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Save now for a stress-free retirement.

Open bob Pensioners Savings Bank Account and get attractive benefits

bob Pensioners Savings Bank Account

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

Bank of Baroda gives pensioners savings a seamless look. Open a bob Pensioners Savings Bank Account with as little as Rs. 5 and avail OD facility on your Bank of Baroda’s Pension Account upto a maximum of 2 months pension amount (net credit to SB a/c last month). Open a pension account online at Bank of Baroda for your righteous savings today!

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

bob Pensioners Savings Bank Account : Benefits

bob Pensioners Savings Bank Account : Eligibility

The eligibility criteria for the bob Pensioners Savings Bank Account are mentioned below:

  • All individuals who have retired on Superannuation / retired due to VRS from any Central Govt Department/ State Govt. Department/Local Bodies/PSU and eligible for pension can open the Pension Account under the Scheme.
  • Retired Defence Services Personnel are eligible irrespective of their age.

bob Pensioners Savings Bank Account : 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 Pensioners Savings Bank Account : Interest rates & charges

For Interest Rates & Charges please “Click Here”

bob Pensioners Savings Bank Account : Most Important Terms and Conditions (MITC)

Transactions that are savings oriented in nature are permitted. Commercial transactions are non-allowable transactions. If non-allowable transactions are noticed then the Bank may close the account with prior notice/intimation citing reasons thereof.

Minimum Balance Requirement
  • Nil
Charges for non-maintenance of minimum balance
  • Nil
Nomination Facility
  • Available
Cash Deposit
  • For Rs. 5 lakhs and above, PAN card must be submitted as per the requirement of Income Tax.
At Cash Machines
  • Cash deposit with debit card up to Rs. 2 lakhs per day is allowed if the PAN is registered and, Rs. 49,999/- if the PAN is not registered to your account.
  • Cardless transaction (by feeding account number) is allowed up to Rs. 20,000/- per day.
  • Fake note, suspicious note is impounded and receipt is given to the customer. Torne/mutilated/taped notes are not accepted by these machines.
Cash Withdrawal
  • Maximum of Rs. 50,000 per day withdrawal allowed to the account holder only at outstation branches.
  • Third-party cash payment at local non-base branches and outstation branches is totally restricted.
Withdrawal(s) & use of Withdrawal Form (Slip)
  • Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against the withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25,000 (Minimum Rs. 25 in Rural/SU and Rs. 50 in metro/urban).
Passbook and Statement of Account
  • Free passbook.
  • 100 per duplicate passbook/statement with latest balance only.
SMS Alerts and Charges
  • Charges Rs. 15 + GST per quarter are levied.
Registration and Execution of Standing Instructions
  • No charge within the Bank.
  • 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.
Transfer of Account/Scheme
  • Upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/scheme free of charge.
ATM/Debit Card/Credit Card and Charges
  • Free debit card for the first year then Std. charges per annum will be levied.
Overdraft facility in Savings Bank A/c
  • Up to a maximum of 2 months pension amount (Net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.
Closure of Account and Charges
  • All the authorised signatories of the account will give in writing with his/her/their intention to close the account. The relative passbook, debit card and unused leaves should be surrendered along with the letter requesting closure.
  • In case of pre-mature closure of the account, no charges will be levied if the account is closed within 14 days of first customer induced credit into the account. However, Rs. 200 is levied if the account is closed beyond 14 days but within 1 year of the first customer induced transaction. However, in case of death of the account holder, no charges will be levied.
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
  • If there are no customer-induced transactions in the savings accounts for over a period of two years. Interest is continued to be applied in all eligible Savings Bank accounts. No charges are levied for the in-operation of accounts.
  • Activation/closure of dormant/inoperative accounts will be done after submission of necessary KYC documents, photo, 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 the 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 a 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 in application form are available separately.
  • The Bank will notify 30 days in advance, of any change in terms and conditions/fees and charges on its website.
  • All deposits to the extent of Rs. 5 lakhs per depositor of our bank (except deposits of Central/State/Foreign Governments and commercial banks) are covered under the Deposit Insurance & Credit Guarantee Corporation (DICGC).

Need Assistance?

Frequently Asked Questions (FAQs)

  • How do I open a pension saving bank account?

    The following is a list of the requirements for opening a bob Pensioners Savings Bank Account:

    • All individuals who have retired on superannuation/retired due to VRS from any Central Govt Department/State Govt. Department/Local Bodies/PSU and eligible for pension can open the Pension Savings Account under the Scheme.
    • Retired Defence Services Personnel are eligible irrespective of their age for Bank of Baroda pension account.
  • Can we use Baroda pension account as savings account?

    Yes. Pensioners can definitely use bob Pensioners Savings Bank Account as a savings account as these accounts have similar benefits.

  • Can pensioner get ATM card?

    Yes. For the first year, all pensioners will receive free debit cards; after that, standard fees per year will be charged in accordance with pension account regulations.

  • Is pension account a zero balance account?

    No, the account must be opened with minimum balance of Rs. 5.

  • What are the benefits of Baroda Pension Account?

    The Bank of Baroda NPS account has the following advantages:

    • A balance of just Rs. 5 is required to open it.
    • The pension account can then be kept with a zero balance.
    • It is possible to overdraw.
    • There is a free cheque book with no limits.
  • What is pension account number?

    Pension account number is the pension account created against the documents submitted by the pensioner.

  • How do I get my pension saving account statement online?

    Online statements for pension accounts are accessible via the mobile app or Internet Banking.

  • Do we get interest on our pension?

    A saving account is equal to Bank of Baroda Pension. As a result, you will receive interest that is applicable to any standard savings account. The Bank of Baroda NPS account offers the same interest rate as a standard savings account. For the most recent rates offered for bank-based pension accounts, please visit our website's Interest Rates section.

  • What is interest rate for bob Pensioners Savings Bank Account?

    The Bank of Baroda pension account's interest rate is the same as that for regular savings accounts. For the most recent rates available, please visit our website's “Interest” rates section.

  • What is the minimum account balance required to be maintained for bob Pensioners Savings Bank Account?

    There is no such minimum balance required as per the bank’s guidelines.

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