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Baroda Shule Savings Account
You should start saving for your child with a Baroda Shule Savings Account. It comes with life insurance cover, short-term deposit facility that helps your saving grow, and additionally provides term insurance, and accidental death/disability protection. This account is specifically crafted for children aged 3-18 so that their educational endeavor is managed prudently.
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Benefits
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Features
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Eligibility
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Documentation
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Interest Rates
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Terms & Conditions
- Saving Bank Shule Account will carry interest as applicable for normal Savings Bank deposit.
- FDR will be kept for 9 months and carry interest rate of 5% p.a. Interest will be added to FDR every nine months and renewed for further 9 months automatically.
- In case of premature payment penalty of 1% interest will be charged. i.e. 1% less interest than the applicable rate for the relevant period will be credited to the account.
- One Baroda Shule Account – it is an operative Savings Bank Account. Money can be used for the child.
- One Short Term Account containing SDRs of TZS 100,000/- each linked to Savings Bank Shule Account. Account can be held only in joint name of child / natural parent or guardian.
- However, name of the designated person / s for insurance shall be declared at the time of opening the Account.
- All students in the age group of 3 to 18 years jointly with parents.
- This is suitable for the students of salaried persons, higher and middle income groups who earn regular incomes.
- Filled Account opening form,
- Parents need to submit 2 passport size photo,ID proof and Address proof
- Child need birth certificate .
- Saving Bank Shule Account will carry interest as applicable for normal Savings Bank deposit.
- FDR will be kept for 9 months and carry interest rate of 5% p.a. Interest will be added to FDR every nine months and renewed for further 9 months automatically.
- In case of premature payment penalty of 1% interest will be charged. i.e. 1% less interest than the applicable rate for the relevant period will be credited to the
Minimum and Maximum Amount
| Savings | |
| Minimum amount: | TZS 20,000 |
| Maximum amount: | No limit |
| Deposit will be multiple of TZS 1,000 | |
Short Term Deposit
| Minimum amount: | TZS 100,000 |
| Maximum amount: | No limit |
| Deposit will be in multiple of TZS 100,000 | |
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What is the Baroda Shule Savings Account?
It is a Savings Bank product having linkage to Short Term Deposit Account
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Who is eligible to open a Baroda Shule Savings Account?
All students in the age group of 3 to 18 years jointly with parents
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Can minors open the Baroda Shule Savings Account?
Only minors can open jointly with Parents.
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What documents are required to open a Baroda Shule Savings Account?
Birth Certificate of minor/ NIDA/Passport for minor , NIDA/Passport/Voter Card/Driving Lisc forGuardian ,Adress proof,TIN for Guardian
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What is the minimum balance requirement for the Baroda Shule Savings Account?
No mimum balace, but ac has to be opened with 20000 TZS
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Does the Baroda Shule Savings Account earn interest? If yes, at what rate?
Saving Bank Shule Account will carry interest of 2.5% p.a. i.e. applicable for Savings Bank deposit.
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What are the benefits of opening a Baroda Shule Savings Account for students?
SDR of 100000 each above threshold limit in SB ac will be kept for 9 months and carry interest rate of 5% p.a. Interest will be added to SDR every nine months and renewed for further 9 months automatically.
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Are there any charges or fees associated with Baroda Shule Savings Account?
No
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Is the Baroda Shule Savings Account available at all Bank of Baroda branches in Tanzania?
Available at All branches
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How do I close the Baroda Shule Savings Account if needed?
if Minor has not attined majority, Guardian can close the account , after attaining majority he/she has to give his consent to close.
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How is the Baroda Shule Savings Account different from a regular savings account?
Inbuilt fixed depopist by autosweep with attractive interest .
