Bank of Baroda Unveils BOB Parivar Account: A Festive Family Banking Initiative
Bank of Baroda introduces the BOB Parivar Account, a pioneering offering in its festive campaign, "BOB Ke Sang Tyohaar Ki Umang." The 'My Family, My Bank' segment consolidates all family members under a single bank account policy, simplifying management for both current and savings accounts. The primary account holder manages the account, while the quarterly average balance is calculated at the family level, eliminating the need for individual QAB maintenance. Open to new and existing customers, the plan offers three variants: Diamond, Gold, and Silver, each with specific Pooled Quarterly Average Balance requirements and an array of benefits, including concessional interest rates and fee waivers.
Bank of Baroda has introduced a novel initiative as part of its festive campaign, unveiling the BOB Parivar Account, tailored for both current and savings accounts. The innovative 'My Family, My Bank' segment is a key highlight of the bank's "BOB Ke Sang Tyohaar Ki Umang" festive campaign, consolidating all family members under a single bank account policy.
Under the BOB Parivar Account policy, the primary account holder exclusively manages the account, while the quarterly average balance (QAB) is calculated at the Group/Family level. This eliminates the need for maintaining QAB in individual accounts. The plan is open to both new and existing customers of Bank of Baroda.
Key features and details of the BOB Parivar Account family plan include:
- Minimum of two and a maximum of six family members can be included in the account, comprising spouses, parents, children, parents-in-law, daughters-in-law, and/or sons-in-law.
- Three variants are available: Diamond, Gold, and Silver, each with its respective Pooled Quarterly Average Balance requirements for both Savings and Current Accounts.
Pooled Quarterly Average Balance Requirements: For Savings Accounts:
- Diamond: ₹5 lakh & above
- Gold: ₹2 lakh & above
- Silver: ₹50,000 & above
For Current Accounts:
- Diamond: ₹10 lakh & above
- Gold: ₹5 lakh & above
- Silver: ₹2 lakh and above
Benefits of the BOB Parivar Account:
- Concessional Interest Rates on Retail Loans for Saving Accountholders
- 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 the collection of Outstation Cheques (Only Postage & Out of Pocket expenses are payable for Collection of Outstation Cheques)
- Complimentary SMS/Email Alerts and Standing instructions
This strategic move by Bank of Baroda aims to enhance customer convenience and offer a range of benefits to families associated with the BOB Parivar Account.
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