Bank Of Baroda Quarterly Average Balance (QAB)

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Bank of Baroda (BOB), one of India’s leading public sector banks, maintains a Quarterly Average Balance (QAB) requirement for certain types of savings accounts.

This requirement ensures that account holders maintain a minimum balance in their accounts throughout the quarter to enjoy the full benefits of the account.

Understanding the QAB requirements is crucial for managing your BOB savings account effectively.

What is the Bank of Baroda Quarterly Average Balance?

The Bank of Baroda QAB is the average balance you must maintain in your savings account over a specific quarter, typically three months.

This average is calculated by adding up the closing balances of your account for each day of the quarter and dividing the total by the number of days in the quarter.

QAB requirements for different types of Bank of Baroda savings accounts

The QAB requirements vary depending on the type of BOB savings account you hold. Here’s a summary of the QAB requirements for some common BOB savings accounts:

  • Baroda Savings Account:
    • Rural branches: Rs. 500
    • Semi-urban branches: Rs. 1,000
    • Urban/Metro branches: Rs. 2,000
  • Baroda Junior Savings Account:
    • All branches: Rs. 250
  • Baroda Advantage Savings Account:
    • Rural branches: Rs. 500
    • Semi-urban branches: Rs. 1,000
    • Urban/Metro branches: Rs. 2,000

What happens if I don’t maintain the minimum QAB?

If you fail to maintain the minimum QAB in your account, you will be charged a penalty fee. The penalty fee amount varies depending on the account type and the branch location.

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For instance, in urban/metro branches, the penalty fee for not maintaining the QAB in a Baroda Advantage Savings Account is Rs. 100 per month.

How to avoid QAB charges

To avoid QAB charges, ensure that your account balance remains above the minimum QAB throughout the quarter.

You can do this by regularly depositing funds into your account and making withdrawals only when necessary.

If you anticipate large withdrawals, you can make temporary deposits to maintain the QAB.

Understanding the Bank of Baroda QAB requirements is essential for managing your savings account effectively and avoiding unnecessary penalty fees.

By planning your transactions carefully and maintaining the minimum QAB, you can enjoy the full benefits of your BOB savings account without any hassles.

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