The newly announced rule will be come into effect from February 1. Users of the aforesaid savings account variant at metro and urban branches are mandated to maintain Rs 2,000 minimum QAB. Customers registered at semi-urban branches, are asked to maintain minimum QAB will be Rs 1,000.
However, no changes have been announced for customers of ‘Baroda Savings Account’ with rural branches, their minimum QAB requirement is still Rs 500.
The highest charges for non-maintenance of minimum balance are levied on customers for metro and urban branches and for semi-urban branches at Rs 200, Rs 100 respectively.
Recently, the cabinet has given approval for the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merger would be the first ever amalgamation of three banks in India, with a combined business of Rs 14.82 lakh crore. This merger would make the entity as third largest bank after SBI and private lender ICICI Bank.