Bank of Baroda (BoB) has unveiled its new offering – the BOB Light Savings Account, a distinctive zero-balance savings account. Launched under the festive campaign, “Joy of Festivals with BOB,” the bank aims to provide a seamless banking experience without the compulsion of maintaining a minimum balance.
Features of BOB Light Savings Account:
Zero Balance Account:
It’s designed as a zero balance account, allowing standard banking transactions. However, commercial transactions are not permitted. The bank reserves the right to close the account with prior notification if any unauthorized transaction is detected.
Eligibility Criteria:
Anyone above the age of 10 years can open this account. In the case of minor single accounts, the maximum balance at any given day should not exceed INR 100,000, especially when minors aged between 10 to 14 years are operating it. This provision makes it an excellent choice for salaried individuals, entrepreneurs, professionals, homemakers, and minors aged over 10 years.
Complimentary Platinum Debit Card:
As a part of their festive campaign, BOB offers a complimentary Rupay Platinum Debit Card for those opening the BOB Light Account. With attractive benefits, customers will need to maintain a nominal Quarterly Average Balance (QAB) based on their location:
- INR 3,000 for metro/urban areas.INR 2,000 for semi-urban areas.INR 1,000 for rural areas.
Cash Deposit Limitations:
For accounts linked with a PAN card, cash deposits are permitted up to INR 200,000 per day. In the absence of PAN registration, the limit is capped at INR 49,999. There’s also a provision for card-less transactions up to INR 20,000 daily, using only the account number. Counterfeit or suspicious notes will be confiscated with a receipt provided to the customer.
The BOB Light Savings Account is Bank of Baroda’s effort to simplify banking for its customers, ensuring a hassle-free experience with numerous benefits, especially during the festive season.