Saving Bank Rules 1) Who can open a Savings Bank Account (i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to: (a) any one or more of them, (b) any one or more of the survivors, (c) either or anyone or more of them or the survivors jointly, or survivor. (d) 'former or survivor 'or' latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder. (ii) A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance. (iii) A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both. (iv) An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time. (v) As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961. (vi) Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments. 2) How to open a Savings Bank Account (i) Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bank‟s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules. (ii) Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank. (iii) At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly. (iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors. (v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account. (vi) The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:
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Saving Bank Rules1) Who can open a Savings Bank Account(i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:(a) any one or more of them,(b) any one or more of the survivors,(c) either or anyone or more of them or the survivors jointly, or survivor.(d) 'former or survivor 'or' latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.(ii) A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance.(iii) A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.(iv) An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.(v) As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.(vi) Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.2) How to open a Savings Bank Account(i) Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Banks authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.(ii) Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.(iii) At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.(iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.(v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.(vi) The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:(a) The account of the introducer should be minimum six months old and(b) The account of the introducer should have been satisfactorily and actively conducted.(c) The account of the introducer should be KYC compliant. It means the proposed introducer has complied with the KYC requirement in respect of the account maintained with the Bank.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification.a) Valid Passportb) PAN Cardc) Driving Licenced) Voters ID Carde) Defence ID Cardf) Identity Card of employees of central/State Govt. & Public Sector Undertakingsg) Senior Citizens Card
In the event of withdrawal of introduction by the introducer, the Bank shall be entitled at its sole discretion to suspend the operation in the account immediately, without prior intimation to the depositor and it will be in order for the Bank to return / dishonour the cheques, if any, drawn on account, closing of account, without being liable for the same.3) Pass Book(i) Bank issues passbooks/statement of accounts to account holders. For withdrawing money from an account through a withdrawal slip, production of pass book/statement of account/identity card issued by the branch is necessary. The Bank will not be responsible for any loss caused to the depositor, if an unauthorised person obtains the possession of the pass book/identity card/statement of account and fraudulently withdraws from the account.(ii) Any change of address should immediately be intimated to the Bank and the pass book sent for necessary alterations with new address proof document required under KYC norms.(iii) Pass book/identity card/statement of account will be issued free of charge at the time of opening an account and in continuation of the original. But if the pass book/identity card/statement of account is lost or spoiled, the depositor will have to pay prescribed charges for issue of duplicate pass book/identity card/statement of account.(iv) In case of accounts in which withdrawals are made by cheques, the pass book should be sent periodically to the bank for updating after the withdrawals or as may be convenient.4) Credit(i) The smallest amount that can be deposited at the time of opening of an account is as under:ParticularsAny CBS branch irrespective of area
A/c with Cheque book facility or without cheque book facilityRs.1000/- for opening.
Quarterly Average Balance (QAB) ofRs.1000/- is also required to be maintained after opening the account.
Pensioners AccountRs.5/-
All payments made in the account should be accompanied by a paying-in-slip, which is supplied free of charge to customers. Separate paying-in-slip should be used for(a) Cash(b) Local cheques/DWS etc. drawn on our branches(c) Local cheques D/W etc. drawn on other banks(d) Outstation cheques, DWs, draft etc. drawn on outstation centres where the bank has no branches, will be collected at the responsibility of the constituents and the Bank will not be liable for any act, negligence or insolvency of any agent or for losses or delays occurring in the course of such collection.(ii) Cheques, dividend warrants, interest warrants etc. which are drawn payable to the account holders only will be accepted for collection. In case of new accounts no cheques, dividend warrants etc. will be accepted for collection till the confirmation of the introducer is received, in accounts where the introducer has not come in person to the branch for introducing the account.