Start an account, passbook and debit card at ‘Yaa’ Bank for Rs. 5 with free, insurance facility. Start an account, passbook and debit card at bank of baroda for Rs 5, get free, insurance facility too

Start an account, passbook and debit card at ‘Yaa’ Bank for Rs. 5 with free, insurance facility. Start an account, passbook and debit card at bank of baroda for Rs 5, get free, insurance facility too

This account has been created keeping in view the pension facility and only transactions related to savings are done through it.

Start an account, passbook and debit card at 'Ya' Bank for Rs.

bank of baroda

New Delhi: Bank of Baroda has made available to the customers a special account called Baroda Pensioners Savings Bank Account. This account is specially created for pensioners, which is a savings bank account. This is a fully retired savings account. All pensioners including Bank of Baroda employee pensioners can open this account. This account has been created keeping in view the pension facility and only transactions related to savings are done through it. (Start an account, passbook and debit card at bank of baroda for Rs 5, get free, insurance facility too)

The account can be started from Rs

The biggest feature of this account is that it can be started from Rs. Customers are given free passbook and checkbook after opening the account. The rule is to give unlimited pages in the checkbook. Free checkbooks are given to uneducated pensioners. All account holders are given a debit card, which is useful for cash withdrawals. This will enable ATM transactions and balance sheet inquiries. This debit card can also be used for online and retail transactions.

Many more features available

The account also provides pension overdraft or loan facility. Through this savings account, pensioners can avail overdraft facility for 2 months. This loan is given taking into account the net credit in the previous month. This facility is given only if the pensioner has not availed any overdraft facility before. The customer of this account is given the facility of credit of check outside Rs. 25,000. This account also has the facility to create a nominee. Customers can deposit unlimited cash at their home branch, while 25,000 can be deposited free of cost at an outside branch.

Life insurance facility

Life insurance facility is provided to 18-70 year olds who open this savings account. Life insurance of Rs 5 lakh is provided after submission of some required documents and premium. The amount of life insurance starts from Rs 1 lakh and goes up to Rs 5 lakh. Only one life insurance facility is offered to the account holders.

Minimum balance is not required

There is no need to keep a minimum balance in this account. That means there is no obligation to keep a minimum balance in the account. Demand drafts up to Rs. 1 lakh per month can be transferred free of cost by banker’s check. PAN card details are required to deposit Rs 50,000 and above. If the PAN card is added to the account, Rs 2 lakh can be deposited in a day from the cash machine. If PAN card is not linked to the account, a maximum amount of 49,999 can be deposited. Can make deposits up to Rs 20,000 on cardless deposits. For this you have to enter the account number in the machine.

What happens if the account is not working

The savings account earns interest even if there is no transaction in the account. If the account is inactive, it will not be charged separately. This rule is valid for 2 years. There is no need to pay a separate fee to start an account. Only new KYC has to be done. This requires documents, photographs, full signatures. If the account continues for 10 years, the bank will transfer it to RBI. Then if the customer requests for that account, it will be started.

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Start an account, passbook and debit card at bank of baroda for Rs 5, get free, insurance facility too

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