Baroda Jeevan Suraksha Savings Bank Account
The Baroda Jeevan Suraksha Savings Bank Account from Bank of Baroda is a savings account available at all branches of the bank, irrespective of area classification.
Any applicant between the age of 18 and 60 years can apply for this scheme and avail a life insurance cover of up to Rs.5 lakh. In order to be eligible for the facility, applicant is required to pay the required premium and submit a simple DOGH (Health Declaration Form).
Eligibility criteria of Baroda Jeevan Suraksha Savings Account:
The following eligibility criteria must be fulfilled when applying for the Jeevan Suraksha Savings Account from Bank of Baroda:
- Applicant should be resident of India.
- Applicant should be at least 18 years old.
- Applicant should not be more than 60 years old.
- Minimum initial balance at the time of opening the account is Rs.1,000.
- Account can be opened individually or jointly.
- In a joint account, only two people can open an account together.
- In case of a joint account, both account holders can have insurance cover provided all required documents are submitted and premium is paid by both.
Features and benefits of Baroda Jeevan Suraksha Savings Account:
The main features and benefits of the savings account are:
- Auto sweep facility: Under this scheme, the bank enables auto transfer of funds exceeding certain specified amount towards Term Deposit in order to generate high yield on such funds.
- Auto reverse sweep facility: This facility is provided in case of need to honour cheque from Term Deposit to Savings Account.
- Facility of Life Insurance cover: Account holder is eligible for an insurance from IndiaFirst Life Insurance Co. Ltd. An amount of up to Rs.5 lakh is provided as cover, with minimum Rs.1 lakh and in multiples of 1 lakh, thereafter. The insurance policy does not require any medical examination and can be availed against submission of DOGH and at customer’s costs at the following rates:
Month of account opening | No. of months – Premium payable | Pro-rata Premium (excluding Service Tax) per lakh per annum based on age group | ||
18 - 35 | 35 – 50 | 51 - 60 | ||
January | 12 | 125 | 259 | 697 |
March | 10 | 105 | 216 | 581 |
June | 7 | 73 | 152 | 407 |
October | 3 | 32 | 65 | 175 |
December | 1 | 11 | 22 | 59 |
Once premium is paid, insurance cover is annually renewable. Age is calculated as age completed on last birthday. You can choose the insurance cover amount at the time of account opening and the sum assured cannot be changed in the future. Account holder should maintain adequate balance for insurance payment for renewal of cover. There is no grace period provided for renewal of insurance cover. Only one insurance cover per person will be allowed under this scheme.
- Insurance premium tax-deductible – Amount paid towards insurance premium is admissible for tax deductions under Section 80C of the Income Tax Act.
How to apply for a Baroda Jeevan Suraksha Savings Account?
You can fill in an online form with all the required information for account opening or visit the bank branch along with the documents required to open the account.
Documents required to open a Baroda Jeevan Suraksha Savings Account:
You will be required to submit the following while opening the account:
- Identity proof such as Passport, Driving license with photo, Voter’s ID, etc.
- Address proof such as Aadhaar Card, PAN Card, Passport, etc.
- Age proof such as Passport, Driving License, Voter Identity Card, Birth Certificate issued by the municipality, Matric Certificate, etc.
- A consent letter or letter of undertaking stating that a minimum balance will be maintained to pay for the insurance premium chosen by the customer.
Fees and charges:
Given below are some of the important fees and charges associated with the Baroda Super Savings Account:
Particulars | Charges |
20 cheque leaves every 6 months – No charge | |
First Passbook – No charge Duplicate Passbook – Rs.50 per Passbook | |
Statement with latest balance | Rs.50 |
Opening Account Charges | Rs.50 per half year |
Initial Deposit Requirement | Rs.1,000 |
Minimum Balance Requirement | Daily balance – Rs.1,000 |
Non-maintenance of minimum balance | Rs.100 plus Service Tax (every quarter) |
Inoperative Account Charges |
|
Premature closure of account within 1 year | Rs.500 |
Withdrawals |
|
Outstation Cheque | Rs.200 per cheque + Rs.50 out of pocket expenses |
Debit Card Annual Fee | First year – Nil After one year – Rs.100 p.a. |
Add on Debit Card | First year – Nil After one year – Rs.100 p.a. |
Debit Card Renewal Fee | Nil |
Debit Card replacement | Rs.200 |
Debit Card PIN regeneration | Rs.150 per regeneration |
Transactions at Bank of Baroda ATMs | Nil |
Transactions at other ATMs | Five transactions/month – Nil More than five transactions – Rs.20/transaction |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Baroda Jeevan Suraksha Savings Bank Account
- Do I have to pay any fine if I don’t not maintain minimum balance in the Baroda Jeevan Suraksha Savings Account?
Yes, the bank levies Rs.100 exclusive of Service Tax per quarter if minimum balance is not maintained in the account.
- Can I convert my existing savings bank account in Bank of Baroda into Jeevan Suraksha Savings Account with the same account number?
Yes, you can convert an existing Bank of Baroda savings bank account into a Baroda Jeevan Suraksha Savings Account with the same account number.
- Can I take more than one insurance cover under the Jeevan Suraksha Savings Account?
No, BoB only allows one insurance cover per person under this scheme.
- If I am a joint account holder, should the premium for insurance be paid together or separately?
Joint account holders of the savings account should pay the premium amount separately.
- What is the grace period for renewal of insurance cover under the Baroda Suraksha Savings Account?
There is no grace period for renewal of insurance cover under this scheme.
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