Baroda Pensioners Savings Bank Account

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Saving smartly is even better.

Benefit from our wide range of Baroda Savings Accounts

Baroda Pensioners Savings Bank Account

  • Opening of account by Rs. 5/- only
  • Auto sweep out beyond threshold limit of Rs. 3000/- to short deposit of 180 days in multiple of Rs. 1000/- and in case of requirement in SB A/c auto reverse sweep in multiple of Rs. 1000/= on LIFO pattern (last in first out)
  • Overdraft facility in Savings Bank a/c upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner
  • Bank of Baroda staff pensioners are also eligible under this scheme
  • Immediate credit of outstation cheques upto Rs. 25000/- as per Bank's norms
  • Free Debit Card, Baroda Connect / Internet Banking and "BOBCARD Silver" for 1st year with accidental death insurance cover of Rs. 1 lac (to be provided by BOBCARDS Ltd. Under credit card scheme)
  • Free unlimited cheque book facility except to the illiterate pensioner

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.

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) is allowed up to Rs. 20,000/- per day.
  • 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 branches and outstation branches – No charges
  • Maximum Rs. 50000/- per day withdrawal allowed to A/c holder only at outstation branches.
  • Third party cash payment at local non-base branches and outstation 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 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

out of total 100 allowable withdrawals 50 withdrawals are free in a calendar half year thereafter charges @ Rs. 15 per transaction will be levied.

Unlimited Free cheque book facility except to illiterate pensioner.

Registration and Execution of Standing Instructions

  • No charge within 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 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 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

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 eligible 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

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.

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 are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC) The scheme covers all the deposits except (Deposits of Central/State/Foreign Governments and commercial banks).

Minimum Balance Requirement

NIL. However, Minimum Balance of Rs. 3000/- on daily basis to be maintained when pensioner customer opts for availing Auto sweep/Reverese sweep facility.

Opening of account by Rs. 5/- only.

Charges for Non Maintenance of Minimum Balance

Rs. 100/- per quarter for non maintenance of Minimum Balance.

Free transfer of funds through Demand Draft/Bankers Cheque upto maximum limit of Rs. 1 lac per month.

Nomination facility available.

Auto / Reverse Sweep

Auto sweep beyond threshold limit of Rs. 3,000/- to short deposit of 180 days in multiple of Rs. 1,000/- and in 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.

Free collection of outstation cheques / DD, however, out of pocket expenses and other Bank’s charges, if applicable, to be borne by the A/c holder.

ATM/Debit Card/Credit 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.

ATM Transactions at other bank ATM (India) - Rs. 20/- for every transactions

Card Replacement charges (in India) - Rs. 200/- per replacement.

Pin Generation - Rs. 150/- per regeneration.

Credit Card : “Chip Base Card” for 1st year with accidental death insurance cover of Rs. 1 lac by BOBCARDS subject to conditions.

Overdraft facility in Savings Bank a/c :upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.

Immediate credit of outstation cheques upto Rs. 25000/- as per Bank norms.

Cheque Return

Inward Return : per instrument charges.

  • 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 : per instrument charges

  • 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) – a) Rs.100 upto 6 months old record b) Rest - Rs. 250/-

25% discount on charges on maintenance of DEMAT account in the name of pensioner customer.

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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