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22 views4 pages

bob-bro-savings-term-and-condition-final-br0

Uploaded by

ajansnsns63727
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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bob BRO Savings Account: Most Important Terms and Conditions (MITC)

Transactions
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
For Rs.50000/- and above PAN is required to be submitted as per requirement of
Income Tax.
At Cash machines
Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day 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.
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
Inter SOL cash payments to third parties is not permissible.
Per day per transaction limit of Rs.50000/- is fixed for cash withdrawal by account holder
only (through withdrawal up to Rs.25000/- SB Account without cheque book facility) at
Non Base CBS branches irrespective of nature of accounts. Passbook should
accompany with Withdrawals.
Self-Withdrawal at Base branch is free.

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. For previous
statement/ entries, applicable charges apply.
Cheque book
Unlimited Free Cheque Leaves for 18 year and above

Registration and execution of standing instructions


No charge within the Bank.
Rs.50/- per transaction plus applicable remittance charges in case of credits for outside
the branch whether in same city or other cities i. e in other branches / Offices such as
LIC etc. plus actual postage charges.

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.

Interest Calculation and Frequency


Interest for the period February to April will be credited in May, Interest for May to July
will be credited in August, interest for August to October will be credited in November
and interest for November to January will be credited in February every year.

Dormant/Inoperative Account
Account becomes inoperative/dormant if there are no customer induced transactions in
Savings account for over a period of two years. Interest is continued to be applied in all
such Savings Bank accounts. No charges are levied for in-operation of accounts.
Activation/Closure of Dormant/Inoperative accounts will be done after submission of
necessary KYC documents, photo, and 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.

Minimum balance requirement:


No Minimum Balance Requirement.

SMS/Email alerts Charges:


Free SMS /Email Alert Charges
NEFT/RTGS/IMPS/UPI:
Free through all channel

Nomination
Facility available.

Auto/Reverse Sweep Facility


Auto sweep out will happen beyond threshold limit of Rs. 25,000 to Short Deposit of 181
days in multiple of Rs. 5,000 and case of requirement in SB A/c auto Reverse Sweep in
multiple of 5,000 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.
Sweep will take place on every Monday.

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.

Closure of account and charges


All the authorized signatories of the account will give in writing his/her/their intention to
close the account. The relative passbook, Debit Card and the unused cheque 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/- plus service tax will be levied if account is closed beyond 14 days
but within 1 year of the first customer induced transaction. In case of death of account
holder no charges will be levied.

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).
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 Forms are
available separately.
The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and
charges on its website.
Deposits along with interest kept in different branches of our Bank is insured by Deposit
Insurance & Credit Guarantee Corporation (DICGC) maximum upto Rs 5,00,000( Rs 5
lakh).

Note:
*All Charges are exclusive of Taxes.
*All charges are subject to changes from time to time.
*For latest service charges, please visit the Link : https://www.bankofbaroda.in/interest-
rate-and-service-charges/service-charges

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