Baroda Holiday Saving Recurring deposits

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Baroda Fixed Deposit Accounts

Baroda Holiday Saving Recurring deposits

  • Bank of Baroda now presents holidaying experience to its customers through Baroda Holiday Saving Recurring Deposit Account.
  • Thomas cook India Ltd. (TCIL) is the partner for offering host of domestic/international holiday packages.
  • This scheme allows one to plan his/her holidays next year at today's price.
  • The cost of the package chosen by the customer is divided into 13 equal contributions for which a customer is required to open a Recurring Deposit for 12 months with Bank.
  • 13th contribution will be funded by interest earned on 12 montly contribution of RD.
  • The shortfall towards 13th contribution of package will be funded by TCIL.
  • Monthly contribution : Minimum Rs 100/- per month & further in multiples of Rs 100.
  • Actual contribution per person per package will be conveyed by Thomas Cook India Ltd. (TCIL) at the time of online/offline booking of package.
  • Duration : Maximum/Minimum – 12 months (by default).
  • Interest in the account will be paid on a quarterly compounding interval as per rates applicable to Recurring Deposit from time to time.
  • Senior Citizens will get benefit of additional interest of 0.50% subject to changes from time to time.
  • Interest payment is subject to Tax Deducted at Source (TDS) as per Income Tax Act 1961.
  • Default in payment of monthly contributions is liable to application of penal charges and maturity value will get affected to that extent.
  • Customer has the freedom to change the standing instructions anytime before maturity.
  • Upon Cancellation of trip the customer may:
    • Continue the RD.
    • Discontinue the RD (Premature withdrawal)
  • Premature Closure: Interest will be paid after deducting penalty of 1% from such applicable rate as on date of opening the account or the contracted rate whichever is lower .
  • Maturity proceeds = Principal plus accrued interest less TDS less penal charges towards default in payment/s, if any, will be remitted to TCIL towards cost of package booked by the customer.

Eligibility

Resident Individual, Minor above 10 years of age.

Installment Frequency

Monthly

Installment Amount

As per the package and no. of passengers chosen by the customer the amount will vary.

Duration

12 months

Maturity of Deposit

The maturity amount (including the accrued interest) shall be auto-transferred to Thomas Cook Current Account maintained with our Bank, unless specific written request is given by the customer any time before/on maturity of the account.

Rate of Interest

As per the maturity period of the deposit.

Senior Citizen

An Additional interest @ 0.50 % is payable.

Premature Closure

Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty. The intimation of cancellation of holiday to be given directly to Thomas Cook by the customer

Nomination Facility

Nomination is available

Method of Calculation of Interest on or Before Maturity

“In all cases of domestic term deposits (Period of deposit less than a year) where the terminal quarter is incomplete, interest should be calculated for complete quarter and for the actual number of days, reckoning the year 365/366 days, i.e. the calculation of interest on such deposits should be in order of completed quarters and days.

Penalty on delayed Payment of Installments

Irrespective of tenure uniform rate of ` Re.1/- per ` 100/- per month

Other Terms & Conditions

  • No loan/overdraft facility available against this deposit
  • A detailed term & conditions cum consent form is signed by customer while opening of the account.

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