Baroda Bachat Mitra

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Baroda Bachat Mitra

  • Product Nature : Overdraft facility in Savings Account secured by Pledge of Term Deposit
  • Eligibility Criteria : Individuals eligible to open Savings Account singly / jointly and having attained the age of 18 years
  • Minimum Amount : Savings Account: There shall be no minimum balance requirement for Savings Account, as such no service charges shall be levied towards maintenance of minimum balance.
  • Fixed Deposit : Minimum amount of deposit accepted for the facility would be Rs10000/- and thereafter in multiples of Rs1000/- with a minimum period of 12 months and maximum period of 120 months.
  • Maximum Amount : There shall be no ceiling on the maximum amount to be deposited as Fixed deposit and credit balance in Savings Account.
  • Overdraft Limit : To the extent of 80% of Fixed Deposit with a minimum limit of Rs8000/- and maximum of Rs100000/- .

    Third party FDRs are not eligible under this scheme.

    FDRs issued by any other branch /bank can not be pledged and accepted as security, as per extant guidelines of the bank.

  • Interest Rate : Fixed deposit: As per contractual rate, at the time of accepting deposit.

    Savings A/c : As per existing rules for credit balance in SB A/cs and for debit balance in Savings A/c 1.5% over Fixed Deposit rate with monthly rests and a minimum of Rs25/- will be charged during a month if overdraft facility is availed.

  • Processing & Documentation Charge : ---Nil---
  • Security for Overdraft facility : Pledge of FDR duly discharged by the depositor.Letter of pledge of FDR ( LDOC -16 A)
  • Other conditions :
    • On due date of FDR the facility may be renewed at the request of the customer. In absence of any request, overdraft facility may be liquidated by appropriation of proceeds of the FDR after giving due notice to the borrower or alternatively FDR may be renewed under auto renewal facility and overdraft facility may also be renewed at revised interest rate linked with FDR, depending upon circumstances.
    • If the borrower fails to pay the interest in overdraft account and /or the accounts remains overdrawn for a quarter, bank shall have right to cancel the facility, liquidate it by prepaying the deposit and appropriating proceeds thereof after giving due notice to the customer..
    • FDRs under BOB Suvidha will not be accepted under the scheme.
    • All the extant guidelines including KYC Norms will be applicable while opening Savings and FDR accounts.
    • Depositor may be given an acknowledgement having pledged the duly discharged FDR with the bank.
    • Existing procedure shall be followed by the branched for premature payment of FDRs.
    • Nomination Facility shall be available the depositors for their Savings and Fixed Deposits Accounts.
    • The deposit accounts shall be transferable from one branch to another branch of the bank, together with overdraft facility, free of charge.

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 and citing reasons thereof. Applicant should have attained the age of 18 years.

Cash Deposit

  • At base/local non base branch : Any amount - Free of charge.
  • At Out-station branches : Up to Rs. 30000/- 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/- (2 Lacs) 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) up to Rs. 20,000/- per day is allowed.
    • Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.

Cash Withdrawal

  • At Base/Local Non Base branch and outstation branch – No charges
  • Maximum Rs. 50000/- per day withdrawal allowed to A/c 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.

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 only 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 Pass Book
  • Rs. 100/-- per duplicate Pass Book / Statement with latest balance only. Charges for previous entries (if required) Rs. 75/- per ledger page (25 entries per page) or part thereof.

Transaction Charges

Not more than 50 debits( except system generated & ADC transactions) is allowed per half year beyond which service charge @ Rs 15/+ S.tax per debit will be charged .

Cheque Book

Free 45 cheque leaves in a financial year, thereafter Rs. 5/-per leave will be charged.

Registration and Execution of Standing Instructions

  • No charge within the same branch, Rs. 50/- for any other branch within the bank., Rs. 100/- for outside the Bank.
  • Rs. 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.

Transfer of Account

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 pre-mature 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.

Dormant/Inoperative Account

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 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 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).

SMS Alerts and Charges

Free of charge.

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 Form.: Available separately.

The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.

All deposits to the extent of Rs.1/- lac 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 /Charges

No Minimum balance requirement/No Minimum Balance Charges.

Nomination facility available.

Debit Card and Charges

Free Debit card for first year then charges @ Rs. 100 per annum will be levied..

ATM Transactions at other bank ATM (India) – free upto 3 transactions in a month (both Financial and Non Financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and thereafter Rs. 20/- for every transactions will be charged. For any other centre (except these 6 centres) upto 5 transactions (both Financial and Non Financial) are free in a month thereafter Rs. 20/- for every transaction will be charged.

Card Replacement charges (in India) - Rs. 200/- per replacement. Pin Generation - Rs. 150/- per regeneration.

Overdraft facility to the extent of 80% of Fixed Deposit with a minimum limit of Rs. 8,000/- and maximum of Rs. 1,00,000/- is available. For this purpose the minimum amount of Fixed Deposit accepted is Rs. 10000/- thereafter in multiples of Rs. 1000/-. Minimum period of FDR is 12 months and Maximum – 120 months.

As per existing rules for credit balance in SB Account and for debit balance in Savings A/c 1 % over Fixed Deposit rate with monthly rests and a minimum of Rs. 25/- will be charged during a month if overdraft facility is availed.

Cheque Return(Per Instrument Charges)

Inward Return

  • Upto Rs.1 Lac – Rs. 125/-
  • Above Rs. 1 Lac to less than Rs. 1 Crore : - Rs. 250/-
  • Above Rs. 1 Crore – Rs. 500/-

Outward Return

  • Upto Rs.1 Lac – Rs. 250/-
  • Above Rs. 1 Lac 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 Bank)

  • Rs.100 upto 6 months old record
  • 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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