Current Account Schemes Overview

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Questions and Answers

What is the Monthly Average Balance (MAB) required for the BOB Rhodium Current Account?

  • ₹ 10.00 Lakh
  • ₹ 2.00 Lakh
  • ₹ 25.00 Lakh (correct)
  • ₹ 50.00 Lakh

Which current account scheme is best suited for extremely large businesses with high transactional requirements?

  • BOB Diamond Current Account (correct)
  • BOB Rhodium Current Account
  • BOB Advantage Current Account
  • BOB Gold Current Account

What is the free Anywhere Cash Deposit Limit for the BOB Diamond Current Account?

  • ₹ 250.00 Lakh
  • ₹ 100.00 Lakh
  • ₹ 50.00 Lakh
  • ₹ 500.00 Lakh (correct)

What is the minimum transaction required to maintain the zero monthly rental for POS in the BOB Rhodium Current Account?

<p>₹ 2.00 Lakh (A)</p> Signup and view all the answers

What feature is available in the BOB Advantage Current Account regarding overdrafts?

<p>Collateral free overdraft up to ₹ 25 Lakh (C)</p> Signup and view all the answers

What is the free Anywhere Cash Deposit Limit for the BOB Advantage Current Account?

<p>Up to 500 notes per day (C)</p> Signup and view all the answers

What multiples does the sweep facility apply to in the BOB Rhodium Current Account?

<p>₹ 1,00,000 (C)</p> Signup and view all the answers

Which of the following features is common to all mentioned current account schemes?

<p>Unlimited Cheque Book (C)</p> Signup and view all the answers

What is the required Quarterly Average Balance (QAB) for the BOB Premium Current Account?

<p>₹ 75,000 (A)</p> Signup and view all the answers

What is the maximum daily cash deposit limit for the account?

<p>₹ 7.50 Lakh (D)</p> Signup and view all the answers

What is the penal interest rate applicable for premature payment of Callable Term Deposits?

<p>2.00% (B)</p> Signup and view all the answers

Which of the following services is free and offered with the BOB Premium Current Account?

<p>Soundbox QR (D)</p> Signup and view all the answers

What is the minimum monthly transaction requirement for the free POS service?

<p>₹ 2.00 Lakh (D)</p> Signup and view all the answers

At what amount does the Sweep facility become available in the BOB Premium Current Account?

<p>Above ₹ 5,00,000 (B)</p> Signup and view all the answers

What is the maximum collateral-free Overdraft amount available with the BOB Premium Current Account?

<p>₹ 25.00 Lakh (D)</p> Signup and view all the answers

Which scheme's upper cap limits were removed for NRI Customers according to recent updates?

<p>Baroda Advantage Fixed Deposit (D)</p> Signup and view all the answers

What is the optimal transaction requirement to avoid monthly rentals for the POS service?

<p>₹ 1,00,000 (C)</p> Signup and view all the answers

What is the penal interest applicable for premature withdrawal of Callable Term Deposits?

<p>2.00% (B)</p> Signup and view all the answers

What is the maximum free Anywhere Cash Deposit Limit for the BOB Advantage Current Account?

<p>Up to 1,000 notes per day (B)</p> Signup and view all the answers

The BOB Diamond Current Account has a Monthly Average Balance (MAB) requirement of ₹. 50.00 Lakh.

<p>True (A)</p> Signup and view all the answers

What is the collateral-free Overdraft amount available for the BOB Rhodium Current Account?

<p>₹. 25.00 Lakh</p> Signup and view all the answers

The sweep facility is available above Rs. ______ in multiples of Rs. 1,00,000 for the BOB Diamond Current Account.

<p>1,00,00,000</p> Signup and view all the answers

Match the following current account schemes with their specific features:

<p>BOB Advantage Current Account = Quarterly Average Balance of ₹ 2,000 for Rural BOB Rhodium Current Account = Free Anywhere Cash Deposit Limit of ₹ 250.00 Lakh BOB Diamond Current Account = Free Anywhere Cash Deposit Limit of ₹ 500.00 Lakh BOB Premium Current Account = Free RTGS/NEFT/IPMS &amp; Unlimited Cheque Book</p> Signup and view all the answers

Which account requires a Minimum Average Balance (MAB) of ₹ 25.00 Lakh?

