Bank of Baroda launches BOB Parivar Account: Know benefits, scheme details

Bank of Baroda has launched a new scheme under its festive deal campaign called the BOB Parivar Account for both current and savings accounts. This plan is focused on grouping all the members of a family under one bank account policy.

Bank of Baroda has launched the new BOB Parivar Account(Reuters file photo)
Bank of Baroda has launched the new BOB Parivar Account(Reuters file photo)

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.

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The BOB Parivar Account policy states that the bank account will be operated by the primary account holder only, but the maintenance of quarterly average balance (QAB) is recorded at the Group/ Family level, eliminating the need to maintain QAB in every single account.

Apart from this, a wide variety of benefits are available to all the family members linked to the plan. This One Family account plan is open to both existing and new customers of the Bank of Baroda.

BOB Parivar Account: Benefits and details of family plan

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.

There are three variants of the BOB Parivar Account in Bank of Baroda – Diamond, Gold and Silver. The Pooled Quarterly Average Balance of all the segments is listed below

For Savings Accounts

Diamond: 5 lakh & above

Gold: 2 lakh & above

Silver: 50,000 & above

For Current Accounts

Diamond: 10 lakh & above

Gold: 5 lakh & above

Silver: 2 lakh and above

The benefits of opening a BOB Parivar Account are listed below

  • 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

(With inputs from ANI)

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