Baroda Shubh Savings Account

Baroda Shubh Savings Account

  • This product is in the nature of Savings Bank A/c with value propositions to customers
  • All resident individuals (including minors) in single or joint names who are eligible to open Savings Bank a/c. This product is not for Non-resident Indians, trusts, non-profit earning institutions etc.
  • Unlimited free cheque book facility
  • Free Demand Draft/ Bankers Cheque
  • Waiver of Processing Charges on Retail Loans like Home loan, Auto Loan etc. availed by the customer.
  • Immediate Credit of Outstation Cheques upto Rs.25,000/-
  • 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. In case of single account of minor to be operated by him/her the maximum balance outstanding on any day should not be more than Rs. 100000/- when the minor is aged between 10-14 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) 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 branch/Local Non Base branches and outstation branches – No Charge.
  • Maximum Rs. 50000/- per day withdrawal allowed to A/c holder only at local non-base branches and 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 May to July, August to October, November to January and February to April. 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

  • 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 chequebook

  • facility is available.

Registration and execution of Standing instructions

  • Free of Charge 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 scheme 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.300/- 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

  • 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: Metro/Urban/Semi Urban/Rural – Rs.15000/-

Charges for non maintenance of minimum balance: Metro/Urban/SU/Rural – Rs. 750/- per quarter

Computation: Minimum QAB requirement is calculated on the basis of summation of closing balance of number of days divided by number of days. For purpose of arriving at Quarterly Average Balance/Minimum Balance charges, the period of quarters are considered as 16th Mar to 15th Jun, 16th Jun to 15th sep, 16th sep to 15th Dec and 16th Dec to 15th Mar of a particular year

No charges for issuance of Demand Drafts/Bankers cheque for personal use.

Nomination facility available.

Waiver of processing charges on retail loans.

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

Free Collection of outstation cheques drawn in favour of Account holder.

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.

If the balance remains below the benchmark level continuously for –3- months, Bank may, after giving due notice transfer this account to normal savings bank account.

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 Return) 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 charged 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.

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