State-run Bank of Baroda in a tweet said, "With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated". The bank for its metro, urban and semi-urban branches has doubled the minimum quarterly average balance requirement for its savings account. For the rural branches, BOB has not brought about any change in the minimum quarterly average balance.
For BOB advantage savings account holder in urban and metro cities, the minimum quarterly average balance will be increased from Rs. 1000 to Rs. 2000 with effect from February 1, 2019. And for semi-urban branches, the minimum balance will be Rs 1,000, which had been Rs. 500 till now.
As per the bank's press release, the maximum amount charged for non-maintenance of minimum quarterly average balance in metro and urban bank branches is Rs. 200 while for semi-urban branches, the maximum penalty stands at Rs. 100.
The Cabinet has given its go-ahead for the three-way merger of Dena and Vijaya Bank with the larger BOB entity. The merger will result in the creation of the second largest public sector bank and the third largest bank after SBI and ICICI Bank.