Shubh Savings Account

This account provides value added features such as free collection of outstation cheques, waiver on processing charges such as for Housing, Consumer Durables and Vehicles loan. You can also transfer your entire account balance to any other branch of the bank without a fee.

Key Benefits

• Free Demand Drafts / Bankers Cheques to the debit of account.
• Free transfer of funds from customer's account to any other account in any branch of our Bank by Mail Transfer / Telegraphic Transfer (normal telegram charges apply).
• Free collection of outstation cheques drawn in favour of account holder.
• Immediate credit of outstation cheques up to Rs.25,000/-as per bank's norms and on payment of charges in force for giving immediate credit.
• Priority in allotment of Safe Deposit Lockers subject to availability.
• Free debit card wherever debit card connectivity is available.
• Interest payment on delayed collection of cheques as per bank's norms.
• All standing instructions as notified by the customers for transfer of funds within the branch or to our other branches will be carried out free of cost.
• Free unlimited chequebook facility to all account holders except illiterates.
• Waiver of processing charges on retail loans like Housing Loan, Consumer Durables Loan, Vehicle Loan etc.
• The deposit account can be transferred at depositor's request free of charge to any of the Bank's branches offering this product.
• Interest earned is eligible for exemption under Section 80L of Income Tax Act, 1961.
• No deduction of TDS on payment of interest in Shubh Savings Bank.
• Provision for nomination.

Terms & Conditions

• All resident individuals (including minors) in single or joint names who are eligible to open Savings Bank a/c. These include salaried class people, businessmen, self employed, professionals, farmers, traders, housewives and minors above the age of 10 years.
• Minimum Quarterly Average Balance of Rs. 15,000/- (irrespective of area for CBS Branches) has to be maintained throughout the tenure of the account
• No ceiling on amount deposited / held in the account. However, in accounts of minors of age between 10 years and 14 years, the maximum amount that can be kept is Rs. 1/- lakh
• A fee of Rs. 100/- will be charged for accounts that do not hold the minimum balance.
• If the balance remains below the benchmark level continuously for 3 months, the bank may after giving due notice transfer this account to Savings Bank Account.
• A service charge of Rs. 300/- is deductible if the account is terminated before one year of completion.
• All other rules and service charges on inoperative accounts, addition/deletion of names, payment of interest, etc. governing Savings Bank Account shall apply to the Shubh Savings Bank mutates mutandis unless otherwise specified.
• No deduction of TDS on payment of interest in Shubh Savings Bank.
• Interest as applicable to a normal Savings Bank account will be credit to the account on a half-yearly basis
• Documents required:
  • Passport size photograph
  • Proof of residence
  • An introduction as per Bank's norms

You can see below links also

• Current Interest Rates
• Contact nearest Bank of Baroda Branch