Key features
What's included with this account.
Eligibility & documents
What you'll need on hand to open this account.
- Eligibility criteria
- For salaried employee:
- Scheme is applicable for regular employee
- Scheme will be applicable after credit of one month salary of the employee and thereafter regular salary credit in the account
- At the time of opening of account of employees who are having salary arrangement with other Banks, employees shall provide a mandate to shift their salary to Bank of Baroda in the organizations payroll department
- For pensioner:
- Scheme will be applicable after credit of one month pension to the pensioners’ account and thereafter regular pension credit in the account
- Employees of listed Forces are eligible
- Indian Army (Including Rashtriya Rifles)
- Indian Navy
- Indian Air Force
- Indian Coast Guard
- Employee ID/ Service certificate for Salary Accounts or
- Pension orders (PPOs) issued to retired employees by concerned organisation for Pension Accounts
- Passport
- PAN card
- Driving license with photo
- Proof of possession of Aadhaar Number
- Voter’s Identity Card issued by Election Commission of India
- Letter issued by the National Population Register containing details of Name and Address
Overview
Salary and Pension Solutions for Indian Armed Forces Personnel : Most Important Terms and Conditions (MITC)
Withdrawal(s) & use of Withdrawal Form (Slip)
Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25000/- (Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)
Passbook and statement of account
Free 1st Pass Book
Rs. 100/-- per duplicate Pass Book / Statement with latest balance only.
Transfer of Account/ Scheme
Upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/ scheme free of charge.
Interest Calculation and Frequency
Interest for the period February to April will be credited in May, Interest for May to July will be credited in August, interest for August to October will be credited in November and interest for November to January will be credited in February every year.
Dormant/ Inoperative Account
Account becomes inoperative/dormant if there are no customer induced transactions in Savings account for over a period of two years. Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for in-operation of accounts
Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature, subject to satisfaction of the Bank.
All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer such deposits will be returned subject to conditions
Nomination Facility:
Nomination facility available.
Rules for Transfer/ inter-sol transfer/clearing transactions and charges
Transfer Transaction at base branch Allowed freely without any limit
Transfer Transaction at Non-base branch (local as well as outstation) normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions.
Disclosure of Information
The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches
MITCs OF ATM/DEBIT Card, Mobile Banking, Net- Banking in Application Forms are available separately.
The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website
Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum upto Rs 5,00,000( Rs 5 lakh).
For more details on Baroda Defence and Police Salary Package
For Salary e-mail us at: defencebanking.delhi@bankofbaroda.bank.in
For pension accounts: cppc.delhi@bankofbaroda.bank.in
Transactions
Transactions of saving oriented nature are permitted. Commercial transactions are non-allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof. In case of single account of minor to be operated by him/her the maximum balance outstanding on any day should not be more than Rs. 100000/- when the minor is aged between 10-14 years.
Interest rate slabs
Rate applied depends on your daily closing balance.
| Balance slab | Interest rate (p.a.) |
|---|---|
| Up to ₹ | % |
Fees & charges
The costs that aren't the headline interest rate.
| Item | Charge |
|---|---|
| Account opening fee | ₹0 |
| Non-maintenance penalty | ₹0 |
| Debit card annual fee | ₹0 |
| Physical passbook / statement | ₹0 |
| Cheque book charges | ₹0 |
| Other-bank ATM withdrawals | 0 |
Official Product Brochure & Rate Sheet
Download the verified PDF document containing complete terms and conditions directly from Bank of Baroda.
Account highlights & capabilities
Key parameters and structural features configured for Salary and Pension Solutions for Indian Armed Forces Personnel.
