Students can start their savings journey. There is no need to maintain minimum balance on this, along with this they will get lifetime complimentary debit card along with many other offers.
Zero Balance Account: Government bank Bank of Baroda has started a special savings account for students. The bank has launched bob BRO Savings Account, which is a zero balance savings account and caters to the needs of students between 16 to 25 years of age. With this they can start their savings journey. There is no need to maintain minimum balance on this, along with this they will get lifetime complimentary debit card along with many other offers.
What benefits will students get?
- Students will not have to follow the minimum balance requirement on this account.
- They will get free Rupay Platinum Debit Card.
- Free NEFT/RTGS/IMPS/UPI services will be available.
- You will get a free check book.
- You will get 1 free DD/cheque annually.
- You will get free SMS Alerts.
- 100% discount will be available for Demat AMC.
Great offer on education loan
The biggest advantage is that if they want to study in any higher education institute, then for this they can get a collateral free education loan of up to Rs 40 lakh. Along with low rate of interest, they will get zero processing fee on education loan. Apart from this, they will also get great loyalty reward points on bobworld app. Exclusive offers will also be available on credit cards.
Who will get the benefit?
All such resident students, whose age is between 16 to 25 years. They can keep a joint account with their parents or guardian.
These conditions have to be kept in mind
- This zero balance savings account also comes with some conditions. Only savings transactions will have to be done on this, commercial transactions are not allowed, doing so may result in the account being closed.
- Apart from this, conditions are applicable on cash deposits under income tax rules – such as providing PAN card is mandatory for deposits above Rs 50,000.
- Cardless transactions from ATM cannot exceed Rs 20,000 in a day.
- Withdrawal from debit card is allowed up to Rs 2 lakh in a day with PAN registration and Rs 49,999 if bank account is not registered.
