• Baroda Current Account for LIC-Other Insurance Companies

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Opt for bob Current Account for LIC/Other Insurance Companies and get multiple benefits.

bob Current Account for LIC/Other Insurance

Open a current account for LIC/other insurance companies with Bank of Baroda. This current account is eligible to life and general insurance companies. Enjoy benefits such as no minimum balance and indefinite maximum balance facility.

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  • Benefits
  • Features
  • Eligibility
  • Documents Required
  • Interest rates & charges
  • Fees & Charges
  • Most Important Terms and Conditions (MITC)

bob Current Account for LIC/Other Insurance : Benefits

  • Minimum balance: Nil
  • Maximum balance: no limit.
  • Monthly statement -Free (once in a calendar month) .
  • Folio charges -Free if the QAB is maintained above 1 Lakhs.
  • Cheque Book - First cheque book of 50 leaves free. Subsequent cheque charge @ Rs.5/- per leaf. Quarterly Average balance of Rs.2 lakhs and above: no charges

bob Current Account for LIC/Other Insurance : Features

  • Free bob World Internet (internet banking).
  • POS/QR code facility available.
  • Baroda Cash Management Service (BCMS) facility available.
  • Internet payment gateway (IPG) facility available.
  • Immediate credit of outstation cheques: up to Rs. 20,000 (for 6 months old A/cs with satisfactory transaction only).

bob Current Account for LIC/Other Insurance : Eligibility

  • All Life & General Insurance Companies.

bob Current Account for LIC/Other Insurance : Documents Required

List Of Valid KYC Documents For Account Opening
Permanent Account Number (PAN)/ FORM60 is mandatorily to be obtained while opening of the accounts as per extant Reserve Bank of India Guidelines.
Officially Valid Documents (OVDs) for Accounts of Individuals
  • Passport
  • Driving license with photo
  • Proof of possession of Aadhaar Number
  • Voter’s Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government.
  • Letter issued by the National Population Register containing details of Name and Address.
Deemed Officially Valid Documents, In case OVD does not contains current/ updated address. (At least one document from the list is Required.)
  • Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
  • Property or Municipal Tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, If they contain the address;
  •  Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;
In case of Foreign Students
  • Copy of Passport and copy of Visa.
  • An Identity Card issued by college / institution.
  • An admission letter for the course mentioning duration of course for which he/ she is admitted by the Institute / College.
  • An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.
For NRI / Foreign Tourist For PIO/OCI
  • Passport
  • Valid Visa
  • PAN/FORM60
Address proof mentioning the current overseas address (any one of the below) Documents issued by Govt. Deptt. of foreign jurisdictions i.e. Driving License, National Identification Card, Social Security Card, Employee Card and Labour Card, Tax Residency Certificate etc. having Name and Address of the Applicant Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old) Property/ Municipal Tax Receipt
Letter of allotment of accommodation/ Leave and License agreements allotting official accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.
For Foreign Nationals
  • PAN/FORM60
  • Valid Foreign Passport
  • Valid Indian Visa
Address proof mentioning the current overseas address (any one)
  • Foreign Driving License
  • Documents issued by Govt. Deptt. of foreign jurisdictions i.e. National Identification Card, Green Card and Social Security Card etc. having Name and Address of the Foreign National.
  • Letter Issued by Foreign Embassies or Mission in India having Name and Address of the Applicant

(FRRO/ FRO Certificate/ Permit/ Indian Driving License/ OVDs/ any Deemed OVD mentioned herein above, is required to be provided for Indian Address Proof.)

Accounts of Companies
  • Certificate of Incorporation
  • Memorandum & Articles of Association.
  • PAN No. of the Company
  • Resolution of the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and
  • Any one of the OVDs and PAN/FORM60 of the managers, officers or employees, as the case may be, holding an attorney to transact on its behalf with his / her photograph
Accounts of Sole Proprietary firms.

