This is a unique system under which Bank of Baroda helps companies and institutions making heavy payments disburse these amounts directly into the bank accounts of the beneficiaries such as account holders, shareholders, investors, etc.


Key Benefits

Benefits to a Corporate Body

Corporate bodies who have periodic, large volume payments to a fixed group investors/beneficiaries enjoy the following benefits:

  • Savings in administrative cost presently being incurred for printing of paper instruments in MICR format and dispatching them by registered post.
  • Elimination of fraudulent encashment due to loss in transit of instruments.
  • Reconciliation of transactions is made automatic. By the time the ECS cycle is completed, the user institution gets electronic data file from its bank with the date of payment and banker's confirmation thereon.
  • Cash management becomes easier as arrangement for funds is to be made only on the specified date.
  • Ensures better customer/investor service.
  • In line with practices adopted by best companies the world over who pay their shareholders/investors and customers.

Benefits to the customers
  • Prompt payment on the due date.
  • Convenient receipt of money reduces trips made to the bank for depositing dividend/interest warrants.
  • Elimination of fraudulent encashment against instruments lost in transit.

BOB Cash Reach

A tailor made product for customers, that enables faster remittance of funds. A more economic, convenient, smoother mode of operation which can be availed of by a well-supported network of centres.

  • Smoother: time and money spent on dispatches are saved.
  • More economic: involves a premium service at nominal cost with a pickup service from the client's office.
  • More convenient: The collection and credit are both done on days convenient to the client.
  • Centred towards client benefits: all the benefits are passed on to the clients, in terms of enhanced quality, ease of liquidity and profit maximisation through better resource management.
  • Spread over a good network: initially launched at 5 centres, with the connectivity to be now fanned over to around 200 centres.

Terms & Conditions
  • It is generally used for salary and pension payments (Subject to a minimum of 2500 payments and an upper limit of Rs. 1 lakh on any individual payment).
  • This service is available at 16 centres. Very soon, 30 centres in all will be able to enjoy the benefits of this system.
  • Over 50 corporate bodies and Government departments are already using the system for bulk and repetitive payments with 20 more corporate bodies ready to launch into the same.
  • To promote electronic banking culture, a highly "concessional" service charge structure has been adopted.
  • At present, the sponsor bank would pay to the clearinghouse Rs. 1.50 per instrument of which Rs. 0.50 would remain with the clearinghouse and Rs. 1 would be credited to the destination bank.
  • No service charges are levied by the destination bank branch for crediting the customer's account with the amount due.
Request Callback

Please fill in these details, so we can call you back and assist you.

Select Other Services Type
  • Aadhar Seva Kendra
  • ASBA Facility
  • Atal Pension Yojna (APY)
  • Collection Services
  • ECS
  • e-stamping
  • Government Business Schemes
  • National Pension Scheme
  • One Time Settlement
  • Statewise Bank GSTIN
  • Wilful Defaulter
  • Fintech Alliance
  • Bank of Baroda - FinTalk
  • Preventive Vigilance Initiative
  • List of Inoperative Accounts
  • Others

Thank you ! We have successfully received your details. Our executive will contact you soon.

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.