bob Professional Saving Bank Account

Professionals holding government approved Degree or above, and qualified as:

• Doctor in any branch of Medicine

• B. Tech / M. Tech / BE / ME / Architect / Engineer

• CA / ACCA / ICWA / CFA / CS / CFM

• MCA / MBA / PGDBA / PGDBM LLB/LLM

• Applicable documents for opening Savings account as per extant guidelines
• Professional Qualification Certificate

6% of actual shortfall amount on a monthly basis, subject to Max. Rs. 200/- & Min. Rs. 50/-

Rest Charges as per Bank’s Service Charges Schedule. Click Here

All transactions that are savings-oriented in nature are permitted. Commercial transactions are non-allowable transactions. If non-allowable transactions are noticed, then the Bank may close the account with prior notice/intimation citing reasons thereof.

Minimum Monthly Average Balance requirement

• Metro/urban/semi-urban/rural: Rs. 25,000/-

Computation: Minimum MAB requirement is calculated on the basis of summation of closing balance of number of days divided by the number of days. For purpose of arriving at quarterly average balance/minimum balance charges, the period of quarters are considered as 16th March to 15th June, 16th June to 15th September, 16th September to 15th December and 16th December to 15th March of a particular year.

Charges for Not Maintenance of Minimum Balance

• Metro/Urban/Semi-Urban/Rural: Rs. 500+ GST per quarter.
• if the MAB balance remains below the benchmark level for previous quarter, all the facilities of Professional Savings Bank account will be withdrawn (Scheme code to be changed to SB101 or as desired by the customer) and customer has to pay all the charges waived as per Schedule of Charges applicable.

System will automatically pass the benefits in subsequent quarter if customers maintain their MAB.

Debit Card and Charges

• Free issuance of Rupay Select Debit Card, for Annual charges, refer to schedule of charges.(link to be pasted here )

Additional Debit Card

VISA Platinum Card, based on customer request for additional Account holder and charges to be borne by the customer.

Charges to be borne by the Client. 

Rules for transfer/inter-sol transfer/clearing transactions and charges

• Transfer transaction at the base branch: Allowed freely without any limit.
• Transfer transaction at the non-base branch (local as well as outstation): Normally allowed only at a branch where either drawer or payee maintains the account. However, for genuine transactions, Branch Head is authorised to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions.

Cash Deposit

• For Rs. 50,000 and above PAN is required to be submitted as per the requirement of Income Tax.

At Cash Machines

• Cash deposit with debit card up to Rs. 2 lakhs per day, where PAN is registered and Rs. 49,999, where PAN is not registered in account.
• Cardless Transaction (by feeding account number) up to Rs. 20,000 per day.
• Fake note, suspicious note is impounded and receipt is given to the customer. Torne/mutilated/taped notes are not accepted by these machines.

Cash Withdrawal

• Maximum Rs. 50,000 per day withdrawal allowed to the a/c holder only at outstation branches.
• Third-party cash payment at local non-base branches and outstation branches is totally restricted.

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. 25,000 (Minimum Rs. 25 in rural/semi-urban and Rs. 50 in metro/urban).

Cheque Book Charges

• 50 Cheque leafs are free in a financial year.

Door Step Banking Services    

• One free service in a month through PSB DSBS in available locations on MAB above of Rs.1.00 Lacs.

Registration and execution of standing instructions

• No charge within the same branch.
• 50 for any other branch within the Bank.
• 100 for outside the Bank.
• 100 per occasion will be levied for standing instruction failure because of insufficient funds.

Transfer of Account/Scheme

Upon submission of application along with Passbook and unused cheque leaves the account can be transferred to another Branch/Scheme free of charge.

Closure of Account and Charges

• All the authorised signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, debit card and unused cheque leaves should be surrendered along with the letter requesting closure. In case of pre-mature closure of the account, no charges will be levied if the account is closed within 14 days of the first customer induced credit into the account. However, charges Rs. 500 + GST will be levied if account is closed beyond 14 days but within 1 year of the first customer-induced transaction. In case of death of account holder, no charges will be levied.

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 the 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.

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, about 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 up to Rs. 5 lakhs.

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.