Bank of Baroda introduces BOB Parivar Account with nine attractive benefits. Check here | Mint
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Business News/ Money / Personal Finance/  Bank of Baroda introduces BOB Parivar Account with nine attractive benefits. Check here
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Bank of Baroda introduces BOB Parivar Account with nine attractive benefits. Check here

BOB Parivar Account includes savings and current accounts, with different balance requirements and associated benefits

Both the BOB Parivar Savings Account and the BOB Parivar Current Account segments come in three distinct variants. (Mint)Premium
Both the BOB Parivar Savings Account and the BOB Parivar Current Account segments come in three distinct variants. (Mint)

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 the quarterly average balance (QAB) is recorded at the Group/ Family level, eliminating the need to maintain QAB in every single account.

Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “ By grouping individual accounts of single-family or associated companies, our customers will be greatly rewarded with superior benefits, which are normally provided in accounts maintaining higher balances. In the BOB Parivar Account segment, all individual family members will gain from the overall balances maintained together. Here there is no requirement to maintain individual Quarterly Average Balance for each account, thus enhancing the overall banking experience. As a bank with a 115-year history, we are privileged to have generations from the same family bank with us, and the ‘My Family, My Bank’ concept will further strengthen and deepen their relationship with Bank of Baroda."

BOB Parivar Savings Account: Eligible family members 

The BOB Parivar Account can comprise 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.

BOB Parivar Account: Three distinct variants

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 & 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) and associated benefits.

Let's take  a look at the benefits of the BOB Parivar Account

1)Concessional Interest Rates on Retail Loans for Saving Accountholders

2)Waiver of Processing Charges on Retail Loans (excluding TCR/Valuation Charges)

3)Concession in Locker Rent Charges

4)Concession in Demat AMC

5)Concession in manual NEFT/RTGS charges (Digital is 100% Free)

6)Complete waiver of DD/PO Charges

7) Concession in Cheque Book charges

8)Waiver of charges on collection of Outstation Cheques (Only Postage & Out of Pocket expenses are payable for Collection of Outstation Cheques)

9)Complimentary SMS/Email Alerts and Standing instructions

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 04 Dec 2023, 09:38 AM IST
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