What are SHG accounts?

Small, underprivileged communities of people form Self Help Groups (SHGs). An SHGs members deal with similar issues. They assist one another in resolving their issues. SHGs encourage members to make modest financial savings. The savings are kept with the bank. A self-help group, or SHG for short, is

How do I open a SHG bank account?

Self Help Groups, including women SHGs, can open account subject to submission of resolution and list of members of the SHG.

Who can open SHG account?

Women from impoverished communities can be a part or head an SHG.

How does SHG become eligible to take loan from bank?

The SHGs must have been operating for at least six months according to their books of accounts and not from the date that their S/B accounts were opened in order to qualify for loans.They should be practise “PANCHSUTRAS” i.e., regular meetings, regular savings, regular inter loaning, timely

Saving is good. Saving smartly is even better.

Choose from our wide range of Baroda Savings Accounts

bob SB Self Help Group

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

Bank of Baroda offers Self Help Group (SHG), an account opening facility for self help groups. These can be opened by SB Self Help Group General and SB Self Help Group - Women Empowerment. With OD facility of upto Rs. 3 lakhs and a minimum balance of Rs. 1000, opening an SHG account ensures independent savings and benefits for all the groups.

Apply Online

Features
Eligibility
Documents Required
Most Important Terms and Conditions (MITC)

bob SB Self Help Group : Features

Sr. No.	Parameter	Details of BARODA SB SELF HELP GROUP
1	Mode of Operation	Jointly as per resolution.
2	Minimum balance	Rs.1,000/- (QAB)
3	Maximum Amount	There is no ceiling on the amount deposited / held in the account.
4	Non- maintenance charges	Branch Category	With Cheque Book	Without Cheque Book
		Metro/Urban	1000	500
		Rural /Semi Urban	500	0
5	Debit Card Variant & Annual Fee	Not Applicable
6	Cheque book	Non -Personalized Cheques - (30 leaves per calendar year not chargeable) Beyond that Rs.3.00 per leaf. *Total 30 leaves will be free for financial year for personalized and non-personalized cheque book
7	Value Added SMS alert facility	Chargeable as per Bank’s extent guidelines.
8	Auto sweep facility	Not Available
9	Overdraft Facility	Available
		• Limit up to Rs.3.00 Lacs: As applicable to Agriculture/Other Priority Sector Advances, as the case may be, presently One year MCLR+ Strategic premium+ 0.50%
		• Limit above Rs.3.00 Lacs: One year MCLR+ Strategic premium+ 1.00%
10	Internet Banking/ Mobile Banking	Not Available
11	Collection of outstation cheque	Available
12	Nomination facility	Not Applicable
13	Convertibility of existing accounts	Not Permissible
14	Pre- closure charges	• If an account is closed after 14 days or before 1 year of first customer induced credit transaction in the account, a service charge of Rs.200/- plus GST will be levied. • SHG account is to be closed on receipt of written request with resolution. • Staff to verify that there is no outstanding amount in the name of SHG.

bob SB Self Help Group : Eligibility

Self Help Groups including Women SHGs subject to submission of resolution and list of members of the SHG.

bob SB Self Help Group : 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

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 SB Self Help Group : Most Important Terms and Conditions (MITC)

Interest Calculation and Frequency

Interest for the period February to April will be credited in May, Interest for May to July will be credited in August, interest for August to October will be credited in November and interest for November to January will be credited in February every year.

Dormant/Inoperative Account:

Account becomes inoperative/dormant if there are no customer induced transactions in Savings Account for over a period of two years. Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for in-operation of accounts.
Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, and fresh specimen signature subject to satisfaction of the Bank.
All accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer such deposits will be returned subject to conditions.

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 commitment to customers and grievance redressal policy are available at the branches.
MITCs OF ATM/DEBIT Card, Mobile Banking, Net-Banking in Application Forms are available separately.
The Bank will notify, 30 days in advance, any change in terms and conditions/interest rates & 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 up to Rs. 5,00,000 (Rs. 5 lakhs).

Need Assistance?

Toll Free Number (Domestic):
1800 5700 1800 5000
Toll Free Number
For Domestic Customers
Calling From Abroad (24X7):
+91 79-66296009
Locate Our Branch
Find Our BC Agent

What are SHG accounts?

Small, underprivileged communities of people form Self Help Groups (SHGs). An SHGs members deal with similar issues. They assist one another in resolving their issues. SHGs encourage members to make modest financial savings. The savings are kept with the bank.

A self-help group, or SHG for short, is a committee of 12 to 25 local women between the ages of 18 and 50 who act as financial intermediaries.
How do I open a SHG bank account?

Self Help Groups, including women SHGs, can open account subject to submission of resolution and list of members of the SHG.
Who can open SHG account?

Women from impoverished communities can be a part or head an SHG.
How does SHG become eligible to take loan from bank?

The SHGs must have been operating for at least six months according to their books of accounts and not from the date that their S/B accounts were opened in order to qualify for loans.

They should be practise “PANCHSUTRAS” i.e., regular meetings, regular savings, regular inter loaning, timely repayment, and up-to date books of accounts.