CSP or customer service point is a banking outlet run, which carries out limited transactions and sourcing of business with the help of outsourced agencies. The franchise or CSPs are actually the persons or organizations that work as agents on behalf of the bank where it is quite impossible for the parent branch to open a secondary branch that also called Franchise.
There you can get services and products include Fixed Deposits, Small Savings Accounts and Recurring Deposit that comes with lower minimum deposits, general insurance, and microcredit.
The bank of Baroda bc agent at a secondary branch or franchise aims at providing user-friendly and real-time financial services or products to the local customers.
What is Bank of Baroda CSP?
To give a boost to the services provided by banks for financial inclusion, Bank of Baroda provides efficient banking services to its customers. Bank of Baroda business correspondent aims at ensuring that people get easy access to a wide range of facilities provided by the bank.
Such banking features enable you to take numerous banking transactions without having to visit a bank branch. You do not need to visit the bank for doing transactions.
This reduces the hassle of visiting a bank as you can easily operate it from any Kiosk banking outlet that’s near you. Another thing that is promoted by the bank of Baroda is business development through such mediums.
The bank of Baroda franchise delivers financial services to Indians who are financially excluded with the help of kiosk banking.
Outlets that are set up, offer end-to-end functionalities. You will not have to give a second thought regarding security. They are highly reliable and safe since they are secured bio-metrically.
Services offered by the Kiosk Banking or CSP
- Withdrawal and deposit of cash in a savings account
- Transfer of money to an account of any bank
- Loan led repayments and generation
- Loan Against proper and home loans
- Creation of no-frill savings account
- Opening of Recurring Deposit, Term-Deposit and SHG Accounts
- DBT enabled facilities
- Aadhaar enabled withdrawals and deposits
Benefits for Customers of Bank of Baroda CSP
- No need to wait in long queues
- Banking facilities at your disposal
- Hassle-free withdrawals, money transfer, and deposits
- Extra banking hours
- Make transactions of up to 10,000 INR/day
- Avail Kisan credit card and general-purpose credit card
- Maintain balance up to 50,000 INR
- When balance exceeds 50,000, INR convert it to a regular bank account
Many people, specifically the factory workers and migrant laborers don’t have any savings account and aren’t able to open one due to the absence of ID proof and valid address. This is why they face difficulties in saving money at a secure place. This is what the Bank of Baroda aims to solve through its customer service point. They can apply for CSP with the help of a bank of Baroda bc agent.