Baroda Connect - Alternate Delivery Channel

Baroda Connect, an internet banking product of Bank of Baroda, is the very important alternate delivery channel (ADC). This also facilitates the customers to enjoy various banking services from the ease of their house /shop/company or anywhere having internet connectivity, hence, in limited sense, we may call it as “Mini Extension Counter” of the Bank. In today’s buyers’ market, where “Customer is the King” and each and every service industry including banking, are hovering around the centre point – CUSTOMERS, such a unique service is extremely desired by the customers at large, especially by Gen-Next customers and it also proves the concept of internet as www (“win-win-win” situation for the Customers, Bank & Employees).

Benefit to the Customers:

·         24x7x365 access (even no effect of Sundays, Holidays & Strikes)

·         Time Saving

·         Substitute of Q-culture

·         Transparency & Trust

·         Available in other territories

·         Remittances to other Banks

·         Transfer of funds within Bank at no cost (without ‘Inter-SOL Charges’)

·         Various ancillary services viz. e-pay, e-ticketing, utility bill payment

·         Various other facilities at free of cost

·         Special limit for Transfer of funds within Bank may be considered

Unique Features of Baroda Connect:

In today’s intensive banking scenario, almost all banks are providing internet banking facility and services provided are also more or less same. But, our SBI internet banking and Baroda Connect is having two very unique features –

 first, transaction of future date can be scheduled well before and

 second, multiple-users, with Maker-Checker facility, can be set in any Corporate User A/c.

Banking system thrives on customers’ stake / confidence reposed, hence, a safe & qualitative customer service provided by the Bank is the pre-requisite for placing itself as ‘preferred position’ in the market.

Hence, for enjoying safe, comfortable and trustworthy internet banking by our customers/users, our Bank has taken following initiatives:--

·         Awareness message on Home Page from phishing, vishing, mishing etc. attacks.

·         Awareness creation by the branches to their users through various methods.

·         Provision of “Virtual Keyboard” for entering Sign-on password.

·         Provision of two different passwords - for Sign-on & for Transaction.

·         Additional safety measure by disabling ‘Transaction Password’ if not used for 90 days, so that chances of misuse due to unvigilant actions of customers could be eliminated.

·         Sending SMS about transactions, on registered mobile phone to facilitate the users for early access of genuineness of transactions.

·         Daily / Weekly ceiling on transaction amount so that any unauthorized person cannot make big damage to our users at once and subsequently, genuineness of transaction can be established by the user, through receiving SMS and if it is unauthorized, necessary steps may be taken at the earliest.

·         Third party / Inter-bank fund transfer only after Registration by the user.

·         Only -2- Beneficiaries can be registered on a day

·         Fund can be remitted only after 24 hours of registration of the beneficiary.

·         Fraud Management Services (FMS) has been implemented as additional safety measure.

·         OTP Facility is providing additional safety.

Services offered to Retail Customers

·         Balance enquiry in Operative account, Deposit accounts and Loan accounts.

·         Stop payments of cheques

·         Tax Deduction Enquiry

·         Account summary – summary of all operative, deposit and loan accounts

·         Fund transfer to Self / linked account and Third party fund transfer.

·         Fund transfer and NEFT can be scheduled for a future date.

·         Request for cheque book, fixed deposit renewal, Switch Mailing address, account opening for CBS and e-banking.

·         Profile – customer can change his profile and change his password.

·         Activity history – Customer can get details of all the activities carried out by bank.

·         Modeling – Customer can model deposit / loan schemes of the bank and know about likely maturity value, if he invests or likely EMI if he takes loan, etc.

·         ASBA facility

·         School Fee options

·         Bill payment option

·         Facility of IMPS for instant Inter/Intra Bank fund transfer through  Baroda Connect (Facility is available only to mobile banking customers)

·         Online Fixed Deposit opening facility

·         Online RD account opening facility

·         Online Gift card request facility

·         View and crediting in existing PPF accounts

·         Aadhaar number linking with operative accounts

·         Opening of Pradhan Mantri Jiban Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana

Services offered to Corporate Customers

·         All facilities mentioned under Retail Customers

·         Approvals – For corporate customers, there can be involvement of multiple users for transfer of funds / payment of bills, etc and Baroda connect allows multiple users to log in and initiate / approve the transactions, as per powers delegated by the corporate to their users.

·         Trade Finance queries relating to– Import/Export, Inland Trade, B.G., Forward Contract.

·         Direct Salary upload facility.

Limit for transactions

Retail customers can have maximum -5- transactions/day. But in case of Corporate customers, there will not be any restrictions on the Number of Transactions per day. The limit for corporate customer can be increased on the request of the customer and recommendation of the concerned branch.

