More than an account. An asset, advantage and a privilege.

Open bob Senior Citizen Privilege account and get unlimited benefits.

bob Senior Citizen Privilege Scheme

Note: The Bank may use the services of agents in sales/marketing etc. of its various products.

Stop worrying about your financial stability. Our senior citizen privilege scheme offers the best interest rates and that too with flexible fixed deposits. Opt for this account and reap the benefits of our Senior Citizen Savings Scheme. Calculate the interest rate with our calculator and start saving today!

  • Benefits
  • Features
  • Eligibility
  • Documents Required
  • Most Important Terms and Conditions (MITC)

bob Senior Citizen Privilege Scheme : Benefits

Note : "T&C Apply"

*Complementary Credit Card if any will be issued to 1st Account Holder only. further Issuance of Credit Card is subject to fulfilment of Underwriting & Eligibility criteria of Credit Cards of "BOBFSL" by the applicant and to be applied separately.

bob Senior Citizen Privilege Scheme : Features

Sr.

Parameter

Features

1.

Eligibility

1. Applicable for Resident Accounts only.

2. Entry age -60 years

3. Pensioner can also open to avail Pension Credit facility through this Account.

2.

Mode of Operation
  1. Singly
  2. Jointly by
    1. any one or more of the survivors
    2. Either or anyone or more of them or the survivors jointly, or survivor.
    3. former or survivor
    4. latter or survivor
    subject to condition that the first holder is Senior Citizen.

3.

Minimum Monthly Average Balance

 

Sr.

Area

MAB

1.

Metros/Urban

Rs. 3,000.00/-

2.

Semi Urban

Rs. 2,000.00/-

3.

Rural

Rs.1,000.00/-

4.

Maximum Amount

There is no ceiling on the amount deposited / held in the account.

5.

MAB Non maintenance charges

6% of actual shortfall amount on a monthly basis, subject to Max. Rs. 100/- & Min. Rs. 50/-

6.

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.

 

7.

Locker Charges

25% Waiver on Annual Locker Rental Charges on -1- Locker of Small Size only.

(Subject to Availability of Locker at the location)

8.

Waiver in processing fees of Reverse Mortgage Loan

50% Discount

9.

Issuance of Travel/ Gift Card charges

25% Waiver

 

10.   

Waiver on Demat AMC

1st Year for Demat AMC is Free

11.   

Debit Card Variant

VISA Platinum Chip Debit Card

12.   

Debit Card Issuance Fee and Renewal Fee

Please refer to Bank’s latest Service Charges Schedules available at

https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

13.   

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

14.   

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

15.   

Cheque book

50 Free Cheque leaves in a FY.

 

No Cheque book to provide to illiterate Account Holders as per Bank’s extant guidelines.  

 

In case of issuance of cheque book above 50 Cheque Leaves, please refer to Bank’s latest Service Charges Schedules available at

https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

 

16.   

SMS alert facility

1st Year Free

From 2nd year of Account opening, Please refer to Bank’s latest Service Charges Schedules available at

https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

17.   

Auto Sweep Facility

Available on written request from Account Holder / s.

18.   

Sweep parameters

 

Scheme Code

TD110

Sweep minimum threshold

50,000

FFD Period

181 Days

Sweep out in Multiple

10,000

Sweep in multiple

1,000

Premature Penalty

Applicable as per Bank’s extant guidelines

Additional ROI

As per Bank’s extant guidelines

Sweep Frequency

Weekly (Monday)

19.   

Credit Card facility

Free BOB Prime Credit Card (Secured Credit Card) with a credit limit of 80% of Term Deposit value held with Bank, Subject to Credit underwriting policies of BOB Financial Solutions Ltd (BOBFSL).

20.   

Internet / Mobile / WhatsApp Banking

Allowed, subject to extant guidelines

21.   

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

22.   

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

23.   

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

24.   

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

25.   