<p>BOB Rhodium Current Account (B)</p> Signup and view all the answers

Free RTGS/NEFT/IPMS services are provided with all mentioned current account schemes.

<p>True (A)</p> Signup and view all the answers

What is the maximum cash deposit limit per day for the BOB Rhodium Current Account?

<p>₹ 250.00 Lakh</p> Signup and view all the answers

What is the Quarterly Average Balance (QAB) required for the BOB Premium Current Account?

<p>₹ 75,000 (A)</p> Signup and view all the answers

The BOB Premium Current Account allows a free Anywhere Cash Deposit Limit of ₹ 10 Lakh per day.

<p>False (B)</p> Signup and view all the answers

The maximum collateral-free Overdraft available with the BOB Premium Current Account is ₹ _________.

<p>25.00 Lakh</p> Signup and view all the answers

Match the following features with their specific requirements:

<p>Free Soundbox QR = Monthly minimum transaction of ₹ 2.00 Lakh Free POS = Monthly minimum transaction of ₹ 1.00 Lakh Sweep facility = Available above ₹ 5,00,000 Penalty for premature withdrawal = 2.00% penal interest on callable deposits</p> Signup and view all the answers

What is the free deposit limit for cash transactions in the BOB Premium Current Account?

<p>₹ 7.50 Lakh (C)</p> Signup and view all the answers

The penalty for premature withdrawal of deposits is not applicable for deceased claim settlement.

<p>True (A)</p> Signup and view all the answers

The upper cap for Baroda Advantage Fixed Deposit (Non-Callable) for NRI Customers was removed from the existing limit of ₹ _________.

<p>2.00 Crore</p> Signup and view all the answers

What is the minimum transaction required to maintain zero monthly rental for POS in the BOB Premium Current Account?

<p>₹ 1.00 Lakh (C)</p> Signup and view all the answers

Flashcards

BOB Advantage Current Account (CA101)

A current account scheme best suited for small businesses with minimal transactions. Requires a Quarterly Average Balance (QAB) based on location.

QAB for Rural Branches

The required quarterly average balance for rural branches of BOB Advantage Current Account is ₹ 2,000.

QAB for Semi-Urban Branches

The quarterly average balance required for semi-urban branches in BOB Advantage Current Account scheme is ₹ 5,000

QAB for Urban/Metro Branches

The quarterly average balance needed for urban and metro branches in BOB Advantage Current Account is ₹ 10,000.

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BOB Rhodium Current Account (CA145)

A current account designed for large businesses with high transaction volume, requiring a Monthly Average Balance (MAB) of ₹ 25 Lakh.

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BOB Diamond Current Account (CA146)

A current account scheme for extremely large businesses with high transactional needs, requiring a Monthly Average Balance (MAB) of ₹ 50 Lakh.

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Free Anywhere Cash Deposit Limit (CA145)

Maximum daily cash deposit allowed for the Rhodium account, limited to 10 times the Monthly Average Balance (MAB).

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Free Anywhere Cash Deposit Limit (CA146)

Maximum daily cash deposit allowed for the Diamond account, limited to 10 times the Monthly Average Balance (MAB).

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BOB Premium Current Account

A bank account designed for small businesses with typical transaction needs.

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Quarterly Average Balance (QAB)

The average balance in a bank account over a three-month period.

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Free Anywhere Cash Deposit Limit

Maximum amount that can be deposited into the account daily from any location without fees.

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Sweep Facility

Automatically transferring funds above a certain threshold to a higher-yielding account or investment.

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Soundbox QR

A free mobile payment feature for enhanced transaction security.

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POS (Point of Sale)

A physical device for processing payments in a brick-and-mortar store.

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Collateral-Free Overdraft

A loan allowing a business to overdraw its account up to a certain credit limit.

