Baroda Jeevan Suraksha Savings Bank Account

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Baroda Jeevan Suraksha Savings Bank Account

  • The product shall be available at all our branches irrespective of area classification
  • Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can open his account under this scheme and 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)
  • Accounts can be opened in single name as well as in joint names (maximum two) and both the account holders can also be covered under insurance subject to submission of requisite papers and payment of premium in respect of both the account holders
  • Existing Savings bank accounts can also be converted into “Baroda Jeevan Suraksha Savings Bank A/c“retaining the same account number.
  • Following Documents will be required for opening of account:
    • Photo Identity Proof.
    • Address Proof ( Passport/ Driving Licence / Voter Identity Card or any other document admissible to open a normal Savings bank Account)
    • Age Proof (Birth Certificate issued by municipality / Matric Certificate/Passport / Driving Licence / Voter Identity Card etc.)
    • Consent cum Letter of undertaking to maintain a minimum required balance for payment of insurance premium opted by the customer.
  • Opening of account by minimum Rs. 1000/- only
  • Minimum Balance Rs. 1000/- on daily balance basis.
  • 20 Cheques Leaves shall be provided per half year free of cost.
  • 50 withdrawal per half year shall be allowed as per General Savings bank A/c.. In case of debits more than 50 per half year (excluding Auto Sweep transactions and GST transactions) a charge of Rs.15/ plus Taxes per debit transaction shall be levied.
  • Charges for non maintenance of minimum Balance is Rs. 100/- plus Taxes, per quarter.
  • Facility of getting Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” upto an amount of Rs. 5.00 lac ( minimum Rs. 1.00 lac and thereafter in multiples of Rs. one lac) without any medical examination and only against submission of Declaration of Good Health (DOGH)”, at the cost of customer at following premium rates:
  • Auto sweep: Auto transfer of funds exceeding certain fixed amount to Term Deposit to provide high yield on such funds.
  • Auto reverse sweep in case of need to honour Cheque to Savings account from Term Deposit.
BOB Jeevan Suraksha per Rs. 1 Lakh cover- Maximum Cover upto Rs. 5 Lakhs
Month of joining the Scheme Premium exclusive of Taxes Coverage in Months
18-35 yrs 36-50 yrs 51-59 yrs 60-70 yrs
Jan 117 244 676 1674 12
Feb 108 224 620 1535 11
Mar 98 204 564 1395 10
Apr 88 183 507 1256 9
May 78 163 451 1116 8
Jun 69 143 395 977 7
Jul 59 122 338 837 6
Aug 49 102 282 698 5
Sep 39 82 226 558 4
Oct 30 61 169 419 3
Nov 20 41 113 279 2
Dec 10 21 57 140 1

Insurance cover is annually renewable after payment of premium. Age will be calculated as completed years on last date of birth.

At the time of opening of account, only one option for choosing the amount of insurance cover will be available and no other option can be exercised in future to change the sum insured.

There will not be any grace period for renewal of cover and the customer will be required to maintain sufficient balance in his account for payment of insurance premium for renewal of cover.

Amount paid by the customer towards insurance premium is admissible for deductions under Section 80 C of Income Tax act

Only one insurance cover per person shall be allowed.

In case of Joint Accounts, premium amount will be paid separately for each of joint account holder

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 . Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can open account under this scheme and avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs. 5,00,000/- lacs after payment of required premium and submission of Good Health Declaration Form (DOGH). Accounts can be opened in single name as well as in joint names (maximum two).

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 and outstation branches– No charge.
  • 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 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

20 cheque leaves will be issued free of charge per half year, thereafter charges @ Rs.5/- per leaf will be levied.

Registration and Execution of Standing Instructions

  • No charge within the bank. b) Rs. 100/- for outside 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

  • 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.
  • 2. 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 2 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

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

Minimum Balance Requirement

Rs. 1000/- on daily basis.

Charges for Non Maintenance of Minimum Balance

Rs. 100/- per quarter will be levied.

Nomination facility available.

Debit Card

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 and 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.

Issuance/Maintaince charge :Free for 1st year/Rs 100

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

Pin Generation - Rs. 150/- per regeneration.

Auto/Reverse Sweep Facility : Is Available

Auto sweep out will happen beyond threshold limit of Rs. 5,000/- to short deposit of 180 days in multiple of Rs. 5,000/- and 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.

Immediate credit of outstation cheques upto Rs. 15000/- as per Bank norms.

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) – a) Rs.100 upto 6 months old record b) 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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