Bank of Baroda

Bank of Baroda is an Indian bank with two distinct offers for business clients: merchant acquiring and escrow accounts.

Merchant acquiring

The bob World Merchant POS accepts card and QR payments for goods and services and supports swipe, dip and tap-to-pay. The bank also publishes a digital merchant onboarding flow with e-sign and e-stamp.

Escrow current account

A separate escrow current account serves commercial transactions, M&A, payment gateways and revenue or profit sharing. It is available to companies, developers, PPP projects and foreign companies. Disposal of the money is limited by the agreed escrow agreement, which must be reviewed and signed. Required documents are the usual current account papers plus that agreement.

Fees and limits

For a standard escrow the annual fee is 0.10% of turnover or INR 20,000, whichever is lower, excluding GST; developers and FRR accounts have separate terms. The bank states there is no minimum quarterly average balance.

Who it suits

Merchants in India that want a bank-provided POS terminal, and parties to deals that need a neutral holding account under a written agreement.