upto Rs.40.00 lacs*
  • Permanent Partial Disability (as defined vide Insurance Policy) cover upto Rs.20.00 lacs*
  • Air Accident Insurance cover upto Rs.10.00 Lacs**

*Maximum Personal Accident Insurance Cover available is either 10 times of gross annual Income of account holder or any of the above mentioned applicable Insurance Coverage, whichever is less.

**Air tickets should be booked with Debit Card & Air Insurance could not be less than base cover.

 

14

ATM withdrawals

Free unlimited transactions at Bank of Baroda ATMs

15

Waiver in processing charges on retail loans

100 % waiver on processing charges for Housing Loan, Auto Loan, Education Loan, Mortgage Loans and Personal Loan

Subject to recovery of minimum Rs. 7500 per property * to be mortgaged as out of pocket expenses (for legal, valuation etc.)

* Applicable on mortgage based Retail Loans

16

Concession in Rate of Interest for Auto Loans

For the employees who has availed Home Loan, a concession of 0.25% in applicable ROI of Auto Loan

17

Discount on Depository Services/ Demat AMC

Waiver of 100% in charges

18

Credit card

Free Premier credit card subject to eligibility criteria on of minimum income of Rs 60000/month and signing of auto debit mandate for debit of  minimum due amount on card from salary account.

19

*Insurance only for primary card holder* ( Insurance linked to credit card)

Complementary Air Accidental Insurance of Rs 50 lac and other accidental insurance cover of Rs 10.00 lacs.

20

Lockers

20% discount on locker rentals.

21

Other Benefits

Free SMS Alerts.

Sweep facility available on specific request.

75% waiver on issuance charges for Gift/Travel card

bobWorld (Mobile Banking)

22

Relationship Manager

 

RM with wealth management advisory services for Radiance Customers.

23

Enrolment in Baroda Radiance (at a deposit relationship of Rs 10.00 lakh collectively on one CustID)

  • Starts with a deposit Relationship of Rs 10.00 lakhs
  • QAB to be raise to Rs 50.00 lakh to continue in Radiance program.
  • Various discounts on service charges.
  • Free Baroda World debit card with host of lifestyle benefits.
  • Senior Relationship Manager to handle the operational issues and investment portfolio according to risk-profiling

24

Baroda m-invest

Facility to invest online in mutual fund through mobile App

25

Online FDR opening

Facility of opening Fixed deposit through mobile/internet banking online.

26

Cash on Mobile

Card-less cash withdrawal service from ATM’s

27

Digital mode of Payment

Facility of Digital mode of Payment like BHIM Aadhar Baroda Pay, BHIM App, Bharat Bill Payment services

28

Life Insurance Facility

Various life insurance scheme is available through our insurance partner IndiaFirst Life insurance.

29

Health Insurance Facility

Various Health insurance option available on lowest premium through various insurance partner.

 

30

Tax Benefit

Senior Citizen Saving Scheme(Age-55years & above)

Public Provident Fund

ELSS (Equity linked Saving )Scheme

Submission of 15(G) 15 (H) through mobile

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 yrs can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH)


Sum Assured

The Sum assured starts at a minimum of Rs.1.00 lac and goes up to Rs.5.00 lacs (in multiples of Rs. 1.00 lac).

Under the Scheme, Only one insurance cover per person shall be allowed.


Periodicity

Period of Insurance is one year from 01st 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 - 1 Lac
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-20 127 253 704 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.

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 1st Pass Book.
  • 100/- per duplicate Pass Book / Statement with latest balance only.

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.

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.

Nomination Facility
  • Nomination facility available.

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.

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).

