Bank of Baroda doubles minimum balance limit for savings account
6 years, 2 months ago

Bank of Baroda doubles minimum balance limit for savings account

Live Mint  

New Delhi: Bank of Baroda will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. The minimum quarterly average balance for BoB advantage savings accounts for urban and metro branches will be increased from ₹ 1,000 to ₹ 2,000 from 1 February 2019 and for semi-urban branches, the minimum balance will be ₹ 1,000. If a customer fails to maintain the minimum quarterly average balance in BoB advantage savings account, then the individual will be fined according to the prescribed slabs by the bank.

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History of this topic

Bank of Baroda Launches Independence Day Special FD Scheme; Check Interest Rates Here
2 years, 7 months ago

Bank of Baroda Launches Independence Day Special FD Scheme; Check Interest Rates Here

News 18  

Bank of Baroda Special FD: To mark 75 years of India’s independence, several banks have been launching special schemes. Under this, the Bank of Baroda will offer two tenor buckets of 444 days and 555 days, where investors will get up to 6 per cent interest rates. “The Baroda Tiranga Deposits are available in two tenor buckets – offering interest …

Bank savings accounts: No minimum balance charges for three months
5 years ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

SBI waives minimum balance charges on all savings bank accounts
5 years ago

SBI waives minimum balance charges on all savings bank accounts

Live Mint  

India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. India's biggest bank has also rationalised interest rate on savings bank account …

Vijaya Bank, Dena bank removed from second schedule of RBI Act
5 years, 3 months ago

Vijaya Bank, Dena bank removed from second schedule of RBI Act

India TV News  

The Reserve Bank of India on Thursday said it has excluded Vijaya Bank and Dena Bank from the second schedule of the RBI Act, with effect from April 1, 2019. "Vijaya Bank and Dena Bank have been excluded from the second schedule to the Reserve Bank of India Act, 1934 with effect from April 1, 2019, since they have ceased …

Bank of Baroda plans ₹10,675 crore fresh exposure to shadow banks
5 years, 6 months ago

Bank of Baroda plans ₹10,675 crore fresh exposure to shadow banks

Live Mint  

Mumbai: Public sector lender Bank of Baroda plans additional exposure of ₹10,675 crore to non-banking financial companies in the second quarter of FY20. BoB is looking to purchase NBFC assets worth ₹5,600 crore, co-originate loans of ₹1,000 crore, provide loans of ₹3,575 crore for on-lending to the agri sector and has set aside ₹500 crore for “high-ticket balance sheet takeover”, …

Bank of Baroda posts Rs 710 cr net income in first earnings since merger with Dena, Vijaya Bank
5 years, 8 months ago

Bank of Baroda posts Rs 710 cr net income in first earnings since merger with Dena, Vijaya Bank

Firstpost  

The lender is looking at raising Rs 6,000 crore, which includes Rs 4,500 crore from tier 1 bonds and Rs 1,500 crore from employees stock purchase scheme in the near-term Mumbai: The second-largest state-owned lender Bank of Baroda, which had a forced merger of two smaller peers during the quarter, on Thursday reported a net income of Rs 710 crore …

Bank of Baroda ramping up digital operations
5 years, 9 months ago

Bank of Baroda ramping up digital operations

Live Mint  

Bank of Baroda is looking to beef up its digital banking initiatives as it expands business in a competitive market. This is in line with the bank’s efforts at deploying technological solutions for business growth and increasing digital footprint. According to the bank’s annual report for 2018-19, the bank has launched a strategy of “bank-in-a-box” that would enable digitally savvy …

Merger impact: Bank of Baroda looks to rationalise 800-900 branches
5 years, 10 months ago

Merger impact: Bank of Baroda looks to rationalise 800-900 branches

Live Mint  

State-owned Bank of Baroda is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank. It does not make sense to have branches of Dena and Vijaya at the same location when both have been merged into BoB, a senior bank official said. After comprehensive review, BoB …

Bank of Baroda expects to complete integration of Dena Bank, Vijaya Bank in two years
5 years, 11 months ago

