bob Advantage Fixed Deposits (Non- Callable) : Features
Feature | Particulars |
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Product Specification | Domestic Term Deposit Product wherein Depositor gets preferential rate of interest over normal FD Deposit’s rate for deposits of Rs 1,00,01,000 and above (for NRE Deposit – Rs. 2.00 Crores only) for foregoing premature withdrawal option. |
Eligible Branches | The product shall be available at all domestic branches. |
Minimum Deposit Amount | Rs 1,00,01,000 (further in multiple of Rs. 1,000/-) |
Maximum Deposit Amount | No Limit (for NRE Deposits – Below Rs. 2.00 Crores only) |
Duration | Minimum – 12 months Maximum – 120 Months |
Rate of Interest | For latest rates, please visit Click Here |
Frequency of interest payment | Frequency of Interest payment in the account will be similar as applicable on Normal Term Deposit (Callable Deposits) product. |
Nomination facility | Available |
Tax Deduction at Source | TDS will be deducted on interest payments as per rules. |
Availability of Loan/Overdraft | Loan / Overdraft facility is not available against the security of Non-Callable Deposits as per Bank’s guidelines. |
Premature Payment of Non-Callable Deposits: | Premature withdrawal of the deposits made under the scheme is not allowed for any reason whatsoever. |
Auto Renewal facility | In the absence of clear renewal instructions by customers, Deposits having value less than Rs. 2.00 Crores on date of maturity, shall be renewed automatically for 12 months at prevailing rate of interest applicable for 12 months period as on the date of maturity in corresponding Normal FD scheme (Callable FD Scheme - RIRD / MIP / QIP). In case of deposits having Principal value Rs. 2.00 Crore & above, it will be renewed automatically on maturity under respective Normal FD scheme (callable FD Scheme) if such instruction are given by depositor at time of opening the account. In the absence of any renewal instructions, the proceeds of such deposits will be credited to depositor’s operative account on maturity. |
Accepting the deposits in the revised Application cum Deposit Slip (F. No. 410) | To avoid any disputes in future, the main feature of Non-Callable TD “No premature withdrawal allowed under any reason whatsoever”, has to be brought to the notice of customer, following procedure should be adopted:
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Other Terms and conditions | Eligibility norms and all other instructions applicable to 'Term Deposits' will apply to these deposits. |