Bank of Baroda (BOB) is one of the first banks that was established in India. Almost a century later, the bank has operations all over the world. The bank strives to becoming the top ranked financial institutions in the country by providing exceptional services to its customers and stakeholders alike.
From very humble beginnings to becoming one of India’s most well-recognised banks, BOB has evolved while retaining the essence of yesteryear. Over the last century or so, BOB has grown in terms of its customer base and the kind of financial products that it offers its customers.
BOB has a wide range of current accounts that it offers its customers. Each of these accounts has been built to meet the specific needs of its customers. The bank has 4 variants of the current account, one of which is the Baroda Premium Current Account - Privilege (BPCAP).
Features and benefits
The following are the features and benefits of the BPCAP:
- Account holders who open a BPCAP account with BOB are required to maintain a minimum quarterly average balance of Rs.2.5 lakh. Non-maintenance of the quarterly average balance attracts a penalty fee of Rs.1,000.
- The bank provides its BPCAP customers free account statements twice a month.
- The BPCAP account provides account holders the privilege of obtaining free unlimited cheque books for their transactions.
- The bank provides BPCAP customers with banker’s cheques, MT/TT facilities, balance certificates, and signature verification free of charge.
- Account holders have the privilege of having their outstation cheques immediately credited in instances where the amount does not exceed Rs.1.5 lakh. New customers are required to wait for a minimum of 6 months before they can avail this service.
- Funds transferred at BOB’s Core Banking Solution (CBS) branches do not incur any charges.
- The account comes with the Auto-Sweep facility. The minimum amount that can be deducted towards the auto sweep facility is Rs.25,000. However, the account holder is only eligible to avail this facility once the balance in the account has crossed Rs.5.25 lakh. The sweep is carried out at the end of every Monday.
- The account comes with a credit card that does not incur any annual charges for the first year. Additionally, the credit card comes with a complimentary personal accident insurance cover.
- The bank provides its customers a waiver on the processing fees for car loans disbursed in the name of the proprietor or firm.
- Account holders enjoy a 20% discount on BOB’s locker rental charges.
- Cash deposits made at the local base branch do not incur any charges.
- The bank allows for free cash withdrawals upto Rs.50,000 each day. However, this is only applicable in instances where the withdrawal is made through self cheques.
- A debit card is issued to the account holder at the time of opening the account. The annual charges for the debit card are waived for the first year.
- Account holders can set standing instructions for transactions against their account. The bank does not levy any charges for this service.
- The account also has a nomination facility that can be availed by the account holder.
Bank of Baroda is a nationalised bank that meets international standards. It has enjoyed its longevity in the banking industry as a result of the quality of services that it provides its customers. This, in turn, has led the bank to gather a customer base that goes beyond national borders.
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