Bank of Baroda (BOB) has been part of the Indian banking industry for over a century now. The bank was initially formed in Baroda but now has operations spread across 23 countries. Since its establishment, the BOB has expanded the scope of the type of financial products and services that it offers its customers. The bank is committed towards its goal of providing its customers with services at international standards.
One of the many financial products that the bank offers its customers is the current account. A current account is a type of bank account where the account holder is permitted to make significantly higher withdrawal and deposit transactions against their account. The account is primarily used by individuals who run businesses and require high liquidity to carry out their operations.
BOB has a few variants of the current account that it offers customers. Each of these accounts have exclusive features and benefits that have been established based on the nature of the account holder’s business transactions. One of the current accounts that the bank offers its customers is the Baroda Advantage Current Account.
Features and benefits
The following are the features and benefits of the Baroda Advantage Current Account:
- The minimum average quarterly balance that account holders are expected to maintain differs based on the location of the account holder’s bank branch.
- Accounts held in rural and semi-urban locations are expected to maintain an average quarterly balance of Rs.2,000. Non-maintenance of the expected quarterly balance results in a charge of Rs.350 per quarter.
- AccountS held in Metro and urban branches are expected to maintain a minimum average balance of Rs.10,000. Non-maintenance of the expected quarterly balance results in a charge of Rs.625 per quarter.
- Account holders receive a monthly account statement from the bank free of charge.
- A balance certificate is issued to Baroda Advantage Current Account holders for free on an annual basis.
- Accounts that have an average credit balance of more than Rs.50,000 do not incur any folio charges.
- On opening their current account, BOB issues account holders with 50 free cheque leaves.
- Funds transferred from the bank’s Core Banking Solutions (CBS) branches do not incur any service charges regardless of the amount transferred.
- Account holders can make free withdrawals upto Rs.50,000 on a daily basis. This can be done through self cheques only.
- The bank offers its Baroda Advantage Current Account holders its internet banking and payroll services free of charge.
- Cash deposits up to the amount of Rs.50,000 do not incur any service charges.
- Account holders can make free cash deposits up to Rs.25,000 per day at non-base branches.
- Local cheques that have been cleared by a non-base branch do not incur any collection charges.
- Account holders can create standing instructions against their current accounts without having to incur any charges.
- Account holders are eligible to avail the Deposit Insurance and credit Guarantee corporation of India ( DICGC) to the maximum amount of Rs.1 lakh.
- The Baroda Advantage Current Account provides account holders with the advantage of adding a nominee to their account.
BOB continues to strive towards being the nation’s top ranking bank. The Baroda Advantage Current Account is one of the means through which the bank can add value to their customers.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.