Bank of Baroda Family Savings Accounts Segment

What is the bob Family Savings Accounts Segment?

The bob Family Savings Account Segment is offered by Bank of Baroda and allows you to create a family group by linking all eligible individual accounts. It can link the accounts of close relatives like spouse, parents, in-laws, siblings or children. The bank calculates the aggregate Quarter Average Balance (QAB) of all linked accounts and places it in one of the three segments based on the combined balance: Baroda Silver Family, Baroda Gold Family or Baroda Diamond Family.

Features and Benefits of bob Family Savings Accounts Segment

bob Family Savings Accounts Segment provides three tiers of membership with a set of charge concessions and service benefits. It is a savings account in India for families that comes with additional benefits, as follows:

• Three-tier structure based on the aggregate QAB i.e. ₹0.50 lakh and above), Baroda Gold Family (₹2.00 lakh and above) and Baroda Diamond Family (₹5.00 lakh and above)
• Family group sizes of 2 to 6 members are allowed to link their savings accounts
• Applicable for both new and existing clients, but FI accounts are not eligible
• Waiver on cheque book charges
• Free email and SMS alerts
• Concession in manual NEFT/RTGS charges, with digital transactions free of cost
• Concession in demand draft, pay order charges, locker rent charges, Demat annual maintenance charges (AMC) and collection of outstation cheques
• Free access to authorised bob digital banking services such as Internet Banking, bob World, Missed Call facility, 24x7 Web Chat, WhatsApp Banking and BOB Mini Statement facility
• Free fully loaded credit card for the first year, allowed to two partners, directors or authorised persons on family savings accounts

Eligibility and Documents for the bob Family Savings Accounts Segment

Here are the essential eligibility criteria and documents required for the Bank of Baroda Savings Account for the family.

Eligibility

• Both existing and new customers of the bank are eligible.
• Eligible relations are spouse, father, father-in-law, mother, mother-in-law, brother, sister, children (son or daughter), son­-in-­law and daughter-in-law.
• A family group must have a minimum of two members and a maximum of six members.
• Only one family group is permitted per CIF ID.
• FI account is not eligible.

Documents Required

• Aadhaar Card
• PAN Card (or Form 60, where applicable)
• Passport
• Voter ID Card
• Driving Licence

How to open a bob Family Savings Account Segment

Customers comparing the best savings account options for their family can visit a Bank of Baroda branch to enroll eligible savings accounts under the bob Family Savings Accounts Segment.

• Visit the nearest bob branch along with account holders or their authorised representatives who want to create the family group.
• Request the branch to link all eligible accounts under the bob Family Savings Accounts Segment.
• Submit relationship proof with every member, including spouse, parent, parent-in-law, sibling, child, son-in-law, daughter-in-law, along with existing KYC documents.
• The bank branch will verify your details.
• Upon approval, the bank reviews the aggregate Quarterly Average Balance (QAB) of all the linked accounts on a quarterly basis and determines the applicable segment tier along with related benefits.

Terms and Conditions of the bob Family Savings Accounts Segment

The key terms and conditions you should adhere to operate the Bank of Baroda Family Savings Accounts Segment are: