BOB Small Business Current Account
Bank of Baroda (BOB) is one of the oldest banks in the country. Established over a century ago, the bank now has branches spread all across the country and across the globe. The bank's mission is to be one of the top ranking national banks. BOB aims to provide its financial services at international standards to its customers.
Of the many financial services that the bank offers its customers is the current account. A current account is a type of bank account where there are significantly higher limits on the withdrawals and deposits made. This type of account is often used by individuals who run businesses and require high liquidity.
One of the many variants of the current account that BOB offers its customers is the Baroda Small Business Current Account. As the name suggests, the account is made exclusively for individuals who run startups and small, family-owned businesses.
Features and benefits
The following are the features and benefits of the Baroda Small Business Current Account:
- The Baroda Small Business Current Account is available only in urban and metro bank branches.
- The account runs based on the 'Pay as you use' concept.
- The minimum quarterly average balance is set at Rs.2,500. The bank levies a quarterly charge of Rs.300 for non-maintenance of the minimum quarterly average balance.
- Individuals and proprietors receive a RuPay debit card on opening their account. The bank waives the annual charges for the debit card for the first year.
- There is a limit of Rs.20 lakh set on the account's permissible annual turnover for a financial year.
- Account holders receive 5 free non-ADC transactions every month.
- The bank provides customers with its digital transaction services free of charge.
- The first 50 cheque leaves issued by the bank are provided free of charge.
- Account holders can make cash deposits up to Rs.50,000 free of charge on a daily basis.
- Cash deposits made from an outstation branch do not attract any charges for amounts upto Rs.50,000.
- There is no limit set on the amount withdrawn from the bank on a daily basis.
- The bank permits Baroda Small Business Current Account holders the benefit of making 2 free cash withdrawals from outstation banks each month.
- The bank provides its internet banking and mobile banking services free of charge.
- BOB provides Baroda Small Business Current Account holders with free account statements twice in a month.
Eligibility
The Baroda Small Business Current Account has been developed to cater to the specific needs of business holders who fall under the following categories:
- Individuals
- Partnership firms
- Proprietorships
The Baroda Small Business Current Account provides account holders with the added benefit of unlocking the potential of the funds in their account that can be used for the account holder's business requirements.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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