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Baroda Tax Savings Term Deposit Account
Invest for a long period of time to get more on our term deposit. Make your return immune to interest rate fluctuation with Baroda Tax Savings Term Deposit Account.
Terms & Conditions
|Scheme Variant||BARODA TAX SAVING - RIRD
BARODA TAX SAVING - MIP
BARODA TAX SAVING – QIP
The product targeting the customers intending to invest money for availing the rebate under Section 80C of Income Tax Act in the nature of Term Deposit for the period of not less than 5 years.
|Eligibility/ Target Group||All individuals and HUF are eligible to invest in the product. It is most suitable for income tax payers like salaried persons, higher and middle-income group, retired persons etc.
The firms, companies, trusts, societies, clubs, institutions, corporate etc. are not allowed to invest under the product.
|Minimum & Maximum Amount Of Deposit||Minimum Deposit of amount shall be Rs 100, thereafter in multiple of hundreds, subject to maximum deposit amount in a financial year is not to exceed Rs 1,50,000 for availing tax benefit.|
|Period Of Deposit||The term deposit should be for a period not less than 5 years. However, maximum tenure of the deposit will not exceed 10 years.|
|Types Of Accounts||
|Rate Of Interest||
Prevailing rate of interest for fixed deposits.
|Interest Payment & Tax Liability||
|Nomination Facility||Nomination facility will be available.|
|Tax Deduction At Source||Interest payment is subject to Tax Deducted at source (TDS) as per prevailing Income Tax ACT.|
|Availability Of Loan/ Overdraft||No loan and/ or any type of credit facility can be considered against the security of the deposit. The deposit cannot be taken as collateral security also.|
|Other Terms And Conditions||
|Auto Renewal||On maturity the deposit will be renewed for a period of -12- months under regular FDR scheme.|
|Premature Payment||Premature payment is not allowed. However, in case of death prepayment is allowed as per the Banks usual norms and procedures.|
|Other Salient Features:||
- Rate of Interest to Senior Citizen: An additional interest @ 0.50% is payable for deposits below Rs. 1 crore only.
- 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.
- Advance against Deposits:This facility is not available to a 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 another branch at the request of the customer.
- Mode of Payment:Maturity proceeds are credited to the 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 (Rs.2 crore & above)
- “Bulk Deposit” means a single Rupee Term Deposits of Rs. 2 Crore and above (RBI/2018-19/128, DBR.DIR.BC.No.27/13.03.00/2018-19 dated.22.02.2019).
- In case multiple deposits are created on same day aggregating Rs.2.00 Crores and more, but the same mature on different dates, then it will not tantamount to splitting of Bulk Deposit. Also multiple deposits created on same day aggregating Rs.2.00 Crores and more with same maturity period but for different specific purposes will not tantamount to splitting of Bulk Deposit, provided the customer submits supportive documents for the same.
Settlement of Dues in Deceased Deposit Account
- If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of nominee after the Bank satisfies about the identity of the nominee etc. Payment is made to nominee as representative of legal heirs.
- The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
- In a Joint Deposit Account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor”, “former / latter or survivor”, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
- In a Term Deposit account held in joint names if operating instructions is “either or survivor”, “Former or survivor” when one of the depositor dies, the payment will be made to survivor on maturity. If prepayment is demanded, it will be allowed only after obtaining consent of legal heirs of the deceased.
- In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank’s Board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities.
Interest Payable on Term Deposit in Deceased Account
- In the event of death of the depositor before the date of maturity of Deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity till the date of payment, the Bank shall pay simple interest at the applicable rate as on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity, as per the Bank’s policy in this regard.
- However, in the case of death of the depositor after the date of maturity of the overdue deposit, the Bank shall pay interest at Savings Bank Deposit rate applicable on the date of maturity from the date of maturity till the date of payment.
Premature Withdrawal of Term Deposit
- Premature payment is not allowed. However, in case of death prepayment is allowed as per the Banks usual norms and procedures
- Penalty is waived on settlement of claims in the deceased depositor’s accounts and two or more joint depositors where one of the depositor has died, Interest is paid at applicable rate.
- In normal circumstances premature closure of a joint deposit shall be permitted only if all the deposit holders sign a request to that effect. In the case of Term deposits with operating instructions Either Or Survivor, Former Or Survivor, Latter Or Survivor and Anyone Or Survivor and in the event of death of one of the joint holders, in the absence of relevant mandate, premature closure of such deposit will be allowed only if the legal heirs of the deceased agree for such premature closure. In cases where relevant mandate is available with the Bank, premature closure of such deposits shall be allowed in the favour of survivors.
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