Lifetime Free Banking Services, Easy Loans, and Special Benefits for Families Announced Under New Scheme

Surat: In the interest of Surat Municipal Corporation (SMC) employees, the administration has taken a significant decision by signing a Memorandum of Understanding (MoU) with a major government bank, Bank of Baroda (BOB).

The aim of this agreement is to provide employees with modern banking facilities, financial security, and special benefits.

This agreement was signed in the presence of Municipal Commissioner M. Nagarajan (IAS) and Bank of Baroda Deputy General Manager Mukesh Naval. This MoU will remain effective until May 31, 2029, directly benefiting thousands of employees and their families.

Under the new arrangement, employees’ monthly salaries will be credited to their accounts as soon as banking hours begin. Additionally, other administrative and financial payments related to employees will be completed within 24 hours, bringing transparency and speed to the working process.

Free Insurance Cover Up to 2 Crore Rupees

Under the agreement, a special insurance cover has been arranged considering the safety of employees and their families.

In case of death during duty or any other accident, a personal accident insurance of ₹1 crore and an air accident insurance cover of ₹1 crore will be provided.
In case of death under normal circumstances or due to illness, a life insurance cover of ₹10 lakh will be given.

If an employee dies in an accident, additional assistance of ₹10 lakh for the daughter’s marriage and ₹10 lakh for the children’s higher education will be provided.
In case of permanent disability, an insurance cover of up to ₹1 crore will be provided, and for partial disability, up to ₹75 lakh.
Lifetime Free Banking Services

Bank of Baroda will provide employees with a zero balance salary account facility. Along with this, several banking services will be completely free.

Lifetime free debit and credit cards
Unlimited cash withdrawals from ATMs
Free checkbook and demand draft facility
All digital transactions including RTGS, NEFT, UPI, and IMPS free of charge
SMS and email alert service
20% to 50% discount on annual locker rent
Special concessions on home, auto, and education loans

Employees will also be provided with special loan facilities to realize their dreams related to home, vehicle, and education.

50% to 100% discount on processing charges for home, auto, and education loans
Benefit of the “Baroda Advantage Home Loan” scheme
Overdraft facility ranging from ₹50,000 to ₹3 lakh based on salary
Pensioner and two-wheeler loans on easy terms for retired employees
Family members will also benefit

The bank has also announced special facilities for employees’ families.

Zero balance account and lifetime free debit card for the spouse
Up to four zero balance accounts for other family members
Free RuPay Classic debit card facility
First year AMC for Demat account completely free, with special discounts thereafter
50% to 100% discount on prepaid and gift cards

SMC administration and Bank of Baroda management have described this agreement as a historic step taken in the interest of employees. They say that this will provide employees with better access to modern banking services along with financial security.

Surat Municipal Corporation (SMC)

The Surat Municipal Corporation (SMC) is the governing civic body responsible for the administration and infrastructure of Surat, a major city in Gujarat, India. Established in 1966 under the Gujarat Municipal Corporation Act, it oversees essential services such as water supply, sanitation, and urban planning. Over the decades, the SMC has played a key role in transforming Surat into a rapidly growing economic hub, particularly known for its diamond and textile industries.

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Surat

Surat is a historic port city in the Indian state of Gujarat, known for its significant role in trade and commerce during the Mughal era. It was a major hub for the textile and diamond industries, and its port was a key gateway for pilgrims traveling to Mecca. Today, Surat remains a thriving economic center, famous for its diamond cutting and polishing industry, as well as its rich cultural heritage.

Surat Municipal Corporation (SMC)

The Surat Municipal Corporation (SMC) is the governing civic body responsible for the administration and infrastructure of Surat, a major city in the Indian state of Gujarat. Established in 1966, it has played a key role in transforming Surat from a diamond and textile trading hub into a modern urban center, managing services like water supply, sanitation, and urban planning. Known for its efficient management, the SMC has been recognized for its innovative approaches to waste management and disaster recovery, particularly following the 1994 plague outbreak.

Bank of Baroda (BOB)

The Bank of Baroda (BOB) is a major Indian state-owned financial institution, founded in 1908 by Maharaja Sayajirao Gaekwad III of Baroda. It was established to promote financial services and economic development in the region, and later nationalized by the Indian government in 1969. Today, it is one of the largest banks in India, with a significant global presence.

Gujarat

Gujarat, located in western India, is a state with a rich history dating back to the Indus Valley Civilization, with major sites like Lothal. It was later ruled by various dynasties, including the Solankis and the Mughals, and was the birthplace of Mahatma Gandhi. Today, it is known for its vibrant culture, historic temples, and the world-famous Rann of Kutch festival.