Bank of Baroda introduces the BOB Parivar Account, a groundbreaking offering under the umbrella of its festive campaign “BOB Ke Sang Tyohaar Ki Umang.”
This unique account is designed to consolidate all family members’ accounts under One Family, providing a host of benefits without the hassle of maintaining individual Quarterly Average Balances (QAB).
Key Features of BOB Parivar Account:
Grouped Family Banking:
All accounts belonging to members of a single family are consolidated under One Family.
Independent operation of each account by the primary account holder.
Maintenance Simplified:
Quarterly Average Balance (QAB) recorded at the Group/Family level, eliminating the need for individual QAB maintenance.
BOB Parivar Savings Account: Eligible Family Members
Minimum of two and a maximum of six family members.
Eligible members include spouse, parents, children, parents-in-law, daughter-in-law, and/or son-in-law.
BOB Parivar Current Account: Open to Various Business Entities
Open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, which are group companies or sister concerns.
Three Distinct Variants: Diamond, Gold, and Silver
Savings Account PQAB Requirements:
Diamond: ₹5 lakh & above
Gold: ₹2 lakh & above
Silver: ₹50,000 & above
Current Account PQAB Requirements:
Diamond: ₹10 lakh & above
Gold: ₹5 lakh & above
Silver: ₹2 lakh & above
Nine Benefits of BOB Parivar Account:
- Concessional Interest Rates on Retail Loans
- Waiver of Processing Charges on Retail Loans
- 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
- Complimentary SMS/Email Alerts and Standing Instructions
Ravindra Singh Negi, Chief General Manager at Bank of Baroda, emphasized that this initiative aims to deepen the bank’s relationship with multi-generational families, providing enhanced benefits and a seamless banking experience.
The BOB Parivar Account aligns with the bank’s 115-year legacy and commitment to customer satisfaction.