Collection of outstation cheque
  • Immediate credit of outstation cheques upto Rs. 20,000/-
  • All up-country cheques up to Rs. 20,000/- drawn in favour of the customer and deposited for collection can be immediately credited to the account as per Bank's norms except the requirement of satisfactory conduct of account for the last six months.
  • This facility is not free and usual service charges are to be levied as stipulated for collection of outstation cheques/instruments favouring the customer.
  • Maximum outstanding at any point of time under this facility is not to exceed Rs. 20,000/-. However, there is no annual cap.

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.   

Convertibility of existing accounts

Existing Savings / Pension accounts are eligible for conversion into a Senior Citizen account to avail the scheme benefits.

28.   

Pre- closure charges

Please refer to Bank’s latest Service Charges Schedules available at

https://bankofbaroda.bank.in/interest-rate-and-service-charges/service-charges

29.   

Other Terms and 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.

30.   

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

bob Senior Citizen Privilege Scheme : Eligibility

  • Resident Indians of 60 years and above are eligible to open the account
  • Pensioner can also open to avail pension facility

bob Senior Citizen Privilege Scheme : Documents Required

List Of Valid KYC Documents For Account Opening
Permanent Account Number (PAN)/ FORM60 is mandatorily to be obtained while opening of the accounts as per extant Reserve Bank of India Guidelines.
Officially Valid Documents (OVDs) for Accounts of Individuals
  • Passport
  • Driving license with photo
  • Proof of possession of Aadhaar Number
  • Voter’s Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government.
  • Letter issued by the National Population Register containing details of Name and Address.
Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)
  • Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
  • Property or Municipal Tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, If they contain the address;
  •  Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;
In case of Foreign Students
  • Copy of Passport and copy of Visa.
  • An Identity Card issued by college / institution.
  • An admission letter for the course mentioning duration of course for which he/ she is admitted by the Institute / College.
  • An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.
For NRI / Foreign Tourist For PIO/OCI
  • Passport
  • Valid Visa
  • PAN/FORM60
Address proof mentioning the current overseas address (any one of the below) Documents issued by Govt. Deptt. of foreign jurisdictions i.e. Driving License, National Identification Card, Social Security Card, Employee Card and Labour Card, Tax Residency Certificate etc. having Name and Address of the Applicant Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old) Property/ Municipal Tax Receipt
Letter of allotment of accommodation/ Leave and License agreements allotting official accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.
For Foreign Nationals
  • PAN/FORM60
  • Valid Foreign Passport
  • Valid Indian Visa
Address proof mentioning the current overseas address (any one)
  • Foreign Driving License
  • Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National.
  • Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

(FRRO/ FRO Certificate/ Permit/ Indian Driving License/ OVDs/ any Deemed OVD mentioned herein above, is required to be provided for Indian Address Proof.)

Accounts of Companies
  • Certificate of Incorporation
  • Memorandum & Articles of Association.
  • PAN No. of the Company
  • Resolution of the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and
  • Any one of the OVDs and PAN/FORM60 of the managers, officers or employees, as the case may be, holding an attorney to transact on its behalf with his / her photograph
Accounts of Sole Proprietary firms.

(Any two of the following documents to be obtained)

  • Registration Certificate
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales and income tax returns,
  • CST/ VAT/GST Certificate (Provisional/Final),
  • Certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities.
  • IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. In case where the branches are satisfied that it is not possible to furnish two such documents from the above list, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches would have to undertake contact point verification, collect information to establish the existence of such firm, confirm, and satisfy itself that the business activity has been verified from the address of the proprietary concern.

    AND

    Any one of the OVDs along with PAN/ FORM60 of the proprietor.

Accounts of Partnership firms. (Registered)
  • Registration certificate,
  • Partnership deed; and
  • PAN No. of the Partnership Firm,
  • Any one of the OVDs and PAN/ FORM60 of the person holding an Attorney to transact on its behalf with his/ her photograph
Accounts of Trusts
  • Registration Certificate
  • Trust Deed
  • PAN/ FORM60 of Entity
  • Any one of the OVDs and PAN/FORM60 of the person holding an Attorney to transact on its behalf with his/her photograph.
Accounts of Unincorporated Associations or body of individuals includes unregistered
  • Resolution of the Managing body of such association or body of individuals;
  • PAN/ FORM60 of Unincorporated Associations or body of individuals
  • Power of Attorney granted to transact on its behalf;
Partnership firm/ trusts and societies.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;
  • Any one of the below mentioned list of documents to collectively establish the legal existence of such an associations or body of individuals.
  • Partnership Deed/ Trust Deed/ Bye Laws
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales Tax Returns,
  • CST/ VAT/ GST certificates (Provisional/ Final)
  • Certificate/ registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities.
  • License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute.
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the concerns.
Accounts of Hindu Undivided Family
  • PAN Card of HUF.
  • Declaration from the Karta.
  • HUF Letter/ Declaration signed by all the coparcener and Karta.
  • Any one of the OVDs and PAN/ FORM60 of the Karta with his / her photograph
Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.
  • Document showing name of the person authorized to act on behalf of the Government or its Departments, societies, universities and local bodies like village panchayats;
  • Any one of the OVDs and PAN/FORM60 of the person holding an attorney to transact on its behalf and
  • Any document to establish the legal existence of such an entity/ juridical person.
Account of Political Parties
  • Duly signed resolution of the working committee/ managing body as per bye- laws indicating details of the party president/ authorized signatory, tenure etc.
  • PAN of the Political Party
  • Power of Attorney granted to transact on its behalf;
  • Duly authenticated copy of Constitution/ Bye laws of the Party
  • Duly authenticated copy of Registration of Party with election commission
  • Authority letter, on party letter head, from Party president/ Authorized signatory as per Bye-laws for opening of account mentioning address of the State Unit, Title of Account and operating instructions for authorized signatory with attestation of their signature and photograph.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;

bob Senior Citizen Privilege Scheme : Most Important Terms and Conditions (MITC)

Minimum Balance Requirement.
Rural Rs 1000*
Semi-Urban Rs 2000*
Urban / Metro Rs 3000/-*

Computation: Minimum MAB requirement is calculated on the basis of summation of closing balance of number of days divided by number of days.

Terms & Conditions
  • 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.
Cash Deposit
  • For Rs.50000/- and above PAN is required to be submitted as per requirement of Income Tax
  • At Cash machines:
    • Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day where PAN is registered and Rs.49,999/- where PAN is not registered in account.
    • Card less 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. 50000/- per day withdrawal allowed to 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. 25000/- (Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)
Passbook and statement of account
  • Free Pass Book
  • Rs. 100/-- per duplicate Pass Book / Statement with latest balance only.

Nomination Facility: - Nomination facility available

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.
Closure of account and charges
  • All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the 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 first customer induced credit into the account. However, charges @ Rs.300/- plus service tax 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 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.
SMS Alerts and Charges
Debit Card Transaction Charges
Auto / Reverse Sweep:
  • Sweep facility available on request only over & above Rs.50,000/- in multiple of Rs.10000/- i.e. first Sweep out for Rs.10,000 will happen only when account balance reaches Rs.60,000. The duration of Fixed Deposit will be 181 days and in case of requirement of funds in SB A/c, auto reverse sweep in multiple of Rs.1,000/- on LIFO pattern (last in first out).
  • However, for premature withdrawals of all deposits, interest will be paid one per cent less than the rate which is applicable at the time of placing the deposit, for the period for which the deposit has actually run.
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 Form.: Available separately.
  • The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.
  • All deposits to the extent of Rs.5/- lac per depositor of our bank (except Deposits of Central/State/Foreign Governments and commercial banks) are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC).
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.

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