Bank of Baroda expects to complete integration of Dena Bank, Vijaya Bank in two years

Live Mint  

State-owned Bank of Baroda is likely to complete the process of merger of Dena Bank and Vijaya Bank with it in two years, said a senior official of BoB. As far as capital is concerned, the official said, the government has infused ₹5,042 crore in the bank taking care of additional expenses and maintaining minimum regulatory capital requirement. BoB, the …

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 11 months ago

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained

Live Mint  

New Delhi: Regular savings accounts require customers to maintain a minimum average balance. State Bank of India, Bank of Baroda and other leading banks have fixed their monthly minimum average balance requirements according to the location of a customer's account. Here are the MAB requirements and penalty charges levied for non-maintenance of balance by SBI, and Bank of Baroda : …

Bank of Baroda is now third largest lender as Dena, Vijaya Bank merger take effect from 1 April
5 years, 11 months ago

Bank of Baroda is now third largest lender as Dena, Vijaya Bank merger take effect from 1 April

Firstpost  

State-run Bank of Baroda is catapulting itself for a larger play in the system with the merger of Dena Bank and Vijaya Bank with itself from Monday. Mumbai: State-run Bank of Baroda is catapulting itself for a larger play in the system with the merger of Dena Bank and Vijaya Bank with itself from Monday. “We are extremely pleased that …

Vijaya-Dena bank merger with Bank of Baroda comes into effect from today
5 years, 11 months ago

Vijaya-Dena bank merger with Bank of Baroda comes into effect from today

India TV News  

All branches of Vijaya Bank and Dena Bank will function as branches of the Bank of Baroda as the amalgamation of the former two banks comes into effect from Monday. The merger of Vijaya Bank and Dena Bank with BoB was approved by the cabinet in January. "Consequently, all branches of Vijaya Bank and Dena Bank will function as branches …

Bank of Baroda is now third largest lender as Dena, Vijaya merger take effect
5 years, 11 months ago

Bank of Baroda is now third largest lender as Dena, Vijaya merger take effect

Live Mint  

State-run Bank of Baroda is catapulting itself for a larger play in the system with the merger of Dena Bank and Vijaya Bank with itself from Monday. The government-forced merger, announced last in September, creates the third largest bank in the country after State Bank of India and HDFC Bank. This is second merger of state-run banks in the recent …

Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 things to know
5 years, 11 months ago

Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 things to know

Live Mint  

Beating private sector lender ICICI Bank, state-run Bank of Baroda has become India's third largest bank after its merger with Dena Bank and Vijaya Bank came into effect today. The merged entity has nearly 9,500 branches as Dena Bank and Vijaya Bank will help BoB increase its reach in the western, southern and north-eastern regions. 5) Based on the third …

Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 things to know
5 years, 11 months ago

Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 things to know

Live Mint  

Beating private sector lender ICICI Bank, state-run Bank of Baroda has become India's third largest bank after its merger with Dena Bank and Vijaya Bank came into effect today. The merged entity has nearly 9,500 branches as Dena Bank and Vijaya Bank will help BoB increase its reach in the western, southern and north-eastern regions. 5) Based on the third …

Branches of Vijaya, Dena Bank to function as Bank of Baroda outlets from Monday: RBI
5 years, 11 months ago

Branches of Vijaya, Dena Bank to function as Bank of Baroda outlets from Monday: RBI

India TV News  

Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said Saturday. "Consequently, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank …

Bank of Baroda to become larger than ICICI Bank from 1 April
6 years, 2 months ago

Bank of Baroda to become larger than ICICI Bank from 1 April

Live Mint  

New Delhi: Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. Based on share swap ratio, the total business of the merged entity will be ₹ 15.4 trillion, only a notch below HDFC Bank but above ICICI …

Cabinet gives nod for merging Dena Bank, Vijaya Bank with Bank of Baroda
6 years, 2 months ago

Cabinet gives nod for merging Dena Bank, Vijaya Bank with Bank of Baroda

India TV News  

The Union Cabinet on Wednesday cleared way and gave its approval to the merger of public sector lenders Dena Bank, Vijaya Bank with Bank of Baroda. The merger will make the "transferee" Bank of Baroda the third largest bank in the country and a "globally competitive entity", Law Minister Ravi Shankar Prasad said at a briefing following the cabinet meeting. …