(Any two of the following documents to be obtained)

  • Registration Certificate
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales and income tax returns,
  • CST/ VAT/GST Certificate (Provisional/Final),
  • Certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities.
  • IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. In case where the branches are satisfied that it is not possible to furnish two such documents from the above list, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches would have to undertake contact point verification, collect information to establish the existence of such firm, confirm, and satisfy itself that the business activity has been verified from the address of the proprietary concern.

    AND

    Any one of the OVDs along with PAN/ FORM60 of the proprietor.

Accounts of Partnership firms. (Registered)
  • Registration certificate,
  • Partnership deed; and
  • PAN No. of the Partnership Firm,
  • Any one of the OVDs and PAN/ FORM60 of the person holding an Attorney to transact on its behalf with his/ her photograph
Accounts of Trusts
  • Registration Certificate
  • Trust Deed
  • PAN/ FORM60 of Entity
  • Any one of the OVDs and PAN/FORM60 of the person holding an Attorney to transact on its behalf with his/her photograph.
Accounts of Unincorporated Associations or body of individuals includes unregistered
  • Resolution of the Managing body of such association or body of individuals;
  • PAN/ FORM60 of Unincorporated Associations or body of individuals
  • Power of Attorney granted to transact on its behalf;
Partnership firm/ trusts and societies.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;
  • Any one of the below mentioned list of documents to collectively establish the legal existence of such an associations or body of individuals.
  • Partnership Deed/ Trust Deed/ Bye Laws
  • Certificate/ license issued by the municipal authorities under Shop & Establishment Act,
  • Sales Tax Returns,
  • CST/ VAT/ GST certificates (Provisional/ Final)
  • Certificate/ registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities.
  • License/ certificate of practice issued in the name of proprietary concern by any professional body incorporated under statute.
  • Complete Income Tax return (not just the acknowledgement) in the name of Sole Proprietor where the Firm’s income is reflected, duly authenticated/ Acknowledged by the Income Tax Authorities.
  • Utility bills such as electricity, water, and landline telephone bills in the name of the concerns.
Accounts of Hindu Undivided Family
  • PAN Card of HUF.
  • Declaration from the Karta.
  • HUF Letter/ Declaration signed by all the coparcener and Karta.
  • Any one of the OVDs and PAN/ FORM60 of the Karta with his / her photograph
Accounts of the Government or its Departments, societies, universities and local bodies like village panchayats etc.
  • Document showing name of the person authorized to act on behalf of the Government or its Departments, societies, universities and local bodies like village panchayats;
  • Any one of the OVDs and PAN/FORM60 of the person holding an attorney to transact on its behalf and
  • Any document to establish the legal existence of such an entity/ juridical person.
Account of Political Parties
  • Duly signed resolution of the working committee/ managing body as per bye- laws indicating details of the party president/ authorized signatory, tenure etc.
  • PAN of the Political Party
  • Power of Attorney granted to transact on its behalf;
  • Duly authenticated copy of Constitution/ Bye laws of the Party
  • Duly authenticated copy of Registration of Party with election commission
  • Authority letter, on party letter head, from Party president/ Authorized signatory as per Bye-laws for opening of account mentioning address of the State Unit, Title of Account and operating instructions for authorized signatory with attestation of their signature and photograph.
  • Any one of the OVDs and PAN/ FORM60 of the Office bearers / Signatories and persons holding Power of Attorney, if any with his/her photograph in respect of the person holding an Attorney to transact on its behalf;

bob Current Account for LIC/Other Insurance : Interest rates & charges

Interest not payable.

