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.
Both the
BOB Parivar Savings Account and the BOB Parivar Current Account segments come in three distinct variants – Diamond, Gold and Silver – with varying Pooled Quarterly Average Balance (PQAB) requirements (For Savings Accounts - Diamond: ₹5 lakh and above; Gold: ₹2 lakh and above; Silver: ₹50,000 and above; For Current Accounts - Diamond: ₹10 lakh and above; Gold: ₹5 lakh and above; Silver: ₹2 lakh and above) and associated benefits.
Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “ In the BOB Parivar Account segment, all individual family members will gain from the overall balances maintained together."
Benefits of the BOB Parivar Account (as per the lender):
Concessional interest rates on retail loans for saving account holders
Waiver of Processing Charges on Retail Loans (excluding TCR/Valuation Charges)
Concession in locker rent charges
Concession in Demat AMC
Concession in manual NEFT/RTGS charges (Digital is 100% free)
Complete waiver of DD/PO Charges
Concession in cheque book charges
Waiver of charges on collection of Outstation Cheques (Only Postage and Out of Pocket expenses are payable for Collection of Outstation Cheques)
Complimentary SMS/Email Alerts and Standing instructions(Edited by : Anshul)
First Published: Dec 1, 2023 5:24 PM IST