Bank of Baroda launches 'BOB Parivar Account' for family savings and current deposits

Bank of Baroda has announced the introduction of the 'BOB Parivar Account' for savings and current accounts. The ‘My Family, My Bank’ segment, which has been launched as a part of the Bank’s “BOB Ke Sang Tyohaar Ki Umang” festive campaign, groups all the bank accounts belonging to members of a single family under one family.

While each account will be operated independently by the primary account holder, the maintenance of quarterly average balance (QAB) is recorded at the group/family level, eliminating the need to maintain QAB in every single account, Bank of Baroda said.

The BOB Parivar facility is open to both new and existing customers. It can comprise of a minimum of two and a maximum of six members. Eligible family members for the BOB Parivar Savings Account segment include the spouse, parents, children, parents-in-law, daughter-in-law and/or son-in-law. The BOB Parivar Current Account Segment is open to proprietorship, partnership, LLP and Pvt. Ltd. companies, which are group companies or sister concerns.