(iii) To facilitate proper identification of accounts, full name and account number should be written in the paying-in-slip in relative columns while tendering cash/cheques. Bank will not be responsible for return of cheques due to non-credit of amount/proceeds of cheques so tendered, on account of wrong name/account number filled in by the depositor in the paying-in-slip.5) Withdrawals(i) Withdrawals will be allowed either by withdrawal forms or by cheques or by any other accepted mode.(ii) The total number of withdrawals from a savings bank account should not exceed 100 in a calendar half-year.(iii) Cash withdrawals by a withdrawal form less than Rs. 25/- in Rural and Semi Urban branches and Rs. 50/- in case of Urban and Metro branches will not be permitted unless it is for closing an account.(iv) Cash withdrawals against withdrawal form shall be allowed up to Rs.5,000/- in Metro/Urban Centres and up to Rs.25,000/- in Rural/Semi-urban centers.6) Withdrawals by Cheque(i) Cheque book will be issued at a cost of Rs.2.50 plus S.Tax per cheque leaf at the time of issue of cheque book. However ,for SB accounts of individuals ,40 leaves will be free in a financial year. Free supply of cheque books in a SB account will be on pro-rata basis i.e. 20 cheque leaves for 6 months and /or part thereof. Requests for new cheque books must be made by depositors on printed requisition forms inserted in the old cheque books. To prevent forgeries, frauds, etc., constituents are particularly requested to(a) keep the cheque book under lock and key,(b) fill in the body of cheque before delivery,(c) fill in the amount in words, as near as possible, to the words "Rupees" and the amount in figures, as near as possible to the words "Rs."(ii) Cheques must be drawn on the printed form provided by the Bank. The Bank reserves the right to refuse payment of cheques drawn otherwise.(iii) The bank reserves the right to withdraw the cheque book facility without prior intimation, if a minimum balance as above is not maintained or for any reason whatsoever.(iv) In case of accounts where cheque books are issued, withdrawals will be permitted by cheques only.(v) Cheques post dated i.e. bearing a date subsequent to the date of presentation and cheques bearing date over six months prior to the date of presentation i.e. stale cheques will not be honoured.(vi) The writing of cheque should be clear and distinct and cheques must be drawn in such a way as to prevent any alteration or addition.(vii) The amount in cheques must be stated in words and figures.(viii) All alterations made on the cheque must be authenticated by the drawer under his full signature as per the specimen signature recorded with the Bank, otherwise the cheque will not be paid.(ix) The signature on the cheque should correspond with specimen signature supplied to the Bank, otherwise the Bank shall be entitled to refuse payment.(x) Request to stop payment of cheque will be registered, but the Bank cannot accept any responsibility if such instructions are overlooked.(xi) No withdrawals will be allowed against cheques or other instruments deposited for credit of an account, until they are realised.(xii) The account number must be written on all cheques. The Bank is entitled at its discretion to refuse payment of cheques having no mention of the account number.(xiii) Precautions in using cheque books and its safe keeping as printed thereon, should be strictly observed.7) Rules for Transactions1) Cash Deposit including at Base branch and Non base branch (local):Base branch i.e branch where customer is having account and Non - Base branch i.e branch other than base branch in the same centre Up to Rs. 100000/- per day per account free of charge, thereafter chargeable.2) Cash Deposit at Out-station Non-base branches Up to Rs. 25000/- per day per account free of charge, thereafter chargeable3) (i) Cash Withdrawal- at Base brancha. Against Cheque - No limitb. Against Withdrawal Slip - as per limit shown at point no.5 of this section (ii) Cash Withdrawal at Non-base branches (Local & Outstation)a. Against Cheque - to self only - per transaction up to Rs. 50000/-b. Against withdrawal Slip - per transaction up to Rs. 25000/- Cash payments to third parties is totally withdrawn at non-base branch4) Transfer Transaction at base branch Allowed freely without any limit5) Transfer Transaction at Non-base branch (local as well as outstation)Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions.6. Clearing Transactions: There is no restriction for clearing transactions.7. Customers are informed to do transaction either debit or credit to avoid account becoming inoperative/dormant. As per RBIs guidelines, the savings account will be treated as inoperative /dormant if there are no transactions in the account for over a period of two years.For the purpose of classifying an account as inoperative both the type of transactions i.e. debit as well as credit transactions induced at the instance of customers as well as third party are considered. However, the service charges levied by the bank or interest credited by the bank are not considered. Monthly and Quarterly interest on term deposit credited to deposit accounts are considered customer induced transaction for this purpose.Such accounts are maintained with the bank with status inactive. Only credit transactions are allowed once the account becomes inactive. For debit transactions the account is required to be activated. To activate such accounts customer is required to submit application for activation of account, fresh KYC documents and do some credit transactions in the account.8) Interest(i) Interest will be paid at rates specified by RBI from time to time, at half yearly intervals in May & November each year.