Money & Banking

Bank of Baroda increases minimum balance amount

Our Bureau Mumbai | Updated on January 09, 2019

Bank of Baroda has doubled the minimum quarterly average balance (QAB) that its ‘Baroda Savings Account’ customers maintain at the bank’s metro, urban, and semi-urban branches.

With effect from February 1, customers of the aforementioned savings account variant at metro and urban branches will need to maintain ₹2,000 minimum QAB. In the case of customers at semi-urban branches, the minimum QAB will be ₹1,000.

There is no change in the minimum QAB requirement of ₹500 for customers having ‘Baroda Savings Account’ with rural branches.

The maximum charges for non-maintenance of minimum QAB are ₹200 for metro and urban branches, and ₹100 for semi-urban branches.

NCDs issued by NBFCs

The doubling of minimum QABs comes at a time when incremental deposit growth is lagging incremental credit growth and non-banking finance companies tapping the market aggressively with non-convertible debentures at attractive interest rates.

Published on January 09, 2019

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