Product Details
Bank Name
Bank of Baroda
Account Name
Salary and Pension Solutions for Indian Police Forces
Account Type
Salaried
Interest Rate
Upto 1 lakh -2.75%p.a and Above 1 lakh but less than 100cr - 2.75%p.a
Free Debit Card
Yoddha Debit card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
0
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Salary and Pension Solutions for Indian Police Forces
Special Features
Free Add-on covers like Daughters’ Marriage Cover (18-25 Years): upto ₹ 6 Lakhs, Child Higher Education cover: upto ₹ 6 Lakhs, Air Accident Insurance cover upto ₹ 1 Crore.
Permanent Total Disability (PTD) cover upto ₹ 40 lakhs.
Permanent Partial Disability (PPD) cover upto ₹ 20 lakhs.
Cost of Plastic Surgery / Burn- maximum upto ₹ 2 lakhs.
Eligibility Criteria
Eligibility criteria :
For salaried employee:Scheme is applicable for regular employee
Scheme will be applicable after credit of one month salary of the employee and thereafter regular salary credit in the account
At the time of opening of account of employees who are having salary arrangement with other Banks, employees shall provide a mandate to shift their salary to Bank of Baroda in the organization payroll department
Or
For pensioner:Scheme will be applicable after credit of one month pension to the pensioners’ account and thereafter regular pension credit in the account
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Lifetime free debit card.
Free accidental death and permanent total disability cover of ₹ 10 lakhs is offered through Yoddha Debit card.
Permanent Total Disability (PTD) cover upto ₹ 40 lakhs.
Permanent Partial Disability (PPD) cover upto ₹ 20 lakhs.
Cost of Plastic Surgery / Burn- maximum upto ₹ 2 lakhs.
Unlimited free transactions at all ATMs.
Cons
Low interest rate
Salary and Pension Solutions for Indian Police Forces
The account offers very low interest rate, the account, however, offers decent value add benefits tailored to meet the needs of police personnel. The account can be considered by individuals who are looking for decent value add benefits.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open a savings account in Bank of Baroda either online or offline. Here's a breakdown of both methods:
Online Method
Download the app: Download the Bank of Baroda mobile app, "bob World," on your smartphone.
Start the application: Open the app and look for the "Open a Savings Account Digitally" option.
Provide details: Enter your mobile number, product type, and sub-product. Click "Generate OTP" to receive a verification code.
Enter information: Provide your PAN card and Aadhaar card numbers along with other required details.
Verification: The bank officials will verify your provided details and contact you for further verification.
Complete Video KYC: You'll need to complete a Video KYC process for final verification.
Offline Method
Visit a branch: Go to your nearest Bank of Baroda branch.
Collect the form: Ask for the savings account opening form.
Fill in the details: Fill out the application form accurately.
Submit the form: Submit the filled-out form along with copies of your KYC documents (Aadhaar card, PAN card, proof of identity, and proof of address) and passport-size photographs.
Verification: The bank will verify your documents and process your application.