(ii) The interest will be allowed on daily balance basisiii) Interest on SB accounts (other than Super Savings Bank account) is paid at half yearly intervals during 1st to 10th May/November and calculated on daily product basis. In respect of entries that are credited after 1st , it is ensured by the system that value date is given as 1st of the month while applying interest for the next half year so that the customer gets the interest on the interest credited from 1st itself. In case of SSB accounts where interest is paid on quarterly basis,(Jan/April/Jul/Oct) similar value dating is done when interest is paid after 1st.9) Standing Instructions(i) Bank accepts Standing instructions from account holders for periodic remittances of Insurance premia etc. The charges are Rs. 20/- plus S.Tax per transaction involving credit to another account with other branches (No charge within same branch). If the transaction involves an upcountry centre, remittance charges at the prescribed rates and the actual postages/courier charges shall be recovered additionally.(Rs.20/- plus S.Tax per occasion shall be charged for inability to carry out standing instructions due to insufficient balance)10) Closing of an Account(i) The account holder must give in writing his/her intention to request should be signed by all the account holders.(ii) When an account holder wishes to close his/her account, he/she must present his/her pass book/statement of account/identity card/Debit Card if any.(iii) The unused cheque forms, if any, in the possession of the depositor should be returned to the Bank.11) Signature of Depositor(i) Every account holder will be required to give specimen of his/her signature for record in the presence of an authorised officer of the Bank, at the time of opening of the account.(ii) All withdrawal forms, cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.12) Nomination FacilityThe individual account holder/s will have the facility to make, vary or change nominations.13) Service ChargesFor presently applicable Service charges please visit our service charges link.http://www.bankofbaroda.com/servicecharges.asp#ser1314) Additions & alterations to the rulesThe Bank reserves the right to alter or add to these rules at any time without notice.15) The above rules are not exhaustive.
Baroda Centenary Savings Account
Baroda Centenary Savings Accounta Superior Savings Bank a/c with added value propositions. This product is available at all CBS branches in India.Key Benefits Auto sweep: Auto transfer of funds exceeding certain fixed amount to Term Deposit to provide high yield on such funds. Auto reverse sweep in case of need to honour Cheque to Savings account from Term Deposit. Free collection of outstation cheques drawn in favour of account holder (postage out of pocket expenses are recoverable). IMMEDIATE CREDIT of outstation cheques upto Rs.25,000/-, as per norms. FREE DEBIT CARD. Interest is paid on Quarterly basis.Savings Bank Account
Key Benefits Simplest deposit option available to the depositor. Easy to operate. Terms and conditions kept lucid to facilitate a layman's understanding. No hidden costs. Zero balance facility Your Savings Bank Account with us remain alive even when the balance reaches zero. This facility is only for salaried employees in Central/ State Govt. Public & Private Limited Companies, Agents of Life & General Insurance Corporations and Students. Even for those receiving compensation from govt. for acquisition of their properties. Your deposits are insured by DICGC Option for money withdrawal by withdrawal forms or by cheque. An ideal option to cultivate the habit of banking and saving amongst the younger generation. Provision for nomination.Terms & Conditions Money can be deposited for any quantum of time; there are no minimum or maximum deposit periods for this offering. Documents required: Passport size photograph Proof of residence An introduction as per Bank's norms IT Declaration (Form 60/61) In case personal introduction is not possible, introduction by way of approved documents such as passport, driving license, pan card, election i-card, defence i-card, etc.Super Savings Account
The product is in the nature of superiorSavings Bank Accountwith added value propositions to high value resident customers. The product is availableat Metro and Urban centresKey Benefits No charges for issuance of Demand Drafts (drawn on Indian branches) / Banker's Cheques to meet personal needs of the customers. Free collection of outstation cheques drawn in favour of a/c holder. Auto / Reverse Sweep: Auto transfer of funds exceeding Rs. 20000/- to short deposit with a minimum of Rs. 10000/- for 181 days and auto retransfer to the account from short deposit, in case funds are required in the Super Savings Bank account in multiple of Rs. 1000/- to bring you higher interest with high liquidityBaroda Basic Savings Ac
Product Nature :This simple basic banking product is in the nature of Small Savings titled as " Baroda Basic Savings Bank Deposit Account " without any frills / hidden charges etc.Target Group :
All resident individuals, who are eligible to open a savings bank account with the branch. The product is ideally suited for all common people, especially who are having low and middle income such as wage earners, workers in unorganized sectors, house wife, students and all other individuals having low net worth to inculcate a habit of savings through this basic banking product.Who can open the account :All resident individuals in single or joint names who are eligible to open Savings Bank Account. This product is not for Non Resident Indians, Trusts, Societies etc.Minimum Amount :The Account can be opened with Zero Balance also.Maximum Amount :There is no ceiling on the amount deposited/held in the account. However, in accounts of minors of age between 10 years and 14 years maximum amount that can be kept in the account is Rs. 1 lakh.Other Salient Features : -50- Cheque Leaves shall be allowed free in a year. However, number of withdrawals not to exceed FOUR in a month.