FinMin's Alternative Mechanism gives nod for BoB, Dena, Vijaya Bank merger
6 years, 3 months ago

FinMin's Alternative Mechanism gives nod for BoB, Dena, Vijaya Bank merger

India TV News  

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank. "Ministry of Finance, Department of Financial Services on 20th December 2018 has advised that the Alternative Mechanism has accorded its in-principle approval to the proposed amalgamation of Bank of Baroda, Vijaya Bank and …

Bank of Baroda shares dip 16%, Dena Bank up by 20% after merger announcement
6 years, 6 months ago

Bank of Baroda shares dip 16%, Dena Bank up by 20% after merger announcement

Hindustan Times  

Shares of Bank of Baroda tumbled 16 per cent, while Dena Bank surged up to 20 per cent on Tuesday following the merger announcement. The government on Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country’s third largest lender as part of efforts to revive credit and economic growth. “The proposed …

Bank of Baroda, Dena, Vijaya Bank's consolidation: New entity to be operational from 1 April, 2019
6 years, 6 months ago

Bank of Baroda, Dena, Vijaya Bank's consolidation: New entity to be operational from 1 April, 2019

Firstpost  

These three state-run banks would work on a strict timeline and necessary regulatory process is expected to be over by the end of 2018-19 New Delhi: The new entity to be formed with the merger of Bank of Baroda, Vijaya Bank and Dena Bank will be operational in the beginning of the next financial year, sources said. These three state-run …

Bank of Baroda, Dena, Vijaya merger: How NPA-ridden Dena Bank just got an unofficial bailout package
6 years, 6 months ago

Bank of Baroda, Dena, Vijaya merger: How NPA-ridden Dena Bank just got an unofficial bailout package

Firstpost  

The Narendra Modi government’s decision to merge three State-run banks — Bank of Baroda, Vijaya Bank and Dena Bank — isn’t an unexpected one, given that this consolidation is an idea that has been discussed for a long time The Narendra Modi government’s decision to merge three State-run banks — Bank of Baroda, Vijaya Bank and Dena Bank — isn’t …

Dena Bank shares surge, Vijaya Bank, Bank of Baroda tank on merger news
6 years, 6 months ago

Dena Bank shares surge, Vijaya Bank, Bank of Baroda tank on merger news

Live Mint  

Mumbai: State-run banks lost nearly $3.55 billion in market value on Tuesday after the government announced plans to combine two relatively healthier big banks with a weaker one. “The merger of two strong banks with a weak bank seems like a bailout package for Dena Bank, keeping aside strong bank’s minority shareholder’s interest,” said PhillipCapital in a note to its …

Merger of Bank of Baroda, Dena, Vijaya Bank set to take 4-6 months: BoB CEO
6 years, 6 months ago

Merger of Bank of Baroda, Dena, Vijaya Bank set to take 4-6 months: BoB CEO

Live Mint  

New Delhi: The amalgamation of Bank of Baroda, Dena Bank and Vijaya Bank could take between 4-6 months, Bank of Baroda Managing Director and Chief Executive Officer P.S. The government on Monday advised the boards of the three banks to consider a proposal for merger, creating India’s third largest bank with a total business of more than ₹ 14.82 trillion. …

Bank of Baroda, Dena Bank, Vijaya Bank to be merged, create India’s third largest bank
6 years, 6 months ago

Bank of Baroda, Dena Bank, Vijaya Bank to be merged, create India’s third largest bank

Hindustan Times  

The government plans to merge three state-run banks, Bank of Baroda, Dena Bank and Vijaya Bank, the financial services secretary said on Monday, as part of efforts to clean up the country’s banking system. The government will continue to provide capital support to the merged bank, expected to be India’s third largest, said Rajeev Kumar at a press conference in …

Govt proposes merger of Bank of Baroda, Dena and Vijaya Bank
6 years, 6 months ago

