Bank of Baroda, one of India’s leading public sector banks, 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 quarterly average balance (QAB) is recorded at the Group/ Family level, eliminating the need to maintain QAB in every single account.
Further, it gives each family member access to an array of benefits during the festive period due to the overall enhanced relationship. The BOB Parivar facility is open to both new and existing customers.
The BOB Parivar Account can comprise of 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.
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: Rs 5 lakh & above; Gold: Rs 2 lakh & above; Silver: Rs 50,000 & above; For Current Accounts – Diamond: Rs 10 lakh & above; Gold: Rs 5 lakh & above; Silver: Rs 2 lakh and above) and associated benefits.
Speaking on the occasion, Shri Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda said, “We are delighted to introduce the BOB Parivar Account for our Savings and Current Account holders. By grouping together individual accounts of a 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.”
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 collection of Outstation Cheques (Only Postage & Out of Pocket expenses are payable for Collection of Outstation Cheques)
· Complimentary SMS/Email Alerts and Standing instructions