BOB Introduces BOB Parivar Account For Savings & Current Accounts

One of the top public sector banks in India, Bank of Baroda (Bank), has announced the launch of the BOB Parivar Account for Current and Savings Accounts. As part of the bank's celebratory "BOB Ke Sang Tyohaar Ki Umang" promotion, the "My Family, My Bank" section unites all bank accounts held by members of a single family under the heading of One Family. The primary account holder will manage each account individually, but since the quarterly average balance (QAB) is maintained at the Group/Family level, there is no need to maintain QAB in each individual account.

The BOB Parivar facility is accessible to both new and existing customers with an array of benefits during the festive season. There can be two members minimum and six members maximum in the BOB Parivar Account. Families with a spouse, parents, kids, parents-in-law, daughter-in-law, and/or son-in-law are all eligible for the BOB Parivar Savings Account. The BOB Parivar Current Account Segment is available to proprietorship, partnership, LLP and Pvt. Ltd. companies, which are group companies.

The BOB Parivar Current Account and Savings Account segments are available in three different variants: Diamond, Gold, and Silver. These variants have different benefits and different Pooled Quarterly Average Balance (PQAB) requirements (Diamond: Rs 5 lakh & above; Gold: Rs 2 lakh & above; Silver: Rs 50,000 & above; For Current Accounts: Diamond: Rs 10 lakh & above; Gold: Rs 5 lakh & above; Silver: Rs 2 lakh and above).

Shri Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, "We are delighted to introduce the BOB Parivar Account for our Savings and Current Account holders. By grouping together individual accounts of a single family or associated companies, our customers will be greatly rewarded with superior benefits, which are normally provided in accounts maintaining higher balances.

In the BOB Parivar Account segment, all individual family members will gain from the overall balances maintained together. Here there is no requirement to maintain individual Quarterly Average Balance for each account, thus enhancing the overall banking experience. As a bank with a 115 year history, we are privileged to have generations from the same family bank with us and the 'My Family, My Bank' concept will further strengthen and deepen their relationship with Bank of Baroda."

Benefits of BOB Parivar Account

According to Bank of Baroda, here are the benefits of BOB Parivar Account segment.

Concessional Interest Rates on Retail Loans for Saving Account Holders
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

Meanwhile, on November 30, Bank of Baroda raised Rs 5,000 crore through the issue of its first tranche of infrastructure bonds, with a coupon rate of 7.68 per cent. These bonds have an application size minimum of Rs 1 lakh, and are rated 'AAA' with an outlook of 'Stable' by CRISIL and India Ratings.

The bank made the decision to issue infrastructure bonds in the first tranche with a maximum value of Rs 5,000 crore, a base issue of Rs 1,000 crore, and a greenshoe option of up to Rs 4,000 crore with a tenor of seven to ten years.