Baroda Advantage Fixed Deposit Account (Non-Callable) is a type of Domestic Term Deposit Product where the depositor could enjoy differential interest rates over normal Fixed Deposit’s rates for a deposit amount of Rs 15.01 lacs and a maximum amount of Rs 10 crore for foregoing premature or partial withdrawal option.
Features
| Area of Operation | This scheme is available in all domestic branches |
| Eligibility | · Individual (in his own name) or Jointly
· Minors (above 14 years of age) · Clubs, Associations, Educational Institutions, Partnership and Joint Stock Companies, or any other institution which eligible to open a Term Deposit Account as per the guidelines of the bank. |
| Applicable Scheme | This deposits are acceptable under
1. RIRD-Scheme. 2. MIP- Scheme 3. QIP- Scheme |
| Minimum Deposit Amount | Rs 15,01,000 and in multiples of Rs 1000 thereafter |
| Maximum Deposit Amount | Rs 10 crore |
| Tenure | Minimum of 12 months and maximum of 120 months |
| Premature withdrawal | Premature withdrawal is not allowed untill an unless the account is matured. |
| Nomination Facility | Available |
| TDS | TDS is deducted on the interest payment according to the guidelines of the bank. |
| Overdraft /Loan Facility | Available upto 85% of the outstanding balance at applicable interest rate over interest rate paid on deposit as per bank extant rules. |
| Auto-Renewal Facility | · On the date of maturity deposits that have a value which is less than 1 crore shall be renewed automatically by the bank for a period of 12 months at the interest rate applicable for 12 months period as on the date of maturity under normal Fixewd deposit scheme(callable FD scheme) in case of RIRD/MIP/QIP.
· On the date of maturity deposits having principal value of Rs 1 crore and above will be renewed automatically under normal respective FD scheme (callable FD scheme) if such instructions are given by the depositor at the time of opening the account. |
Terms and Conditions
- This scheme is accepted as security by the Government departments and as margin for non-fund based activities subject to their acceptance for not demanding pre-mature payment.
- All types of eligibility norma and all other instructions that is applicable to Fixed Deposits is applied for the necessary changes that has been made to these deposits.
