Preferential rate of interest as decided by Bank from time to time will be applicable to these FDR, over the card rate.
Presently applicable preferential rate is as under:
- An additional interest of 15 basis points is payable on deposits above the normal callable deposits.
- The additional rate of interest is applicable on non- callable deposit of above Rs.15.01 lacs to below Rs.1 crore.
- Non-Callable Bulk deposits above Rs.1.00 crore will also have additional interest by 10 bps over the applicable rate of interest for Normal Bulk Deposits (callable) as per the maturity period of deposits as decided by The Treasury Department, BCC.
Note : Additional interest to Senior Citizens & Staff members (including ex-staff & Retired Staff Members who are Senior Citizen) will continue as per guidelines effective from time to time.
Product Specification
This is a Domestic Term Deposit Product wherein Depositor gets differential rates interest over normal FD Deposit's rate for deposits of Rs 15.01 lacs and above to Rs.10 crores for foregoing premature withdrawal option.
Area of operation
The product shall be available at all domestic branches.
Applicable Scheme
Deposit can be accepted under:
- RIRD-Scheme.
- MIP- Scheme
- QIP- Scheme
*Short Deposit is not available in this product
Minimum Deposit Amount
Rs 15,01,000/- ( and further in multiple of Rs. 1000/-)
Maximum Deposit Amount
Rs.10 crore.
Frequency of interest payment
Frequency of Interest payment in the account will be similar as applicable on Normal Term Deposit (callable deposits) product.
Duration
- Minimum - 12 months.
- Maximum - 120 Months.
Premature Payment Facility
Premature withdrawal of the deposits made under the scheme shall not be allowed before maturity for any reason whatsoever. In case of death of the depositor (individual category), FDR to be transferred in the name of nominee/ legal hears after adhering the extant guidelines.
Nomination facility
Nomination facility will be available.
Tax Deduction at Source
TDS will be deducted on interest payments as per rules.
Availability of Loan/Overdraft
Loan / Overdraft facility to be permitted up to 85% of outstanding balance at applicable interest rate over interest rate paid on deposit as per Bank's extant guidelines.
Auto Renewal facility
Deposits having value less than Rs.1 crores on date of maturity, shall be renewed automatically for 12 months at the rate of interest applicable for 12 months period as on the date of maturity under Normal FD scheme (callable FD Scheme) in case of RIRD/MIP/QIP.
In case of deposits having Principal value Rs.1 crore and above (bulk deposits) on date of maturity, will be renewed automatically on maturity under normal respective Normal FD scheme (callable FD Sheme) if such instruction are given by depositor at time of opening the account. In the absence of any renewal instructions, such deposits credited to depositor's operative account on maturity
Closure of A/C
Account can be closed on maturity only as per Rule of existing Term Deposit A/C
Special terms & conditions
Accepted as security by Government departments & as margin for non fund based activities subject to their acceptance for not demanding pre-mature payment.
Other Terms and conditions
Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply mutatis mutandis to these deposits
Eligibility
All Individuals and Non-individuals (minor above 14 years)
Amount of Deposit
- Minimum
- Rs.15,01,000/- and in multiples of Rs.1000/-
- Maximum
Tenure of Deposit
Minimum : 12 Months
Maximum : 120 Months
Rate of interest
Preferential rate of interest as decided by Bank from time to time will be applicable to these FDR, over the card rate
Payment of Interest
Interest will be paid half-yearly compounded quarterly
Premature Closure
No penalty for premature payment will be levied in case of premature payment of deposits upto Rs.5 lacs provided it remained with the bank for a minimum period of 12 months
For premature closure of deposits of more than Rs.5 lac and less than Rs.1 crore, interest should be paid after deducting penalty of 1% from such applicable rate for the period the deposit has remained with the Bank, or the contracted rate whichever is lower in the cases which are subject to charging penalty
For premature closure of Deposits of Rs. 1.00 Crore and above the following conditions will apply:
- 31 days prior notice from customer is required, and
- Penalty @1.50% on applicable rate of interest for the period for which the deposit has remained with the bank.
Auto-Renewal
Deposits below Rs.1 crore will be auto-renewed for a period of minimum 12 months in callable deposits.
Deposits above Rs.1 crores will be auto-renewed in non-callable deposit only if renewal instructions are given at the time of account opening else the maturity proceeds will be credited to customer’s account.
Availability of Loan/ Overdraft
Overdraft / Loan against deposit provided on demand upto 85 % of the outstanding balance in the account as on date of loan. Interest will be charged as per Bank’s extant guidelines from time to time
Others
Accepted as security by Government departments
Accepted as margin for non-fund based activities
- Rate of Interest to Senior Citizen: An Additional interest @ 0.50 % is payable for deposits below Rs.1 crore only.
- Nomination Facility: Nomination facility will be available
- Tax Deduction at Source: TDS will be deducted as per income Tax rules. No TDS will be deducted if a person submits form 15G/ 15H as applicable.
- Method of Calculation of Interest on or before Maturity: “In all cases of domestic term deposits where the terminal quarter is incomplete, interest should be calculated for the actual number of days, reckoning the year 365/366 days viz the calculation of interest on such deposits should be in order of completed quarters and days.” Interest will be calculated and compounded at quarterly rests.
- TDS Certificate: TDS certificate will be provided to all customers.
- Overdue Deposit: If renewal request is received after date of maturity, such overdue deposits will be renewed with effect from date of maturity at interest rate applicable as on due date provided such request is received within 14 days of maturity of deposit, after which interest for overdue period will be paid at the rate decided by Bank from time to time.
- Advance against Deposits: This facility is not available to Minor account in single name and HUF. If the interest is not deposited for more than 2 quarters, term deposit will be apportioned immediately.
- Interest Certificate available at request of customer
- Deposit Certificate – Term Deposit Receipt is provided
- Term Deposits can be transferred from one branch to other branch at the request of the customer.
- Mode of Payment: Maturity proceeds are credited SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs.20,000 above which DD/ Pay Order will be issued.
- Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs.1,00,000/-
Bulk Deposits (More than Rs.1 crore)
- Bulk deposits can be opened under any of the above mentioned schemes under retail time deposits.
- Bank reserves the right to accept the deposits above Rs.25 crores.
- Rate of interest for Bulk deposits is different from retail time deposits and is regularly updated on Bank’s website
- Bank reserves the right to accept request for premature payment as the same is agreed at the time of account opening by the customer. On acceptance of premature payment request, the penal clause will be same as in schemes under retail time deposits.