Debit Card and Internet Banking facility shall be available to the accountholders.
Standing instruction, ECS (debit) etc. can be made available to such accounts (earlier it was not allowed).
No restriction on turnover / deposit by adult individual/s.
Introduction and KYC norms will be observed in the account as per extant guidelines.
Interest rate, periodicity and method of application of interest will be similar to our usual Savings Bank A/c.
There will be NIL Charges levied for non operation/ activation of in- operative/ dormant a/cs
Customers, having " Baroda Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank in Bank and they will be required to close their other Savings Bank accounts, if any within 30 days of opening of Baroda Basic Savings Bank Deposit AccountBaroda Salary Advantage Saving Account
Bank of Baroda now has a special salary account with added benefits. It's a saving bank account with an in built feature of overdraft facility to the salaried persons.Key Benefits Overdraft facility available upto Rs 1 lac. Earn interest on credit balance account as per saving bank a/c rules. Free Chequebooks for routine requirement. No minimum balance requirement in the account. No ceiling on the amount to be deposited and credit balance in the a/c.Terms & Conditions This account can be availed by regular employees of state/central government, PSUs, semi govt. organizations, state/central govt. corporations, urban development authorities, educational institutions, universities, MNCs, reputed public ltd companies & selected private ltd companies with minimum one year service with the organization. Age: Minimum - 21 years. Minimum take home salary - Rs5000/- The maximum overdraft limit - Rs. 1 lac subjected to 90% of net salary (average of last three months). Third party guarantee.Interest on deposit as per savings Bank rules.Baroda Bachat Mitra
Key Benefits Product Nature :Overdraft facility in Savings Account secured by Pledge of Term Deposit Eligibility Criteria :Individuals eligible to open Savings Account singly / jointly and having attained the age of 18 years Minimum Amount :Savings Account: There shall be no minimum balance requirement for Savings Account, as such no service charges shall be levied towards maintenance of minimum balance.Fixed Deposit: Minimum amount of deposit accepted for the facility would be Rs10000/- and thereafter in multiples of Rs1000/- with a minimum period of 12 months and maximum period of 120 months. Maximum Amount :There shall be no ceiling on the maximum amount to be deposited as Fixed deposit and credit balance in Savings Account. Overdraft Limit :To the extent of 80% of Fixed Deposit with a minimum limit of Rs8000/- and maximum of Rs100000/- .Third party FDRs are not eligible under this scheme.FDRs issued by any other branch /bank can not be pledged and accepted as security, as per extant guidelines of the bank. Interest Rate :Fixed deposit: As per contractual rate, at the time of accepting deposit.Savings A/c : As per existing rules for credit balance in SB A/cs and for debit balance in Savings A/c 1.5% over Fixed Deposit rate with monthly rests and a minimum of Rs25/- will be charged during a month if overdraft facility is availed. Processing & Documentation Charge :---Nil--- Security for Overdraft facility :Pledge of FDR duly discharged by the depositor.Letter of pledge of FDR ( LDOC -16 A) Other conditions : On due date of FDR the facility may be renewed at the request of the customer. In absence of any request, overdraft facility may be liquidated by appropriation of proceeds of the FDR after giving due notice to the borrower or alternatively FDR may be renewed under auto renewal facility and overdraft facility may also be renewed at revised interest rate linked with FDR, depending upon circumstances. If the borrower fails to pay the interest in overdraft account and /or the accounts remains overdrawn for a quarter, bank shall have right to cancel the facility, liquidate it by prepaying the deposit and appropriating proceeds thereof after giving due notice to the customer.. FDRs under BOB Suvidha will not be accepted under the scheme. All the extant guidelines including KYC Norms will be applicable while opening Savings and FDR accounts. Depositor may be given an acknowledgement having pledged the duly discharged FDR with the bank. Existing procedure shall be followed by the branched for premature payment of FDRs. Nomination Facility shall be available the depositors for their Savings and Fixed Deposits Accounts. The deposit accounts shall be transferable from one branch to another branch of the bank, together with overdraft facility, free of charge.Baroda Pensioners Savings Bank Account