bob Current Account for LIC/Other Insurance : Fees & Charges

Cash Handling Charges For Cash Deposit :
  • Cash deposit At Local Base and local Non Base Branch : No upper limit. Beyond Cash Deposit of Rs. 50000/- Or above 10 packets i.e. 1000 pieces of notes of any denominations taken together, whichever is higher charges will be levied as under –Above 10 packets – i.e. 1000 pieces of notes charges will be levied @ Rs. 10/- per packet or a part thereof. (Min. Rs. 10/- , Maxi. Rs. 10000/- .”
  • Cash deposit at Outstation Non Base Branch : Upto Rs.25000 Nil, Above Rs. 25000 to Rs.50000 Rs.25/-, Above Rs.50000 to Rs.1 lakh Rs.50/-, Above Rs.1 lakh Rs.100/-( Note: for Rs.50000/- and above PAN of the depositor is required to be submitted as per requirement of income tax)
Cheque Book:
  • No charges on issuance of first cheque book of 50 Leaves on opening a Current account. Subsequent Cheques will attract charges @Rs.5/- + GST per leaf.
Transfer/ Closure of Accounts
  • A/c can be transferred/ closed at the written request of customers only. New cheque book will be issued to him. No charges required for transfer of an account. For closure of Current account within one year @ Rs.800/-+GST will be deducted.
Withdrawal(s)
  • Withdrawal allowed by cheque only. No upper limit for cash withdrawing at base branch. At local non-base branch and outstation branches Cash withdrawal up to Rs.25,000/- per day per account is free of charges thereafter service charges is levied. Third party cash payment at non-base branches is not allowed.
Charges for Standing Instructions
  • Within the Bank - Not chargeable
  • Rs 50/- per transaction plus applicable remittance charges in case of credits for outside the branch whether in same city or other cities i.e. in other Branches/Offices such as LIC etc. plus actual postage charges.

bob Current Account for LIC/Other Insurance : Most Important Terms and Conditions (MITC)

Interest Payment

No interest is payable in current account.

Transactions

All genuine purpose oriented transactions are allowed. There is no restriction on number of transactions in the current account subject to ledger folio charges.

Transfer transaction

In case of transfer transaction one entry i.e. either debit or credit entry of the transaction must be in the branch transferring the fund.

Unclaimed Deposit

Account remaining Dormant for 10 years are treated as unclaimed deposits and are transferred to RBI.

Disclosure of information
  • The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
  • All relevant policies including code of commitments to customers and grievance redressal policy are available at the branches.
  • MITCs OF ATM/DEBIT Card/ Mobile Banking/Net Banking are available separately.
  • The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.
  • Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum upto ₹ 5,00,000/- (₹ 5 lakh).

Need Assistance?

Frequently Asked Questions (FAQs)

  • What is Baroda Current Account for LIC/Other Insurance Companies?

    Baroda Current Account for LIC/Other Insurance Companies is a current account for life and general insurance companies. The key benefits with this Baroda current account are such as:

    1. No minimum balance and indefinite maximum balance facility,
    2. Free internet banking,
    3. BCMS (Baroda Cash Management Services),

      4. IPG etc.

  • What are the benefits of opening a Baroda Current Account for LIC/Other Insurance Companies?

    A few of the benefits are –

    • Free monthly statement once in a calendar month
    • No folio charges, if the QAB is maintained above Rs.1 lakhs
    • First cheque book of 50 leaves is free. There would be subsequent cheque charges of Rs. 5 per leaf. Note: Accounts with (QAB) Quarterly Average Balance of Rs. 2 lakhs or more have to pay zero charges
  • What is the eligibility for opening Baroda Current Account for LIC/Other Insurance Companies?

    All life and General insurance Companies are eligible to open Baroda Current Account for LIC/Other Insurance Companies.

  • How does the Baroda Current Account for LIC/Other Insurance Companies work?

    The Baroda Current Account for Other Banks works in the following manner with its pre-determined rules. Have a look below.

    • Minimum quarterly average balance: No limit
    • Maximum Balance: No upper limit
    • Interest payment: Not payable
    • Transfer transactions: In case of transfer transaction, one entry i.e., either debit or credit entry of the transaction must be in the branch, transferring the fund
    • Clearing transactions: Cheques can be presented at any branch of Bank of Baroda in India
    • Outstation Collection: In case of new customers, the immediate credit is to be accorded only after a standard period of 6 months. There is no annual cap for immediate credit of outstation cheques. However, limit should not exceed of Rs. 20,000 at any point of time.
  • What is the minimum balance for the Baroda Current Account for LIC/Other Insurance Companies?

    The minimum balance for the Baroda Current Account for LIC/Other Insurance Companies is zero.

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