Demand draft up to Rs 1 lakh per month can be transferred free of cost through banker’s cheque. For depositing amount of Rs 50,000 and above, PAN card details have to be given. 2 lakh can be deposited in a day from the cash machine if the PAN card is linked to the account.
This particular account is of Bank of Baroda, whose name is Baroda Pensioners Saving Bank Account. This account has been specially designed for pensioners, which is a savings bank account. This is a complete retirement savings account. All pensioners including Bank of Baroda staff pensioners can open this account. This account has been made keeping in mind the facilities of the pensioner and through this only transactions related to savings are done.
The biggest feature of this account is that it can be started from Rs. Free passbook and check book are given to the customer after the account is opened. There is a rule to give unlimited pages in the check book. Free checkbooks are given to those pensioners who are illiterate pensioners. All account holders are given a debit card which is useful in cash withdrawal. With this, the work of ATM transactions and balance enquiry can be done. Online and retail transactions can also be done with this debit card.
Many more facilities are available
Through this account, the pensioner also gets the facility of overdraft or loan. The pensioner can avail overdraft facility for 2 months through this savings account. This loan is given considering the net credit in the account in the previous month. This facility is given only if the pensioner has not availed any overdraft facility before that. The customer of this account is given the facility of credit of outstation check of 25 thousand rupees. The facility of creating a nominee is also available in this account. Customers can deposit unlimited cash at their home branch while up to Rs 25,000 can be deposited free of cost at outstation branch.
life insurance facility
People between 18-70 years who open this savings account are given the facility of life insurance. Life insurance of 5 lakhs is given after submitting some necessary documents and premium. In life insurance, the sum assured starts from Rs 1 lakh and goes up to Rs 5 lakh. Only one life insurance facility is provided to an account holder.
No minimum balance required
There is no need to maintain minimum balance in this account. That is, there is no obligation to maintain minimum balance in the account. Demand draft up to Rs 1 lakh per month can be transferred free of cost through banker’s cheque. For depositing amount of Rs 50,000 and above, PAN card details have to be given. 2 lakh can be deposited in a day from the cash machine if the PAN card is linked to the account. If the PAN card is not attached to the account, then maximum deposit can be made up to Rs 49,999. One can make cardless deposits up to Rs 20,000. For this, the account number has to be entered in the machine.
What happens if the account is not working
Even if there is no transaction in the account, then interest keeps on getting on the savings account. If the account is inactive, then no separate money is charged on it. This rule is valid for 2 years. There is no need to pay any separate charge for starting a dormant account. Just to get started fresh KYC has to be done. For this, the necessary documents, photographs, complete signatures have to be given. If an account remains dormant for 10 years, then it will be transferred to RBI by the bank. Later if the customer requests for that account, it will be started.
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