Bank of Baroda Pensioners Savings Bank Account: This account can be opened for just 5 rupees. Many facilities are available for free with the account.
Mother’s Day is celebrated on the second Sunday of May every year. This day dedicated to mother is very special. This time, Mother’s Day will be celebrated on 9 May. If you are also thinking of giving a gift to your mother, then you can open a special account in Bank of Baroda. According to the information given on the bank’s website, the Bank of Baroda Pensioners Savings Bank Account can be opened for just 5 rupees. Let’s know all the things related to it…
Know about Bank of Baroda Pensioners Savings Bank Account
This account is opened on zero balance. This means that if there is no balance, the bank will not charge any charges. Demand draft amount up to a maximum limit of 1 lakh per month can be transferred free of charge.
The first year ATM / debit card is given free of cost with this account. After this, charges are charged at the rate of Rs 100 per year. Also, bob credit cards can be taken. Along with this, Accident Death Insurance cover is also available for free.
Overdraft facility is available in savings bank account. Up to a maximum of 2 months pension amount (if deposited in the savings account in the previous month), plus no other loan facility is availed by the pensioner. Apart from this, the facility of free unlimited check book is also available.
Important things
The account becomes inoperative if the customer does not make any transaction in the savings account for two years. Interest will be paid continuously in all such savings accounts. No charges will be levied for account inactivity.
KYC documents will have to be provided to the bank for these idle / inoperative accounts to be operationalized or closed again. Photo, new sample signature will have to be submitted in it.
If the account remains inactive for 10 years, the amount deposited in the account will be treated as unclaimed deposits and will be transferred to the Reserve Bank of India. On receipt of the application in respect of such deposits, customers will be returned subject to their deposit conditions.
What to do to close an account
For the closure of the account, the relevant passbook, debit card and unused check pages will have to be submitted along with the application form. No charges will be taken before the maturity of the account.
No charges will be levied on closing the account within 14 days of the first time the customer deposits the account, if after the first transaction by the customer 14 days but closing the account within 1 year, Rs. 200 + Charge will be payable at the rate of service tax. No charges will be levied on the death of the account holder.
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