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Opt for Motor Accident Claims Annuity Deposit and get multiple benefits.
Motor Accident Claims Annuity Deposit (MACAD)
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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. |
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| 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 |
| Duration: |
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| 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 |
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| Availability Of Loan/Overdraft Against Security Of Deposits | No Loan/ Advance is allowed against MACAD. |
| Premature Closure |
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| Other Terms And Conditions |
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What is a Motor Accident Claims Annuity Deposit?
The claimants or beneficiaries of motor accident claims receive mandates from tribunals or courts requiring them to maintain deposits with banking institutions for a predetermined amount of time under specific restrictions.
According to the Court's or Tribunal's ruling, a one-time lump sum term deposit amount is deposited in order to receive it as an annuity that includes both the principal and interest in some proportions. Any person, including minors through guardians in a single name, may open this term deposit.
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What is a MACAD account?
The MACAD is a fixed deposit account that, in accordance with the Court's or Tribunal's ruling, requires a "one-time lump sum amount." The money is deposited in order to receive it as an annuity, which includes both the principal and interest in some proportions. In the MACT Claims SB Account scheme, the annuity sum is credited to a linked savings account.
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What is a MACT deposit?
MACT deposits are the lump sum sums that are granted by the claim's tribunal or courts to claimants or beneficiaries of motor vehicle accidents. This is deposited in order to receive an annuity that includes both principal and interest.
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What are the MACT claims accounts?
MACT claims accounts are those that are opened for the money that government entities like motor accident claims tribunals or courts award to claimants or beneficiaries of motor accidents. In accordance with IBA guidelines, the bank has developed new fixed deposit and savings deposit plans for the distribution of the compensation money to victims of traffic accidents. The money is deposited in order to receive an annuity that includes both the principal and interest in some proportions. The annuity amount will be credited to the MACT claims SB account.
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What is the min and max tenure in a month to open a MACAD term deposit?
The minimum duration is 36 months, and the maximum tenure is 120 months. If the amount of the account term
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What is the annuity deposit scheme at the Bank of Baroda?
A new fixed deposit programme has been created by the bank. The payment of the compensation amount to the victims of traffic accidents is handled by the Motor Accident Claims Annuity Deposit and the MACT Claims SB. A portion of the principal and interest are included in the amount deposited in this fixed deposit plan as recites and as an annuity. The annuity amount will be credited to the MACT claims SB account.
At present, deposits under such mandates are accepted by the bank under the "Baroda Special Order Term Deposit".
- The MIP strategy
- The QIP strategy
- Motor accident claimants receive regular income and recurring deposits.
