Bank of Baroda has introduced the BOB Parivar Account, which is available for both current and savings accounts, as part of its festive deal campaign. This plan focuses on grouping all family members under a single bank account policy.
The ‘My Family, My Bank’ feature, launched as part of the Bank’s “BOB Ke Sang Tyohaar Ki Umang” festive marketing, categorizes all bank accounts belonging to members of a single family as One Family.
According to the BOB Parivar Account policy, the bank account will be controlled only by the principal account holder. Still, the maintenance of the quarterly average balance (QAB) is recorded at the Group/ Family level, avoiding the need to maintain QAB in every single account.
Aside from that, all family members tied to the plan are eligible for a wide range of benefits. This One Family account plan is available to both existing and new Bank of Baroda clients.
BOB Parivar Account: Benefits And Details Of Family Plan
The BOB Parivar Account can include as little as two and as many as six members. The spouse, parents, children, parents-in-law, daughter-in-law, and son-in-law are eligible family members for the BOB Parivar Savings Account segment.
The BOB Parivar Account is available in three variations at the Bank of Baroda: diamond, gold, and silver. The aggregated quarterly average balance of all segments is shown 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
Benefits Of Opening A BOB Parivar Account
- Retail Loans with Reduced Interest Rates for Savings Account Holders
- Waiver of Retail Loan Processing Fees (Except TCR/Valuation Fees)
- Locker rent charges will be reduced.
- In Demat AMC, there is a concession.
- Manual NEFT/RTGS rates are reduced (digital is completely free).
- DD/PO charges are completely waived.
- Discount on Cheque Book Fees
- Charges for collecting outstation cheques are waived (only postage and out-of-pocket expenditures are due for collecting outstation cheques).
- Free SMS/Email Alerts and Standing Instructions