Limit for Fund transfers under Baroda Connect

(Amount in Rupees)

Financial Transaction Limit for Retail Customers
Particulars	Self linked Account	Third party/ Shopping Mall/Bill payment	Online NEFT/RTGS
Per TXN	Unlimited	2,00,000	5,00,000
Daily	Unlimited	4,00,000	10,00,000
Weekly	Unlimited	12,00,000	30,00,000
Monthly	Unlimited	30,00,000	50,00,000
Yearly	Unlimited	1,50,00,000	4,00,00,000

(Amount in Rupees)

Financial Transaction Limit for Corporate Customers
Particulars	Self linked Account	Third party/ Shopping Mall/Bill payment	Online NEFT/RTGS
Per TXN	Unlimited	5,00,000	10,00,000
Daily	Unlimited	15,00,000	50,00,000
Weekly	Unlimited	45,00,000	2,00,00,000
Monthly	Unlimited	1,00,00,000	5,00,00,000
Yearly	Unlimited	6,00,00,000	30,00,00,000

* There is NO LIMIT on transfer of funds between self linked accounts within Bank of Baroda for Retail Users

Toll free number is – 1800222227

for more visit official site of Bank of Baroda

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Letter Of Credit (LC)

A letter of credit (LC) can be define as a signed or an authenticated instrument issue by the buyer's banker, embodying an undertaking to pay to seller a certain amount of money, upon presentation of documents, evidencing shipment of goods, as specified and compliance of other terms and conditions.

In other words an LC is an undertaking issued by bank, on behalf of the importer or the buyer, in favour of exporter or the seller.

So if the specified documents, showing that a shipment has taken place, or a service has been supplied, are presented to the issuing bank or its nominated bank, within the stipulated time, the exporter/seller will be paid the amount specified.

Following parties are involved in LC transaction -
1. The buyer/Importer/Applicant - on whose behalf LC is opened
2. The Seller/Exporters - Beneficiary of LC
3. The Opening/Buyer bank - Who establishes the LC
4. The Advising bank (in seller country) - Agent of issuing bank & authenticate the LC
5. The confirming Bank - who undertake to pay on behalf of the issuing bank.
6. The negotiating bank - seller bank or bank nominated by the opening bank.
7. The reimbursing bank - who reimburses the negotiating or confirming bank.  

Note: Advising bank, Confirming bank & Negotiating bank could be the same.

Types of Letters of Credit:

1. Revocable LC
LC which can be amended or cancelled at any moment by the issuing bank without the consent of any other party
Value of this LC is limited & very rarely issued.

2. Irrevocable LC
Which hold the commitment by the issuing bank to pay or reimburse the negotiating bank, provide conditions of the LC are complied with.
Can't be cancelled without previous consent of all parties.
Unconditional undertaking
All LCs issued, unless and otherwise specified.

3. Irrevocable confirmed LC
Which has been confirmed by a bank, other than the issuing bank, usually situated in the country of exporter

4. Transferable LC
LC which is available for the transfer in full or in part, in favour of any party other than the beneficiary, by the advising bank at the request of the issuing bank.
Here more than one second beneficiary, but such second beneficiary can't transfer to another third party.

5. "Red clause" LC
LC enable the beneficiary to avail pre-shipment credit from the nominated/advising bank.
Such LC bears a "Red Letter" authorizing the nominated bank to grant advance to beneficiary, prior to shipment of goods.

6. Sight LC
The beneficiary is able to get the payment on presentation of document confirming to the term and condition of LC at the nominated bank counters.

7. Acceptance Credit LC
Bill of exchange or draft, Payable upon acceptance, at the future date, subject to receipt of document confirming to the term and conditions of LC.

8. Deferred payment LC
 Similar to acceptance credit, except that there is no bill of exchange or draft

9. Negotiation Credit LC
Issuing bank undertake to make payment to the bank, which has negotiated the document.

10. Back to back LC
When an exporter arranges to issue an LC in favour of local supplier to procure goods on the strength of export LC received in his favour.

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Installation and Application of Baroda M Clip

In our previous post "Bank Mobile Wallet", we know the feature of Baroda M Clip. Here we learn how can installed it and their application.

1. Download

• Search “Baroda M-CLIP” in google play store.

• Click install.

• Accept permissions asked by App.

• App will get downloaded.

2. Registration

• Click Baroda M-CLIP icon on mobile phone.

• Click register.

• Enter Mobile number.

• Enter full name (first & last name).

• Enter email id.

• Enter date of birth.

• Select security question.

• Create an answer for the security question.

  (In case of forget PIN, user can reset PIN by answering the correct answer to the  selected security question)

• Create secure PIN for login into the wallet.

• Clicks proceed.

• OTP will be sent for mobile verification.

• Enter the OTP for Mobile verification.

• Registration is completed.

3. Manage Cards

• User can link the VISA & MasterCard credit, debit and prepaid cards.

• Click Manage cards option.

• Click add card.

• If card is embossed then user can directly scan the card by clicking on camera icon

displayed. After that, enter card expiry and click add card.

• Otherwise, user has to enter the card alias name, card number and card expiry and

name on card manually.

• All cards linked can be viewed under linked cards option.

