BOB Parivar Account: The Bank of Baroda has come up with something new called the BOB Parivar Account for Savings and Current Accounts. It’s part of their ‘My Family, My Bank’ program, introduced during their festive campaign called “BOB Ke Sang Tyohaar Ki Umang.” The main idea is to put all the bank accounts in one family together in one place. This makes it easier to handle money matters and makes the whole banking experience better.
In a BOB Parivar Account, each person in a family can have their own account, and they can control it themselves. But the cool thing is, instead of worrying about keeping a certain amount of money in each separate account every three months, now you only need to make sure the total amount for the whole family is okay.
Ravindra Singh Negi, who is in charge of Retail Banking and NRI Business at Bank of Baroda, talked about how customers can get lots of good things by combining all their family accounts. The BOB Parivar Account makes sure that everyone in the family gets great benefits, even if they don’t have a lot of money in their accounts. This new idea helps make the connection between Bank of Baroda and its customers from different generations even stronger.
BOB Parivar Savings Account: Eligible Members
The BOB Parivar Account can have between two and six members. It’s for family members like spouses, parents, children, parents-in-law, daughters-in-law, and sons-in-law. The account is also available for different types of businesses like sole proprietorships, partnerships, LLPs, and private limited companies, as long as they are part of the same group or are sister companies.
Three Distinct Variants
The BOB Parivar Savings Account and BOB Parivar Current Account have three types: Diamond, Gold, and Silver. Each type has different rules for how much money you need to keep in the account every three months, and each type also comes with its own set of advantages.
- Diamond: PQAB ₹5 lakh & above (Savings) / ₹10 lakh & above (Current)
- Gold: PQAB ₹2 lakh & above (Savings) / ₹5 lakh & above (Current)
- Silver: PQAB ₹50,000 & above (Savings) / ₹2 lakh & above (Current)
Benefits of the BOB Parivar Account
Let’s delve into the myriad benefits that come with the BOB Parivar Account, making it a game-changer in the banking industry.
Concessional Interest Rates
Savings accountholders enjoy concessional interest rates on retail loans, providing a significant financial advantage.
Waiver of Processing Charges
The BOB Parivar Account extends the benefit of waiving processing charges on retail loans, excluding TCR/Valuation Charges.
Concession in Locker Rent Charges
Account holders receive a concession in locker rent charges, enhancing the safety and security of their valuables.
Concession in Demat AMC
Demat account maintenance charges receive a concession, further incentivizing account holders to embrace the digital financial landscape.
Concession in Manual NEFT/RTGS Charges
While digital transactions are 100% free, manual NEFT/RTGS charges receive a concession, promoting seamless online banking.
Complete Waiver of DD/PO Charges
The BOB Parivar Account comes with a complete waiver of Demand Draft (DD) and Pay Order (PO) charges, reducing financial burdens on customers.
Concession in Cheque Book Charges
Account holders enjoy a concession in cheque book charges, making traditional banking services more cost-effective.
Waiver of Charges on Outstation Cheques
The collection of outstation cheques incurs no charges except for postage and out-of-pocket expenses, simplifying inter-city transactions.
Complimentary Alerts and Standing Instructions
BOB Parivar Account holders benefit from complimentary SMS/Email alerts and standing instructions, enhancing their overall banking experience.
Conclusion
In summary, the Bank of Baroda has reached a big achievement by introducing the BOB Parivar Account. This new way of banking makes it easier for families to manage their money, and it gives all account holders the perks usually reserved for those with more money in their accounts. With a history of over a hundred years, the Bank of Baroda is strengthening its connection with customers from different generations through the ‘My Family, My Bank’ idea.
Frequently Asked Questions (FAQs)
How many family members can be part of the BOB Parivar Account?
The BOB Parivar Account can include a minimum of two and a maximum of six family members.
What types of companies are eligible for the BOB Parivar Current Account?
The BOB Parivar Current Account is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, provided they are group companies or sister concerns.
What are the three variants of the BOB Parivar Account?
The BOB Parivar Savings and Current Account segments offer three variants each: Diamond, Gold, and Silver.
Is there a concession in locker rent charges for BOB Parivar Account holders?
Yes, BOB Parivar Account holders enjoy a concession in locker rent charges.
Are digital transactions completely free for BOB Parivar Account holders?
Yes, digital transactions such as NEFT/RTGS are 100% free for BOB Parivar Account holders.
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