Key Benefits Opening of account by Rs. 5/- only Auto sweep out beyond threshold limit of Rs. 3000/- to short deposit of 180 days in multiple of Rs. 1000/- and in case of requirement in SB A/c auto reverse sweep in multiple of Rs. 1000/= on LIFO pattern (last in first out) Overdraft facility in Savings Bank a/c upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner Bank of Baroda staff pensioners are also eligible under this scheme Immediate credit of outstation cheques upto Rs. 25000/- as per Bank's norms Free Debit Card, Baroda Connect / Internet Banking and "BOBCARD Silver" for 1st year with accidental death insurance cover of Rs. 1 lac (to be provided by BOBCARDS Ltd. Under credit card scheme) Free unlimited cheque book facility except to the illiterate pensionerBaroda Jeevan Suraksha Savings Bank Account
Key Benefits The product shall be available at all our branches irrespective of area classification Any resident individual who has attained the age of 18 years and has not completed the age of 60 yrs can open his account under this scheme and avail the facility of Life Insurance Cover from IndiaFirst Life Insurance Co. Ltd (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH) Accounts can be opened in single name as well as in joint names (maximum two) and both the account holders can also be covered under insurance subject to submission of requisite papers and payment of premium in respect of both the account holders Existing Savings bank accounts can also be converted into Baroda Jeevan Suraksha Savings Bank A/cretaining the same account number. Following Documents will be required for opening of account:1. Photo Identity Proof.2. Address Proof ( Passport/ Driving Licence / Voter Identity Card or any other document admissible to open a normal Savings bank Account)3. Age Proof (Birth Certificate issued by municipality / Matric Certificate/Passport / Driving Licence / Voter Identity Card etc.)4. Consent cum Letter of undertaking to maintain a minimum required balance for payment of insurance premium opted by the customer. Opening of account by minimum Rs. 1000/- only Minimum Balance Rs. 1000/- on daily balance basis. 20 Cheques Leaves shall be provided per half year free of cost. 100 withdrawal per half year shall be allowed as per General Savings bank A/c.. In case of debits more than 100 per half year (excluding Auto Sweep transactions and Service Charges transactions) a charge of Rs 10/ plus service tax per debit transaction shall be levied. Charges for non maintenance of minimum Balance is Rs. 100/- plus service tax, per quarter. Facility of getting Life Insurance Cover from IndiaFirst Life Insurance Co. Ltd upto an amount of Rs. 5.00 lac ( minimum Rs. 1.00 lac and thereafter in multiples of Rs. one lac) without any medical examination and only against submission of Declaration of Good Health (DOGH), at the cost of customer at following premium rates: Auto sweep: Auto transfer of funds exceeding certain fixed amount to Term Deposit to provide high yield on such funds. Auto reverse sweep in case of need to honour Cheque to Savings account from Term Deposit.Month in which account is openedNumber of months for which premium is payableProrata Premium (excl. Service Tax) per lac per annum for different age-groups for the period in column no. 2
18-3535-5051-60
(1)(2)(3)(4)(5)
January12125259697
March10105216581
June773152407
October33265175
December1112259
Insurance cover is annually renewable after payment of premium. Age will be calculated as completed years on last date of birth.At the time of opening of account, only one option for choosing the amount of insurance cover will be available and no other option can be exercised in future to change the sum insured.
There will not be any grace period for renewal of cover and the customer will be required to maintain sufficient balance in his account for payment of insurance premium for renewal of cover.
Amount paid by the customer towards insurance premium is admissible for deductions under Section 80 C of Income Tax act
Only one insurance cover per person shall be allowed.
In case of Joint Accounts, premium amount will be paid separately for each of joint account holder
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