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Opt for Motor Accident Claims Annuity Deposit and get multiple benefits.

  • Features
Product Nature The main feature of the Fixed Deposit product is that ‘One time lump sum amount, as decided by the Court / Tribunal, is deposited to receive the same as Annuity, comprising a part of the principal amount as well as interest’. One of the pre-requisite of opening MACAD is to open a linked savings account in MACT Claims SB Account scheme in which the annuity amount will be credited.
Product Specifications One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same as Annuity, comprising a part of the principal amount as well as interest. Principal becomes NIL at the end of the term of the account.
Eligibility Iindividuals including Minors through guardian in single name.  
Mode Of Operation/ Holding Single (As per direction of Court/ Govt. order)
Deposit Amount Minimum – Based on minimum monthly annuity Rs.1,000/- for the relevant period.
Maximum: No Limit
  • 36 to 120 months
  • In case the period is less than 36 months, normal FD will be opened.
  • MACAD for longer period (more than 120 months) will be booked as per direction of the Court.
Rate Of Interest Prevailing rate of interest as per Tenure. Additional interest payment (0.50%) feature to senior citizen.
Interest Payment Payment of annuity (Part principal & interest) amount will be credited in the linked MACT Claims SB Account
Deposit Receipt No receipt will be issued to the deposit for MACAD. Customer will be issued a passbook for his linked MACT Claims SB account.
Nomination Facility MACAD shall be duly nominated as per direction of the court.
Tax Deduction At Source
  • Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction.
  • The annuity amount on monthly basis net of TDS, will be credited to the MACT Savings Bank account. 
Availability Of Loan/Overdraft Against Security Of Deposits No Loan/ Advance is allowed against MACAD.
Premature Closure
  • Premature closure or part lump sum payment of MACAD during the life of the claimant will be made only with permission of the court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount.
  • Premature closure penalty will not be charged.
  • In case of death of the claimant, payment to be given to the nominee. The nominee has an option to continue with the annuity or seek pre-closure.
Other Terms And Conditions 
  • All other terms and conditions as applicable to term Deposit shall be applicable under these products also.
  • Any modification/ closure to be done in MACAD only if directed to do so by Court Order.
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Select Fixed Deposit Type
  • Baroda Tax Saving Fixed Deposit Account
  • Baroda Suvidha Flexible Fixed Deposit Scheme
  • Baroda Tiranga Deposit Scheme
  • Monthly Income Plan (MIP)
  • Motor Accident Claims Annuity Deposit (MACAD)
  • Quarterly Income Plan (QIP)
  • Baroda Regular Income cum Recurring Deposit (RIRD)
  • Baroda Short Term Deposits
  • Baroda Advantage Fixed Deposits (Non- Callable)
  • Others

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