• User can directly pay through any of the cards linked into the wallet without using

Wallet balance.

4. Load Money

• User has to load money into wallet before making payments through wallet card.

• For loading money, click Add/send money option.

• Then click Load money.

• Enter amount.

• Select from linked cards from where you want to load money.

• If user wants to load money through a card other than linked card then he can select

new card and enter card credentials.

• After that user enter VBV or MasterCard secure and CVV.

• Money gets loaded into wallet.

5. Send Money

• User can send money to other users by phone number or email.

• Click Add/Send money option on home screen.

• Click send money.

• Select recipient from recent, contacts or enter new number.

• Enter amount.

• Click send money.

6. Shopping

• This option displays the list the merchants available in wallet. User can shop at these

merchants and pay with wallet card or linked cards in wallet.

• Click shopping.

• Presently gifting options are available and gift card of various merchants like book my

show, amazon etc are available. User can buy these vouchers for others or for himself.

• Click on any brand from the category available.

• Provide details.

• Make payment through wallet card or linked card.

• Gift card details will be delivered immediately on email.

7. mVISA (QR based payments)

• User can perform QR code based payments through mVISA facility using Wallet

account.

• Click Pay with mVISA.

• Scanner will get opened.

• Scan the QR code.

• Enter amount.

• Click Pay.

8. Recharge

• User can perform Prepaid/Postpaid mobile recharge, Data card recharge and DTH

recharge.

• Click Prepaid/Postpaid mobile recharge.

• Select prepaid or postpaid according to requirement.

• Enter mobile number that is to be recharged or select form contacts.

• Enter Amount.

• Click Pay.

• Option will come asking from where to pay i.e. either from linked card or from wallet

card.

• Click confirm.

• Same procedure can be followed for recharge of postpaid mobile, Data recharge &

DTH Recharge.

9. Virtual Card

• For every wallet user a virtual VISA card gets created with all the card credentials like

card number, card expiry and CVV2.

• The money loaded in wallet gets stored in this card.

• User can use this card for online purchases also like other debit/credit cards across

various merchants where VISA card is accepted.

10. Transaction History

• All the financial transactions performed by user are displayed here.

11. Hamburger Menu

• Apart from all the options available on home screen, other options of settings, Demo,

Support/Feedback are available here.

• Under settings various options are available:

You can also visit for more Technology

Thanks

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Baroda M Clip - Bank Mobile Wallet

Bank of Baroda M CLIP is a complete digital payment solution, giving you the power to pay in just few taps. Add money with any bank Debit or Credit Card and enjoy payments on partner merchants. The Baroda M Clip is available on google play store and compatible with phone having Android version 4.0 and later.

 

Eligibility:

It is available for both, bank’s customers as well as non-customers. For bank customers a KYC wallet will be created and for non-customers a non-KYC wallet will be created. KYC wallet limit is Rs 50,000 per month and non-KYC wallet limit is Rs 10,000 per Month. For automatic creation of a KYC wallet, user should load money in wallet using Bank of Baroda debit card which establishes the fact that user is a Bank of Baroda account holder.

Features of Baroda M Clip:

Bank’s Mobile Wallet “Baroda M-CLIP” is a payment solution offered to users on their

mobile phones. The features available in wallet are as under:

1. Person to Person (P2P) send money

 User can transfer funds to other person by using their mobile numbers or email ids. If the recipient is already a Baroda M-CLIP user, funds will get instantly transferred to his wallet account otherwise recipient will receive the SMS based on that they have to download the application and claim the funds through Wallet.

2. Recharge

User can perform anytime & anywhere recharge for mobile, DTH and data cards. Bill payment facility for post-paid mobile numbers is also available.

3. Shopping

Users can shop at various merchants available under this option. Presently, gift cards of various brands like amazon, book my show, flipkart etc. are available which are delivered instantly on email. User can gift these to near & dear ones or can use himself for purchase at these brands.

4. mVISA

This feature enables users to make QR code based payments on the merchant authorize for making mVisa payment. Scan the merchant QR code, enter amount and click pay. This is a faster and convenient way of making payments at shops, online and everywhere else where QR based payment is accepted.

5. Services offered

All the services offered to user will be displayed under this category.

6. Manage cards

Users can link their existing Visa/MasterCard debit, credit and prepaid cards. At the time of payment user can pay through through any of the linked cards.

7. Offers

All the offers which bank will provide to wallet users will be displayed here. Presently 50% cash back on Tata sky recharge through mVisa is being offered to wallet user.

8. Virtual Card

A virtual prepaid card gets created within the wallet for every user after loading the money. The card number, expiry and name is displayed on card image. Back side of the card contains CVV. Lock card feature is available. User can click on “Lock card” icon and card will get locked. This card can be used for online transaction. If card is locked it can not be used at ecom, which is inbuilt security of virtual card.

9. Transaction History

User can check and keep track of all the financial transactions in Baroda M-CLIP.

10. Profile set up

User can update profile picture and set profile details to have a personalized experience.

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