Govt proposes merger of Bank of Baroda, Dena and Vijaya Bank

Live Mint  

New Delhi/Mumbai The government’s decision on Monday to merge three banks it owns—Bank of Baroda, Dena Bank and Vijaya Bank—is expected to reduce the amount of capital it needs to pump into these lenders and help clean their balance sheets. The merged entity, comprising two relatively stronger banks and a weak one, will be the third-largest lender in India after …

SBI clarifies on minimum balance charges, claims lowest in industry
6 years, 7 months ago

SBI clarifies on minimum balance charges, claims lowest in industry

Live Mint  

New Delhi: India’s biggest bank State Bank of India or SBI has said that its charges or penalty for not maintaining the average monthly balance in savings bank accounts is among the lowest in the industry. In a tweet, SBI said: “With reference to recent news reports, the bank would like to reiterate that effective April 2018, the average monthly …

SBI hints at revising downwards minimum balance amount, penalty in savings accounts
7 years, 2 months ago

SBI hints at revising downwards minimum balance amount, penalty in savings accounts

India TV News  

SBI hints at revising downwards minimum balance amount, penalty in savings accounts As a result, between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, which is more than its second quarter profit, as penalties from customers for non-maintenance of MAB, a finance ministry data. Facing all-round criticism for raking in a windfall profit of …

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works
7 years, 5 months ago

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works

Live Mint  

New Delhi: The State Bank of India on Monday lowered the minimum average monthly balance requirement in a savings account to ₹ 3,000 from ₹ 5,000 and also revised downwards penalties for non-adherence. Here is a five-point guide for customers to understand what the country’s largest lender reducing minimum average monthly balance requirements means for them: ■ The public sector …

News in Numbers: SBI minimum account balance lowered to Rs3000
7 years, 5 months ago

News in Numbers: SBI minimum account balance lowered to Rs3000

Live Mint  

The revised minimum account balance to be maintained by customers of State Bank of India in metro areas. The overall collection efficiency, the percentage of monthly receipts out of total loans, in the microfinance sector in July 2017, according to ratings firm ICRA Ltd. Why is it important? Tell me more: To provide some perspective, 1 petabyte can store about …

State Bank of India reduces penalty for non-maintenance of minimum balance
7 years, 6 months ago

State Bank of India reduces penalty for non-maintenance of minimum balance

Firstpost  

The penalty revision is likely to benefit 5 crore account holders, SBI said Mumbai: The State Bank of India on Monday lowered the penalty on savings accounts for non-maintenance of minimum balance while exempting the accounts of minors and pensioners. The largest public sector bank had levied penalty for not maintaining minimum balance in its savings accounts starting 1 April. …

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted
7 years, 6 months ago

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted

India TV News  

State Bank of India on Monday said it has lowered minimum balance requirement for savings account in metro cities to Rs 3,000 from the current Rs 5,000. "The requirement of MAB in metro centres stands reduced to Rs 3,000 For non-maintenance of Monthly Average Balance, the charges have also been revised downward ranging from 20 per cent to 50 per …

SBI shares up 5% as it cuts interest rate on savings account deposits
7 years, 7 months ago

SBI shares up 5% as it cuts interest rate on savings account deposits

Firstpost  

The BSE bank index was trading 1.37 percent higher at 28,405.09 during the late afternoon trade. New Delhi: Shares of State Bank of India went up by nearly 5 percent on Monday after it slashed interest on savings account deposits by 50 basis points to 3.5 percent on balance of up to Rs 1 crore. However, the bank will continue …

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts
8 years ago

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts

Firstpost  

At a time when the accent is on digitisation of payments that is impossible without banking support, the regressive moves of these banking biggies would have the effect of repelling people from the banking habit and retreat to the old habit of piling up cash and paying in cash The state owned State Bank of India rubs shoulders with its …

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty
8 years ago

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty

Firstpost  

The government has told State Bank of India to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits State Bank of India, the country’s largest bank, has decided to increase manifold the minimum balance required for maintaining savings account from 1 April, sparing the Jan Dhan accounts or ‘Basic Savings Bank’ accounts. Savings bank …

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