bob Advantage Non Callable Fixed Deposits (2024)

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

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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.

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:

• The customer has to submit the new TD application cum deposit slip for time deposits F. No. 410 wherein option for Non- callable deposits will be incorporated along with it’s one of terms & conditions “No Premature payment allowed for any Reason whatsoever”.
• Please ensure to take separate signature of the customer against the affixed stamp, in token of having accepted this condition. Alternatively, specific instructions to this effect, should be obtained from customer while accepting Term Deposits under this product.
• Branch should ensure before handing over the Fixed Deposit Receipt to customer that “Non-callable Fixed Deposits & No premature payment allowed for any reason whatsoever” is inscribed through Finacle system on TDR or affix appropriate stamp accordingly.

Other Terms and conditions

Eligibility norms and all other instructions applicable to 'Term Deposits' will apply to these deposits.