Savings Account

• Savings accounts are a flexible and easy-to-operate option for young and seasoned investors alike. As the simplest form of deposit available to customers, savings accounts are among the most popular type of bank deposits.
• Among the many advantages of a savings account are the wide variety of features available to account holders. These benefits of range from multiple withdrawal options to simple terms and conditions.

• As a customer, you can enjoy the many features of a savings account free of cost or for minimum charges.
• You may also apply for our internet banking on your savings account free of cost. With internet banking, you can access your bank statements and remain up to date with your transactions.
• If subscribed, you will receive monthly password protected e-statement free of cost on e-mail.
• Bank of Baroda pays interest on all savings accounts, the interest of which, is transferred to your savings account every quarter, though it is calculated daily.
• You may need to maintain a certain minimum balance in your savings account, depending on the type of account you hold. The minimum opening balance and the minimum balance requirement for a savings account with cheque book is SCR 500.00 and without cheque book, it is SCR 200.00. There are also charges for non-maintenance of sufficient balance in your savings account.

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

INTEREST CALCULATION AND FREQUENCY

Interest is paid to the account on half yearly basis at the prevailing rate of interest.

WITHDRAWAL(S)& USE OF WITHDRAWAL FORM (SLIP)

Withdrawals will be allowed either by withdrawal forms and by cheques in accounts having cheque book facility.

BANK CARD

All saving bank account holders are issued with a bank card containing account details with photograph free of cost for first time. In case of loss of bank card, customers are requested to inform immediately. Duplicate Bank card can be issued to such customers on payment of applicable charges.

STATEMENT OF ACCOUNT

• Password protected monthly E-statement is sent to all customers with valid e-mail id in Bank’s records
• Duplicate statement is also issued over the counter on chargeable basis.

CHEQUE BOOK

Printed CTS cheque books are issued to eligible accounts on chargeable basis.

REGISTRATION AND EXECUTION OF STANDING INSTRUCTIONS

• No charge within the Bank
• Rs. 20/- per transaction plus applicable remittance charges in case of credits for other bank accounts.
• Rs. 500/- per occasion will be levied for Standing instruction failure because of insufficient fund.

CLOSURE OF ACCOUNT AND CHARGES

• All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative bank card and the unused cheque leaves should be surrendered along with the letter requesting closure.

DORMANT/INOPERATIVE ACCOUNT

• Account becomes inoperative/dormant if there are no customer induced debit 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 inoperation 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 Abandoned properties and will be transferred to Central Bank of Seychelles. Upon receipt of the request from the customer with necessary identity and address proof for proper identification of the customers, such deposits will be refunded to account subject to compliance of other 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).

The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.

MINIMUM ACCOUNT OPENING BALANCE/MINIMUM BALANCE REQUIREMENT.

Saving Bank account with Cheque Book : SCR 500

Saving Bank account without Cheque Book : SCR 200

CHARGES FOR NOT MAINTENANCE OF MINIMUM BALANCE : SCR 50

For scheme specific MITC, please contact the branch.