The Baroda Pensioners Savings Bank Account is available to pensioners. The account is designed to provide all the banking facilities and benefits to pensioners. Customers can enjoy a free debit card, unlimited cheques, auto sweep facility, overdraft facility and much more. The account also has a nomination facility. Bank of Baroda offers the BOBCARD Silver for the 1st year with complimentary accident insurance.
Features of Pensioners Savings Bank Account
The Pensioners Savings Account offered by Bank of Baroda has various benefits. Listed below are some of the important features of the Baroda Pensioners Savings Bank Account:
To open this account, you need to deposit only Rs.5 minimum.
Auto sweep Facility
Account holders can auto sweep out any amount beyond the threshold limit of Rs.3,000 to a short deposit of 180 days. The auto sweep is done in multiples of Rs.1,000. In case the savings account falls below the minimum balance, then a reverse sweep in multiples of Rs.1,000 will take place in a pattern of last in first out.
Pensioners can avail overdrafts for an amount of up to 2 months’ pension as per the net credit to the savings bank account in the previous month. This facility is available if no other credit facility has been taken.
Cheque book facility
Cheque books are offered to account holders free of charge. Pensioners are entitled to an unlimited supply of cheque leaves. This is not applicable to an illiterate pensioner.
Get a free debit card with this account. Enjoy access to cash withdrawals, balance enquiries and other transactions at ATMs. Customers can also pay for their purchases with their debit card at merchant and retail stores.
Customers can enjoy access to online banking, paying utility bills and shopping online at their own convenience.
The BOBCARD Silver is offered to customers free of cost for the first year. Customers can enjoy the facility of a credit card which enables them to buy now and pay later.
Accidental death insurance of Rs.1 lakh is provided under the BOBCARD scheme.
Interest on the savings account balance is computed at 4% p.a.
Depositors can nominate someone to receive the proceeds from the savings account.
Enjoy immediate credit of outstation cheques for up to Rs.25,000.
To open this account, you must fulfill the following criteria set by Bank of Baroda:
- Pensioners are eligible to open this account
- Bank of Baroda staff pensioners are also eligible to open this account
How to apply
To open this bank account, you need to visit any Bank of Baroda branch close to you. Fill in the application form and submit it along with the required documents. If you meet the eligibility criteria and all documents are in order, Bank of Baroda will open the account for you. You need to make an initial deposit of a minimum of Rs.5. Your pension will need to be deposited to this account.
You will be required to submit the following documentation to meet the KYC norms:
- Recent passport size photograph
- ID Proof such as driver’s licence, passport, Aadhar card, Voter ID, PAN card, etc.
- Address Proof such as driver’s licence, passport, Aadhar card, Voter ID, ration card, utility bills, etc.
- Proof of retirement might be required
- Any other document requested by the bank
Fees and Charges
Given below are some of the important fees and charges associated with the Baroda Pensioners Savings Bank Account Account:
|Initial Deposit Requirement||Nil|
|Opening Account Charges||Nil|
|Passbook||First book is free. Rs.100 per subsequent pass book|
|Statement with latest balance||Rs.100|
|Minimum Balance Requirement||Nil|
|Premature closure of account within 1 year||Rs.200 plus service tax|
|Inoperative Account Charges||Nil|
|Nomination||First nomination is free. Changes or modification cost Rs.50.|
|Outstation Cheque||Rs.25 to Rs.250|
|Debit Card Annual Fee||Rs.100 p.a. Waived for the first year|
|Add on Debit Card||Rs.100 p.a. Waived for the first year|
|Debit Card replacement||Rs.200|
|Debit Card Renewal Fee||Free|
|Transactions at Bank of Baroda ATMs||Free|
|Transactions at other ATMs||
|Debit Card PIN regeneration||Rs.150|
Pensioners Savings Bank Account FAQs
Can I apply for this account if my pension is being credited to another bank account?
As per the information available, if you open the Baroda Pensioners Savings Bank Account, your pension needs to be credited to this account.
I have a BOB pensioners loan running. Can I take an overdraft on this account
No. If you have any other credit line with Bank of Baroda, you will not be eligible for an overdraft.
I have lost my debit card, what should I do?
If you have lost your debit card, you need to inform Bank of Baroda immediately. You can do so by calling the customer care service. You can also inform them at the bank branch. Your card will be blocked to ensure there is no misuse. You will be issued a new debit card.
I have forgotten my debit card PIN. How do I get a new one?
If you have forgotten your debit card PIN, you can request for a new one from Bank of Baroda. A fee of Rs.150 is applicable. If you remember your old PIN and need to change it, you can do so at any ATM free of charge.
Can I change my nominee?
Yes, you can change your nominee listed under the Pensioners Savings Account. You need to place a request at the bank branch. You can also do this through your online banking account. A fee of Rs.50 is applicable.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.