For more details on Salary Accounts please e-mail us at: liabilities.corp.bcc@bankofbaroda.com
for pension accounts: cppc.delhi@bankofbaroda.com

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
  • Passport
  • Driving license with photo
  • Proof of possession of Aadhaar Number
  • Voter’s Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government.
  • Letter issued by the National Population Register containing details of Name and Address.
Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)
  • Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
  • Property or Municipal Tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, If they contain the address;
  •  Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;
In case of Foreign Students
  • Copy of Passport and copy of Visa.
  • An Identity Card issued by college / institution.
  • An admission letter for the course mentioning duration of course for which he/ she is admitted by the Institute / College.
  • An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.
For NRI / Foreign Tourist For PIO/OCI
  • Passport
  • Valid Visa
  • PAN/FORM60
Address proof mentioning the current overseas address (any one of the below) Documents issued by Govt. Deptt. of foreign jurisdictions i.e. Driving License, National Identification Card, Social Security Card, Employee Card and Labour Card, Tax Residency Certificate etc. having Name and Address of the Applicant Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old) Property/ Municipal Tax Receipt
Letter of allotment of accommodation/ Leave and License agreements allotting official accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.
For Foreign Nationals
  • PAN/FORM60
  • Valid Foreign Passport
  • Valid Indian Visa
Address proof mentioning the current overseas address (any one)
  • Foreign Driving License
  • Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National.
  • Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

(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
  • Certificate of Incorporation
  • Memorandum & Articles of Association.
  • PAN No. of the Company
  • Resolution of the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and
  • Any one of the OVDs and PAN/FORM60 of the managers, officers or employees, as the case may be, holding an attorney to transact on its behalf with his / her photograph
Accounts of Sole Proprietary firms.

(Any two of the following documents to be obtained)

  • Registration Certificate
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales and income tax returns,
  • CST/ VAT/GST Certificate (Provisional/Final),
  • Certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities.
  • IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. In case where the branches are satisfied that it is not possible to furnish two such documents from the above list, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches would have to undertake contact point verification, collect information to establish the existence of such firm, confirm, and satisfy itself that the business activity has been verified from the address of the proprietary concern.

    AND

    Any one of the OVDs along with PAN/ FORM60 of the proprietor.

Accounts of Partnership firms. (Registered)
  • Registration certificate,
  • Partnership deed; and
  • PAN No. of the Partnership Firm,
  • Any one of the OVDs and PAN/ FORM60 of the person holding an Attorney to transact on its behalf with his/ her photograph
Accounts of Trusts
  • Registration Certificate
  • Trust Deed
  • PAN/ FORM60 of Entity
  • Any one of the OVDs and PAN/FORM60 of the person holding an Attorney to transact on its behalf with his/her photograph.
Accounts of Unincorporated Associations or body of individuals includes unregistered
  • Resolution of the Managing body of such association or body of individuals;
  • PAN/ FORM60 of Unincorporated Associations or body of individuals
  • Power of Attorney granted to transact on its behalf;
Partnership firm/ trusts and societies.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;
  • Any one of the below mentioned list of documents to collectively establish the legal existence of such an associations or body of individuals.
  • Partnership Deed/ Trust Deed/ Bye Laws
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales Tax Returns,
  • CST/ VAT/ GST certificates (Provisional/ Final)
  • Certificate/ registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities.
  • License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute.
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the concerns.
Accounts of Hindu Undivided Family
  • PAN Card of HUF.
  • Declaration from the Karta.
  • HUF Letter/ Declaration signed by all the coparcener and Karta.
  • Any one of the OVDs and PAN/ FORM60 of the Karta with his / her photograph
Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.
  • Document showing name of the person authorized to act on behalf of the Government or its Departments, societies, universities and local bodies like village panchayats;
  • Any one of the OVDs and PAN/FORM60 of the person holding an attorney to transact on its behalf and
  • Any document to establish the legal existence of such an entity/ juridical person.
Account of Political Parties
  • Duly signed resolution of the working committee/ managing body as per bye- laws indicating details of the party president/ authorized signatory, tenure etc.
  • PAN of the Political Party
  • Power of Attorney granted to transact on its behalf;
  • Duly authenticated copy of Constitution/ Bye laws of the Party
  • Duly authenticated copy of Registration of Party with election commission
  • Authority letter, on party letter head, from Party president/ Authorized signatory as per Bye-laws for opening of account mentioning address of the State Unit, Title of Account and operating instructions for authorized signatory with attestation of their signature and photograph.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;
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