Super Savings A/C From Bob

Bank of Baroda (BoB) has identified 12 branches in the state to offer its new product " Super Savings Account", which has been formally launched today at 400 branches across the country.

The Super Savings Account, in which a depositor has to maintain a minimum balance of Rs 15,000 throughout the tenure of the acconut, will offer a range of benefits that include free demand drafts/bankers cheques, free collection of outstation cheques, immediate credit of outstation cheques upto Rs 25,000 and free crdit card with a personal accident insurance of Rs 2.5 lakh.

"The new product has auto/reverse sweep facility wherein any balance exceeding the minium balance will be automatically transferred to short deposit account and in case funds are required in the account to pass a cheque, reverse sweep will take automatically", Ashok Shivale, the assistant general manager (Andhra Pradesh region), said while launching the product here.

 

He said that interest would be credited to the account on quarterly basis, as against the normal practice of half-yearly basis.

"Hyderabad will be one of the focussed market for the new product. We have designated 8 branches in the city to offer the facility", Shivale added.

The Andhra Pradesh region of the bank has 73 branches with a deposit base of Rs 1,150 crore. The bank plans to open 11 ATMs across Hyderabad, Visakhapatnam and Vijayawada by the bonth-end.

The bank as part of its customor-centric business starategy has launched 12 types of lending products in the recent past, Shivale said.