Bank of Baroda has launched the BOB Parivar Account for Savings and Current Accounts. The ‘My Family, My Bank’ segment, which debuted as part of the Bank’s “BOB Ke Sang Tyohaar Ki Umang” holiday marketing, categorises all bank accounts belonging to members of a single family as One Family. While the principal account holder will manage each account independently, 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.
Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda said, “ By grouping individual accounts of single-family or associated companies, our customers will be greatly rewarded with superior benefits, which are normally provided in accounts maintaining higher balances. In the BOB Parivar Account segment, all individual family members will gain from the overall balances maintained together. Here there is no requirement to maintain individual Quarterly Average Balance for each account, thus enhancing the overall banking experience. As a bank with a 115-year history, we are privileged to have generations from the same family bank with us, and the ‘My Family, My Bank’ concept will further strengthen and deepen their relationship with Bank of Baroda.”
The BOB Parivar Account can include as little as two and as many as six members. Spouse, parents, children, parents-in-law, daughter-in-law, and/or son-in-law are all eligible family members for the BOB Parivar Savings Account section. The BOB Parivar Current Account Segment is available to sole proprietorship, partnership, LLP, and Pvt. Ltd. enterprises that are part of a group or sister concern.
Both the BOB Parivar Savings Account and the BOB Parivar Current Account segments have three distinct variants – Diamond, Gold, and Silver – with varying Pooled Quarterly Average Balance (PQAB) requirements (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).