bob LITE Savings Account

Overview

1. Eligible Clients: All Residents eligible to open Account as per Bank’s extant guidelines.

2. Eligible Branches: All branches

3. Eligibility Criteria: All resident individuals including minors (above the age of 10 years and able to read & write on own) in single or joint names competent to enter into a contract are eligible to open savings bank a/c in his/her own name limited to only one such account & other categories eligible for opening Saving account as per bank’s guidelines

4. KYC documents: Applicable documents for opening Savings account as per extant guidelines

5. Mode of Operation:
1. Singly
2. Jointly by
a. any one or more of the survivors
b. Either or anyone or more of them or the survivors jointly, or survivor.
c. former or survivor
d. latter or survivor

Subject to condition that the Second / First named Account Holder respectively, will be entitled to the balance lying in the Account only on the Death of the Former / Latter Account Holder.

6. Minimum Quarterly Average Balance (QAB): Zero

7. Maximum Balance in Account: There is no ceiling on the amount deposited / held in the account.
However, in the accounts of minors of age between 10 years and 14 years maximum amount that can be kept in the account is Rs.1.00 Lakh.

8. Charges for non- maintenance of minimum QAB: Zero

9. Cheque books: 30 cheque leaves will be issued free in a financial year.

For additional cheque leaves charges will be applicable as per Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

10. Debit Card Variant and Issuance / Renewal Charges: Free Rupay Platinum Debit Card subject to maintenance of QAB as per below table: -

QAB for Free Debit Card

1. Metros/Urban: Rs. 3,000
2. Semi Urban: Rs. 2,000
3. Rural: Rs.1,000

If QAB is not maintained Annual fee on Debit Card will be applied as per Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

11. No. of Free Transactions on Bank of Baroda ATMs (ONUS): Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

12. Number of Free OFFUS ATM transactions: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

13. Locker Charges: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

14. Cash Handling Charges: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

15. Cash withdrawal: (Local Non-Base and Outstation Branch) Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

16. NEFT/RTGS/IMPS (outward and inward) through Branch Channel with cheque. Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

17. NEFT / RTGS / IMPS (outward and inward) through Online Channel: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

18. Scheme Code Transfer to bob Lite: Another scheme to bob LITE is not allowed. Only a new account to be opened under this scheme.

19. Scheme Code Transfer: bob LITE to another scheme is allowed, subject to T & C of Target Scheme.

20. Credit Card facility: Subject to Credit underwriting policies of BOB Financial Solutions Ltd

21. SMS Alert: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

22. Mobile / Internet Banking: As per Bank’s extant guidelines for issuing the facilities.

23. Closure of Account and Charges: Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

24. Passbook: Free first passbook to be issued at branch. Subsequent issuance chargeable as per the extant guidelines of Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

25. Interest Calculation and Payment: Interest is calculated on daily product basis and credited to accounts quarterly. For Latest Interest rate of Savings Deposits, Please refer to https://bankofbaroda.bank.in/interest-rate-and-service-charges/deposits-interest-rates. For this purpose, Bank’s quarters are May-July, August-October, November-January and February-April. Interest is credited to the account within 15 days of end of quarter with Value date effect as of 1st day of the month.

26. Nomination facility: Allowed as per Bank’s extant guidelines. Please refer to Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

27. Sweep Facility: Available on written request from Account Holder / s.

28. Other Terms & Conditions:
1. Inter SOL cash payments to third parties are not permissible
2. Maximum Rs. 50,000/- Per day per transaction limit is fixed for cash withdrawal by account holder by Cheque and Rs. 25,000/- by Withdrawal Slip (Passbook should accompany Withdrawal Slip) from Savings Account without cheque book facility at Non-Base CBS branches irrespective of nature of Accounts.
3. Self-Withdrawal at Base branch is free.

29. Other Charges: As per the extant Guidelines of the bank for Saving bank account detailed in Bank’s latest Service Charges Schedules available at: https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges