CHAPTER 3

Retail Liabilities Products-Savings Deposits

Introduction
Sec.5 (b) of the Banking Regulation Act, 1949, defines the word 'Banking' as:
"'Banking' means accepting, for the purpose of lending or investment, of deposits
of money from the public repayable on demand or otherwise and withdraw able
by cheque, draft, and order or otherwise."
So the basic requirements for a body corporate or otherwise to be called a
‘Banker’ or ‘Banking Company' are:
1-Accepting of deposits from public;
2-Lending or investing the money so collected by way of deposits
3-Repay the deposit on demand
It is very clear from the above definition that the basic function of Bank is to
collect Deposits for the purpose of lending/investment and to make profit.
We have two types of Deposit: Demand Deposits and Time Deposits.
Under Demand Deposits, we have two variants - Savings Bank Accounts and
Current Accounts.
These deposits are popularly known as CASA deposits. Since these deposits are
low cost deposits, profit of the Bank depends on volume of low cost deposits as
percentage of total deposits.
Savings bank deposit means a form of deposit account primarily meant for
developing the habit of saving among the public.
In addition to getting nominal interest on the balance in the account, the
depositor has the freedom to withdraw the amount deposited as and when
he/she desires, subject to certain restrictions on the number of withdrawals.
The relationship between the bank and the depositor is essentially that of "debtor
and creditor" respectively.

VARIOUS TYPES OF SAVINGS DEPOSITS PRODUCTS

S. No. Product Name
1 Baroda Advantage Saving Bank A/c
2 Baroda Super Savings Bank Account
3 Baroda Centenary Savings Account
4 Baroda Shubh Savings Bank Account (SU & Rural Branches)
5 Baroda Salary Advantage Savings Account
6 Baroda Zero Balance Savings Account
7 Baroda Bachat Mitra
8 Baroda Basic Savings Bank Deposit Account– No frills/No hidden
charges
9 Baroda Pensioners Saving Bank Account
10 Baroda Jeevan Suraksha Saving Bank Account
11 Baroda Champ Savings Bank Account
Common Features of Savings Deposits Products:-
• Roaming account facility
• Deposit / withdrawal of cash / cheque
• Transfer of funds
• Account inquiries
• Pass book updation
• Free internet banking available
• Free international debit card
• Nomination facility available

• BARODA ADVANTAGE SAVINGS BANK ACCOUNT

Eligibility
• Individuals (Above the Age of 10) Singly or Jointly.
• Resident Indians singly or jointly.
Minimum Balance – Average Quarterly Balance (QAB) ₹ 500 for Rural & Semi
Urban branches and ₹ 1,000 for Urban & Metro branches.
Maximum Balance
• No Limit except ₹ 1, 00,000for Minor between 10-14 Years of Age.
Interest
• 3.50 % p.a. payable quarterly on daily product basis.
Service Charges
• ₹ 50 for Rural & Semi Urban and ₹ 100 for Urban & Metro plus Service Tax per
quarter for not maintaining minimum balance (QAB).
• Closure of Account within One Year- Individual ₹100 and Others ₹ 200/ plus
Service Tax
Special Features
• Free Baroda M-Connect Plus(Mobile Banking)
• Immediate credit of outstation cheques upto ₹ 15,000.

• BARODA SUPER SAVINGS BANK ACCOUNT

Special Features
• Auto / reverse sweep (automatic transfer of funds exceeding certain fixed
amount to short deposit (for 181 days) and auto retransfer to the account in
case funds are required in the account on LIFO basis .
• The auto sweep will be in multiples of ₹10,000 above thresh hold limit of ₹
50,000 and reverse sweep will take place automatically in the multiples of
₹1000. (Auto sweep will therefore take place once balance reaches ₹ 60,000).
• Reverse sweep is not available for cash withdrawals with Debit Cards.
• Added value propositions for high value customers
• Free issuance of DD/BC
• Free collection of outstation cheques in favour of the account holder
• Complementary credit card (No card issuance charges to be levied for first
year)
Additional Benefits
• Immediate credit of outstation cheques upto ₹ 25,000 at a time.
• Safe deposit lockers on priority basis (subject to availability)
• Free Baroda M-Connect (Mobile Banking)
• 25 % discount on minimum annual custody / maintenance charges for DEMAT
accounts (Demat account is account for the purpose of maintaining balance of
Shares/securities in dematerialized format with National Depository Services
Ltd.(NSDL) or Central Depository Services Ltd. (CDSL).
• Free standing instructions
• Free unlimited cheque book facility
• Welcome kit containing cheque book, pass book, product details, phone
numbers of the branches of the city
Eligibility
• Individuals (Above the Age of 10) Singly or Jointly
• Resident Indians Singly or Jointly
Minimum Balance
• Quarterly Average Balance (QAB) ₹ 20,000
Maximum Balance
• No upper limit except ₹ 1,00,000 for Minor between 10-14 Years of Age.
Service Charges
• Non Maintenance Of QAB – ₹ 1,000 + Service Tax
• Closure of Account within One Year – ₹ 500 + Service Tax
Interest
• @ 3.50 % p.a. payable quarterly on daily product basis.

• BARODA CENTENARY SAVINGS ACCOUNT

Special Features:
• Added value propositions for high value customers
• Free collection of outstation cheques in favour of the account holder (Postage
charges to be recovered)
• Auto / reverse sweep (automatic transfer of funds exceeding threshold limit to
short deposit (for 180 days) and auto retransfer to the account in case funds
are required in the account)
• Customer has choice to decide higher threshold limit considering his need.
• Auto sweep & Reverse sweep in multiples of ₹ 5000
Additional Benefits
• Immediate credit of outstation cheques upto ₹ 25000
• Free Baroda M-Connect (Mobile Banking)
• Free standing instructions
• Free cheque book facility
Eligibility
• All Individuals viz. Salaried people, Businessmen, Self-employed, Professionals,
• Farmers, Traders, Housewives, Minors above the age of 10 years etc.
• Farmers’ Clubs – Vikas Volunteer Vahini
• Primary Co Op. Credit Societies.
• Agriculture Produce Marketing Committees.
• Self Help Groups.
• Government Departments, which are authorized to open Savings Bank. Trusts
and Institutions, whose entire income is exempted from payment of income
tax under Income Tax Act, 1961 and otherwise eligible to open SB account.
Minimum Balance
• Average Quarterly Balance (QAB) ₹ 10000.
Service Charges
• Non Maintenance of Minimum Balance QAB – ₹ 100 + Service Tax per quarter
• Closure of Account within One Year – ₹ 300 + Service Tax
Maximum Balance
• No upper limit except ₹ 1,00,000for Minor between 10-14 Years of Age
Interest
• 3.50 % p.a. payable quarterly on daily product basis.

• BARODA SHUBH SAVINGS BANK ACCOUNT (SU / R BRANCHES)

Special Features
• Added value propositions for high value customer of SU & R branches
• Free issuance of DD / BC (Out of pocket expenses to be recovered)
• Free collection of outstation cheques in favour of the account holder
Additional Benefits
• Safe deposit lockers on priority basis (subject to availability)
• Free Baroda M-Connect (Mobile Banking)
• Free standing instructions
• Free unlimited cheque book facility
• Waiver of processing charges on retail loans
Eligibility:
• Individuals (Above the age of 10) singly or jointly
• Resident Indians singly or jointly
Minimum Balance:
• Quarterly Average Balance (QAB) ₹ 15000
Service Charges
• Non Maintenance Of QAB – ₹ 750 + Service Tax per quarter
• Closure of Account within One Year – ₹ 300 + Service Tax
Maximum Balance
• No upper limit except ₹ 1,00,000for Minor between 10-14 Years of Age
Interest
• 3.50 % Quarterly on daily product basis w.e.f. 01.04.2010.
 • BARODA SALARY ADVANTAGE SAVINGS ACCOUNT
Special Features
• Special salary account with added benefits.
• Built in feature of overdraft facility upto ₹100000
• Interest earned on credit balance as per saving bank a/c rules
• Free cheque book for routine requirement
• No minimum balance requirement
Eligibility
• Regular Employees of State / Central Government, PSU’s, Semi Govt.
Organizations, State / Central Government Corporations, Urban Development
Authorities, Educational Institutions, Universities, MNC’s, Reputed Public Ltd.
Companies & Selected Private Ltd Companies with Minimum One Year Service
with the Organization.
• Minimum Age 21 Years
• Minimum Take Home Salary – ₹ 5000
• Maximum Overdraft Limit – ₹ 1,00,000 Subject to 90 % of Net Salary (Average
of last three months)
• Third Party Guarantee [Cross Guarantee Acceptable]
Minimum Balance
• ₹ Zero
Interest
• 3.50 % Quarterly on the Credit Balance in the Account on daily product basis
w.e.f. 01.04.2010.
• On the Overdraft the applicable Rate of Interest will be @ Base Rate plus 5.50%
subject to changes from time to time.
Processing & Documentation charges
• 0.50 % Minimum ₹ 100.

• BARODA ZERO BALANCE SAVING ACCOUNT

Special Feature
• No minimum balance requirement
Eligibility
• Salary Account of Employees
• Agents of Life & General Insurance Companies
• Students
• Persons Getting Compensation
Minimum Balance:
• ₹ Zero
Interest:
• 3.50 % p.a. payable Quarterly on daily product basis.
7. BARODA BACHAT MITRA
Special Features:
• Customers who already have / are going to open Fixed Deposit a/c with us,
may be given option to add OD limit against their time deposit, in their Savings
Account.
• This overdraft Facility will enable the customers to draw against their FDRs
automatically from their Savings Account, whenever in need and are falling
short of funds in their Savings account. This will be a value added feature and
may render high level of satisfaction to customers to meet their urgent
financial commitments on demand.
• The customer will not be required to rush to the branch at the eleventh hour
for execution of document to avail the funds in case of their need.
• The customers will invest in Fixed Deposit at a higher rate of interest but at the
same time this additional cost to the bank will be set off by earning revenue as
interest on Overdraft facility at a little higher rate.
Product Nature
• Overdraft facility in Savings Account secured by Pledge of Term Deposit
Eligibility Criteria
• Individuals eligible to open Savings Account singly / jointly and having attained
the age of 18 years
Minimum Amount
• Savings Account There shall be no minimum balance requirement for Savings
Account; as such no service charges shall be levied towards maintenance of
minimum balance.
• Fixed Deposit: Minimum amount of deposit accepted for the facility would be
₹ 10000 and thereafter in multiples of ₹ 1000 with a minimum period of 12
months and maximum period of 120 months.
Maximum Amount
• There shall be no ceiling on the maximum amount to be deposited as fixed
deposit and credit balance in Savings Account.
Overdraft Limit
• To the extent of 80 % of FD with a min. limit of ₹ 8000and max. ₹ 100000 .
[Third party FDRs are not eligible. FDRs issued by any other branch / bank
cannot be pledged and accepted as security, as per extant guidelines of the
bank.]
Interest Rate:
• Fixed deposit – As per contractual rate, at the time of accepting deposit.
• Savings A/c – As per existing rules for credit balance in SB A/cs and for debit
balance in Savings A/c 1.50% over Fixed Deposit rate with monthly rests and a
minimum of ₹ 25 will be charged during a month if OD facility is availed.
Processing & Documentation Charge: Nil
Security for Overdraft facility
• Pledge of FDR duly discharged by the depositor.
• Letter of pledge of FDR (LDOC –16 A)
Other conditions
• On due date of FDR, the facility may be renewed at the request of the
customer. In absence of any request, OD facility may be liquidated by
appropriation of proceeds of the FDR after giving due notice or alternatively
FDR may be renewed under auto renewal facility and OD facility may also be
renewed at revised interest rate linked with FDR, depending upon
circumstances.
• If the borrower fails to pay the interest in overdraft account and /or the
accounts remains overdrawn for a quarter, bank shall have right to cancel the
facility, liquidate it by prepaying the deposit and appropriating proceeds
thereof after giving due notice to the customer.
• Depositor may be given an acknowledgement having pledged the duly
discharged FDR with the bank.
• Existing procedure shall be followed by the branches for premature payment
of FD₹
• The deposit accounts shall be transferable from one branch to another branch
of the bank, together with overdraft facility, free of charge.
• FDRs under BOB Suvidha will not be accepted under the scheme.

• BARODA BASIC SAVINGS BANK DEPOSIT ACCOUNT

Special Features
• Simple basic banking product is in the nature of Small Savings without any
frills / hidden charges etc.
• The product is ideally suited for all common people, especially who are having
low and middle income such as wage earners, workers in unorganized sectors,
house wife, students and all other individuals having low net worth to
inculcate a habit of savings through this basic banking product.
• Account can be opened with Zero balance
• Debit Card and Internet Banking facility shall be available to the
accountholde₹
• Standing instruction, ECS (debit) etc can be made available to such accounts
• No restriction on turnover / deposit by adult individual/s
• NIL Charges levied for non operation/ activation of inoperative/ dormant
a/cs
Eligibility
• All resident individuals in single or joint names who are eligible to open SB
Account. This product is not for NRI, Trusts, and Societies etc.
Minimum Balance
• No Minimum Balance stipulation.
Maximum Balance
• There is no ceiling on the amount deposited/held in the account. However, in
accounts of minors of age between 10 years and 14 years maximum amount
that can be kept in the account is ₹ 1 lakh.
Maximum Withdrawals
• 4 Withdrawals Per Month
Interest
• 3.50 % Quarterly on daily product basis.
Operation in the Account
• Account can be operated by the customers using withdrawal slip along with
pass book.
• Standing instruction, debit Card, ECS (debit) are not available for this account.
• Maximum 50 cheque leaves shall be allowed free in a year.
• Customers, having “ Baroda Basic Savings Bank Deposit Account” will not be
eligible to open any other Savings Bank in Bank and they will be required to
close their other SB accounts, if any within 30 days of opening of Baroda Basic
Savings Bank Deposit Account.
9. BARODA PENSIONERS SAVINGS BANK ACCOUNT
Special Features
• Designed to cater to the need of pensioners with value added features
• Account can be opened with ₹ 5
• Bank of Baroda staff pensioners are also eligible under this scheme.
• Toll Free Help Line exclusively for pensioners: 18002333656.
• Free Standing Instructions facility
Additional benefits
• Auto sweep out beyond threshold limit of ₹ 3000 to short deposit of 180 Days
in multiple of ₹ 1000 and in case of requirement in SB A/c auto reverse sweep
in multiple of ₹ 1000/= on LIFO pattern.
• Free transfer of funds through DD, BC upto a maximum limit of ₹ 1.00 lac PM.
• Free collection of outstation cheque / DD, however, out of pocket expenses
and other Bank’s charges to be borne by depositor.
• Immediate credit of outstation cheques upto ₹ 25000 as per Bank’s norms.
• Free unlimited cheque book facility except to the illiterate pensioner.
• 25% discount on charges for maintenance of Demat a/c in name of pensioner
• OD facility in Savings Bank a/c upto a maximum of 2 months pension amount.
• Free Debit Card, Baroda Connect / Internet Banking
• Free “BOBCARD Silver” for 1st year with accidental death insurance cover of ₹ 1
lac (to be provided by BOBCARDS Ltd. Under credit card scheme)

Eligibility
• Pensioners only.
Minimum Balance
• Min. Bal. of ₹ 3000 is required to be maintained on daily basis.
Maximum Balance
• No upper limit
Service Charges
• Non Maintenance Of minimum balance – ₹ 100 + Service Tax per quarter
Interest
• 3.50 % p.a. payable Quarterly on daily product basis.
10. BARODA JEEVAN SURAKSHA SAVINGS BANK A/C
Special Features
• Designed to cater to the need of individuals with value added features like
savings cum life insurance cover.
• Life Insurance Cover from “India First Life Insurance Co. Ltd” upto an amount of
₹ 5.00 lac after payment of required premium.
• Accounts can be opened in single name as well as in joint names (maximum
two). Branches are advised not to offer Insurance cover for second holder of
Joint account.
• In case second holder wants to be covered for insurance then a separate
Baroda Jeevan Suraksha SB a/c has to be opened for this purpose.
Additional benefits
• Auto sweep beyond threshold limit of ₹ 5000 to short deposit of 180 days in
multiple of ₹ 5000 and in case of requirement in SB A/c auto reverse sweep in
multiple of ₹ 1000 on LIFO pattern (last in first out).
• Immediate credit of outstation cheques upto ₹ 15000 as per Bank’s norms.
• Existing Savings bank accounts can also be converted into “Baroda Jeevan
Suraksha Savings Bank A/c”.
Eligibility
• Any resident Indian has attained the age of 18 years and has not completed the
age of 60 y₹
• Following Documents will be required for opening of account:
• Photo Identity Proof.
• Address Proof ( Passport/ Driving Licence / Voter Identity Card or any other
document admissible to open a normal Savings bank Account)
• Age Proof (Birth Certificate issued by municipality / Matric
Certificate/Passport / Driving Licence / Voter Identity Card etc.)
• Consent cum Letter of undertaking to maintain a minimum required
balance for payment of insurance premium opted by the customer.

Minimum Balance
• Account opening amount ₹ 1000.
• Min. Bal. of ₹ 1000 is required to be maintained on daily basis.
Maximum Balance
• No upper limit
Service Charges
• Non Maintenance of minimum balance – ₹ 100 + Service Tax per quarter
Interest
• 3.50 % p.a. payable Quarterly on daily product basis.
Other Benefits

• 20 Cheques Leaves shall be provided per half year free of cost.

• 100 withdrawal per half year shall be allowed as per General Savings bank A/c.
In case of debits more than 100 per half year (excluding Auto Sweep
 transactions and Service Charges transactions) a charge of Rs 10/ plus service
tax per debit transaction shall be levied.

• BARODA CHAMP SAVINGS BANK ACCOUNT (SB156)

The basic ideology of this product is to “attract tomorrow’s customer today”.

Bank of Baroda is exclusive banking partner at the FIFA under-17 World Club
Football tournament being held in India in October 2017. To leverage the overall
opportunity and buzz created by this event to ride the “Youth Banking” wave,
Bank has launched this product.

Eligibility
Age 10-24 years (originally max age was 18 years, extended to 24 y₹ in Dec 17
Singly or jointly with parents.
Balance Requirement
Minimum QAB of ₹ 1000
Minimum amount to open : ₹ 1000
Balance in the account not to exceed ₹ 100,000 at any time
Charges for non-maintenance of QAB
₹ 100 per quarter plus tax
Transactions
Overall transaction limit: ₹ 5000 per day
Combined transaction limit through POS/ATM : ₹ 3000 per day
Other Benefits
NEFT/RTGS/IMPS : Free for an amount of ₹ 100000 per month
Debit / ATM Card : To be issued free for minors above 15 yea₹
Visa Card with FIFA logo and green pin enabled
Renewal charges ₹ 150 plus GST
DD/BC : 1 DD/BC free upto ₹ 100,000 per month for fee payment

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