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Penal Interest (Premature Withdrawal)

Extra interest charged if a deposit is withdrawn before the agreed-upon date.

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Non-Callable Term Deposit

A deposit with a fixed term and cannot be withdrawn early without penalty.

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Upper Cap Limit (Term Deposit)

The maximum amount allowed for a certain type of term deposit.

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BOB Advantage Current Account

A current account designed for small businesses with low transaction volume, requiring a Quarterly Average Balance (QAB) based on location.

Signup and view all the flashcards

BOB Rhodium Current Account

A current account for large businesses with high transactional requirements, requiring a Monthly Average Balance (MAB) of ₹ 25 Lakh.

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BOB Diamond Current Account

A current account designed for extremely large businesses with very high transactional needs, requiring a Monthly Average Balance (MAB) of ₹ 50 Lakh.

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Study Notes

Current Account Schemes

  • BOB ADVANTAGE CURRENT ACCOUNT (CA101): Designed for small businesses with minimal transactions. Requires a quarterly average balance (QAB) of ₹2,000 (rural), ₹5,000 (semi-urban), or ₹10,000 (urban/metro). Allows a daily cash deposit limit of up to 1,000 notes. Includes one Soundbox QR. Offers overdraft up to ₹25 lakh.

  • BOB PREMIUM CURRENT ACCOUNT (CA108): Suitable for small businesses with moderate transaction needs. Requires a QAB of ₹75,000. Daily cash deposit limit up to ₹7.50 lakh (subject to 10x MAB). Includes sweep facility above ₹5,00,000 in multiples of ₹25,000, and reverse sweep in similar increments. Includes 5 Soundbox QRs and 1 POS (with minimum transaction requirements). Offers overdraft up to ₹25 lakh.

  • BOB RHODIUM CURRENT ACCOUNT (CA145): Best for large businesses with high transactional volume. Requires a monthly average balance (MAB) of ₹25 lakh. Allows daily cash deposits up to ₹250 lakh (subject to 10x MAB). Includes unlimited RTGS/NEFT/IPMS and a cheque book. Includes sweep facility above ₹50 lakh in ₹1 lakh increments and reverse sweep. Includes 30 Soundbox QRs and 8 POS (with minimum transaction requirements). Offers overdraft up to ₹25 lakh.

  • BOB DIAMOND CURRENT ACCOUNT SCHEME (CA146): Tailored for extremely large businesses with high transactional demands. Requires an MAB of ₹50 lakh. Allows daily cash deposits up to ₹500 lakh (subject to 10x MAB). Features unlimited RTGS/NEFT/IPMS and a cheque book. Includes sweep facility above ₹1 crore in ₹1 lakh increments. Includes 50 Soundbox QRs and 10 POS (with minimum transaction requirements). Offers overdraft up to ₹25 lakh.

Transaction & Account Features

  • Free Anywhere Cash Deposit: Limits vary by account type, ranging from 1,000 notes per day to ₹500 lakh per day. All are subject to 10 times the Monthly Average Balance.
  • Free RTGS/NEFT/IPMS: Included in all account types listed.
  • Unlimited Cheque Books: Included in all account types listed.
  • Sweep Facility: Available above specified thresholds (₹20,00,000, ₹50,00,000, ₹1,00,00,000) in ₹1,00,000 increments (in some cases, higher by ₹25,000 increments).
  • Soundbox QR & POS: Number of each varies by account type (1 to 50 QRs), and both come with monthly minimum transaction requirements (₹2,00,000 & ₹1,00,000 for QRs and POS, respectively).
  • Zero Intersol Transaction Charges: Common to all listed accounts.
  • Collateral-Free Overdraft: Available for all account types up to ₹25 lakh in some cases.
  • Penal Interest: For premature withdrawals of non-callable term deposits, a 2% penalty will be applied to the callable deposit rate.

Term Deposit Changes (Removal of Upper Cap Limit)

  • Baroda Advantage Fixed Deposit (Non-Callable) upper cap limits for NRI customers (RIRD/MIP/QIP Scheme) have been removed.
  • This change for NRE/NRO customers took effect September 5.

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