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Your business deserves the right financial partner.

Opt for bob Scale-up Current Account and get attractive benefits.

bob Scale-Up Current Account

Note: The Bank may use the services of agents in sales/marketing etc. of its various products.

A private limited company or a registered partnership firm or a limited liability partnership with last year turnover of more than Rs. 25 crores and working towards innovation, development or improvement of products or processes or services, or having a scalable business model with a high potential of employment generation or wealth creation.

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  • Benefits
  • Features
  • Eligibility
  • Documents Required
  • Interest Rates and Charges
  • Most Important Terms and Conditions (MITC)

bob Scale-Up Current Account : Benefits

  • No charges for NEFT/ RTGS/IMPS transactions.
  • Auto and Reverse Sweep facility enabling Current account holder to earn interest.
  • Monthly statements: Two times in a month free of charge.
  • Balance Certificate: Free.
  • Folio Charges: Free.
  • Signature verification: Free.
  • Unlimited Cheque leaves are free
  • Free bob World Internet (Internet Banking)
  • Value added SMS Alert Facility: Allowed.
  • POS, Bharat QR Code & Bhim QR Code: Applicable charges.
  • Free issuance of Demand Draft / Bankers cheque.
  • Demat Services: 25% waiver in annual custody charges to partners and directors.
  • Processing charges: 100% waiver in processing charges on Car Loans availed in the name of Partners and directors of the Company.
  • Collection of outstation cheques by sending cheques physically through post - 100% waiver of Normal collection charges.
  • Credit Card: Complimentary credit card (free for first year) limited to two partners or two directors or two persons of other bodies authorized to operate the account with free personal accidental insurance facility.
  • Baroda Cash Management Services: Enjoy the convenience of BCMS services for bulk payment & collection at competitive rates offered by the Bank.

bob Scale-Up Current Account : Features

  • Hand-crafted startup kit with exclusive offerings for select customers.
  • Waiver of non-maintenance minimum balance charges upto 1 years of account opening
  • Free NEFT/RTGS/IMPS transactions of account opening.
  • Business Debit card with multiple offers.

bob Scale-Up Current Account : Eligibility

  • A private limited company (as defined in the Companies Act, 2013) or a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) and
  • The entity should be working towards innovation, development or improvement of products or processes or services, or having a scalable business model with a high potential of employment generation or wealth creation and
  • Turnover as per last ABS should be more than Rs. 25.00 Crore.

bob Scale-Up Current Account : Documents Required

As per the List Of Valid KYC Documents For Account Opening guidelines issued by the Bank.

Also, one of the below-mentioned documents is mandatory.

  • Recommendation letter from Incubator established in a post-graduate college in India/Incubator recognized by Government of India/Incubator funded by Government of India or State Government or
  • Evidence of being funded by recognized funds or
  • Certificate of recognition from DIPP/DPIIT
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 Scale-Up Current Account : Interest Rates and Charges

  • Non- interest bearing account

bob Scale-Up Current Account : Most Important Terms and Conditions (MITC)

Transactions
  • All genuine purpose oriented transactions are allowed. There is no restriction on number of transactions in the current account.
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
Minimum Balance Requirement
  • Rs. 2,50,000/- (Charges for non-maintenance of min balance, Rs. 1000/- +GST. However, for 1st year, there will be waiver of these charges).
Interest Payment
  • No interest is payable in current account except in case of deceased account where interest @ of saving banks is paid from the date of death of the account holder till the settlement of the account.
Cash Handling Charges - FOR CASH DEPOSIT
  • Applicable to Base Branch, Local Non-Base Branches:- 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/- (per day per Txn.)
  • Applicable to Outstation Branches:- Chargeable in case of cash deposit in excess of Rs 25000/- per day per account at Rs 2.50 per thousand or part thereof at outstation branch.
  • At Cash Machines: Cash deposit with debit card is allowed up to Rs.2,00,000/- (2 Lacs) per day where PAN is registered and Rs.49,999/- where PAN is not be registered in account. Card less transaction (by feeding account number) is allowed up to Rs. 20,000/- per day. Fake note, Suspicious Note is impounded and receipt will be given to the customer. Torne/Mutilated/Taped notes are not accepted by this machine.
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.
Statement of Account
  • Statement of Account is provided twice a month free of cost.
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.600/-+ GST will be deducted.
Unclaimed Deposit
  • Account remaining Dormant for 10 years are treated as unclaimed deposits and are transferred to RBI.
Sweep facility
  • The threshold limit in this account is Rs.5,00,000/- which can be increased in multiples of Rs.1000/- at the choice of the customer.
  • First Sweep out of Rs.25,000/- will take place when the balance in the account is Rs.5,25,000/- for 30 days by default though it may change at customer’s request between 15 to 45 days. The sweep amount can be changed in multiples of Rs.25000/-.
  • Sweep will take place on every Monday. In case of holiday, sweep will take place on the next working day.
Documents
  • As per KYC guidelines issued by the Bank.
  • Any one of
    1. Recommendation letter from Incubator established in a post-graduate college in India/Incubator recognized by Government of India/Incubator funded by Government of India or State Government or
    2. Evidence of being funded by an angel investor of a reputed network or VC fund (registered with SEBI) or
    3. Certificate of recognition from DIPP/DPIIT
Rules for Transfer/ inter-sol transfer/clearing transactions and charges
  • Transfer Transaction at base branch
  • Allowed freely without any limit
  • Transfer Transaction at Non-base branch (local as well as outstation)
  • Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions. There are no charges for Inter-sol transfer transactions.
Clearing Transactions
  • There is no restriction for clearing transactions
Note

Need Assistance?

Frequently Asked Questions (FAQs)

  • What is a Baroda scale up current account?

    It is one of the sub-products under the umbrella of current accounts offered by us. The established start-ups, working towards the innovation of products, services, or have a scalable business model with great potential of wealth generation can open a Baroda scale up current account.

    Their turnover as per the last ABS (asset-backed securities) should be more than Rs. 25 crores.

  • What are the benefits of opening a scale up current account?

    A few of the benefits of opening a Baroda scale up current account are:

    1. Free NEFT/RTGS/IMPS (outward and inward)
    2. 100% waiver of the normal collection charges.
    3. Free monthly statement, twice a month
    4. No charges on folio
    5. Baroda cash management system (BCMS)
    6. Sweep facility
    7. Unlimited cheque book

    Refer to this link for more information.

  • What is the eligibility for opening a Baroda scale up current account?

    The entity should be working towards innovation, scale, development or upgradation of processes, services or a scalable business model. They could also deploy a plan to generate wealth and employment besides improving or innovating the services.

    Note: As being a private limited company (as defined in the Companies Act, 2013) or a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008). Turnover as per the last ABS should be more than Rs. 25 crores.

  • What is the minimum balance for a scale up current account?

    The minimum quarterly average balance (QAB) for a scale up current account is Rs 2,50,000.

    Whereas the charges for non-maintenance of min balance are Rs.1000 +GST. However, for the 1st year, these non-maintenance charges are waived by the bank.

  • What is auto reverse sweep facility?

    Whenever you require money from your current account that is more than your threshold limit, the required amount will be transferred back to your current account from your FD account. This is auto reverse sweep facility.

  • Is auto sweep available in Baroda scale up current account?

    Yes, Auto sweep is available in Baroda scale up current account holders.

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