BOM Co-Op Housing Society Savings Bank Account

Purpose

The Bank is launching a new CASA product specifically for cooperative housing societies to diversify its portfolio and reach key customers. This solution not only serves these societies, which hold substantial balances, but also provides access to individual homeowners, facilitating future growth and relationship expansion.

Who Can Open Account

All registered co-op housing societies, resident welfare associations, apartment owners’ association (CHS / RWA / AOA) (who are eligible to open savings accounts)

Note: “Societies registered under the society’s registration Act, 1860 or any other corresponding law in force in a state or a union territory except societies registered under the State Co-operative Acts and specific state enactment creating land mortgage Banks are only eligible to open accounts under this scheme.”

Minimum Average Balance

AQB (Average Quarterly Balance) ₹5,000/-

AQB (Average Quarterly Balance) ₹50,000/-

AQB (Average Quarterly Balance) ₹1,00,000/-

Special offer

AQB not insisted upon having institutional deposits of ₹10.00 lakh or more.

Transaction Related Services

Cash Handling Charges

Up to ₹50,000/- per day free

Up to ₹1,00,000/- per day free

Up to ₹1,50,000/- per day free

NEFT / RTGS

Digital channels – Free

Branch Channel – As per prevailing

Service Charges guidelines

Digital channels – Free

Branch Channel – As per prevailing

Service Charges guidelines

Digital channels – Free

Branch Channel - 5 RTGS / NEFT free per day

Beyond free limit: As per prevailing Service Charges guidelines

Demand Draft

Standard charges applicable

First 2 DDs free per month (Max. ₹50,000/- per instance), beyond those regular charges applicable

First 5 DDs free per month (Max. ₹50,000/-  per instance) , beyond those regular charges applicable

Personalized

Cheque Book

2 chequebooks (20 leaves each) p.a.

free

5 chequebooks (20 leaves each) p.a.

free

10 chequebooks (20 leaves each) p.a.

free

Locker facility

[Only Small & Medium Size]

Allotment on priority basis subject to availability; 10% Concession in first year Locker rent on small type Locker A / B / C

Allotment on priority basis subject to availability; 25% concession in locker rent on first year small Locker Type A / B / C

Allotment on priority basis subject to availability; 50% Locker Rent Concession in first Year for small Locker Type A / B / C

Balance confirmation certificate

One certificate free per annum

One certificate free per annum

Two certificate free per annum

Staff Salary processing facility

Free

Additional Benefits for Individual Flat owners of the Societies are as below

A

Average Quarterly

Balance

(AQB)

Rs. 2000/- for Metro & Urban

Rs. 1000/- for Semi Urban

Rs. 500/- for Rural

Charge for Non-maintenance of AQB - As per prevailing Service Charges guidelines

B

Personalized Cheque Book

1 chequebook (20 leaves) p.a. free

C

Retail

Loan Benefits

50.00 % waiver of processing fee for Home, Car, and Education loans.

1. 0.05% concession in ROI (subjected to floor limit) for Home Loan above 30 lakhs.
2. No additional concession in any form will be applicable.
3. 75.00% processing fee waiver for Home, Car, and Education loans

1. 0.10% concession in ROI (subjected to floor limit) for Home Loan above 30 lakhs.
2. No additional concession in any form will be applicable.
3. 100.00% processing fee waiver for Home, Car, and Education loans

D

Digital Facilities

Free Internet Banking / WhatsApp Banking / Digital statement

E

Locker facility [Only Small & Medium Size]

Allotment on priority basis subject to availability; 10% Concession in First Year Locker Rent on Small Locker Type A /B

Allotment on priority basis subject to availability; 15% concession in locker rent on First year small Locker Type A /B

Allotment on priority basis subject to availability;

25% Locker Rent Concession in First Year for small locker Type A / B

F

METCO Services

Concessional Services at discretion of Bank

Assistance in writing of Will and Executant service with full confidentiality – Service will be provided through METCO with First Consultation Free and 25% discount on creation / modification of will.

Assistance in writing of Will and Executant service with full confidentiality – Service will be provided through METCO with First Consultation Free and 50% discount on creation / modification of will.

G

Demat

Account Services

As per Normal Service Charges.

Free for first year, Free service for IPO application through branch.

Free for first year, Free service for IPO application through branch.

H

Applicable Charges for Various Facilities

Refer to latest Service Charges Guidelines