The Business Bytes
TBB BUREAU
MUMBAI, NOV 30, 2023
Bank of Baroda (BoB) on Thursday announced the introduction of the BOB Parivar Account for Savings and Current Accounts. The ‘My Family, My Bank’ segment, which has been launched as a part of the Bank’s “BOB Ke Sang Tyohaar Ki Umang” festive campaign, groups all the bank accounts belonging to members of a single family under One Family. While each account will be operated independently by the primary account holder, the maintenance of quarterly average balance (QAB) is recorded at the Group/ Family level, eliminating the need to maintain QAB in every single account.
Further, it gives each family member access to an array of benefits during the festive perioddue to the overall enhanced relationship. The BOB Parivar facility is open to both new and existing customers.
The BOB Parivar Account can comprise of a minimum of two and a maximum of six members. Eligible family members for the BOB Parivar Savings Account segment include the spouse, parents, children, parents-in-law, daughter-in-law and/or son-in-law.
The BOB Parivar Current Account Segment is open to proprietorship, partnership, LLP and Pvt. Ltd. companies, which are group companies or sister concerns.
Both the BOB Parivar Savings Account and the BOB Parivar Current Account segments come in three distinct variants – Diamond, Gold and Silver – with varying Pooled Quarterly Average Balance (PQAB) requirements (For Savings Accounts – Diamond: Rs 5 lakh & above; Gold: Rs 2 lakh & above; Silver: Rs 50,000 & above; For Current Accounts – Diamond: Rs 10 lakh & above; Gold: Rs 5 lakh & above; Silver: Rs 2 lakh and above) and associated benefits.
Speaking on the occasion, BoB Chief General Manager (Retail Liabilities & NRI Business) Ravindra Singh Negi said, “We are delighted to introduce the BOB Parivar Account for our Savings and Current Accountholders. By grouping together individual accounts of a 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.”
