Common Areas of Customer -
Banker Relationship

Term Deposit Account

Foundation for a long term banking and business relationship.

Term deposit means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and include the following:-

• Short Deposits
  
  
• Fast Access Deposit Scheme
  
  
• BOB Flexible Fixed Deposit Scheme
  
  
• Regular Income Plan
  
  
• Monthly Income Plan
  
  
• Regular Income cum Recurring Deposit
  
  
• Baroda Flexible Recurring Deposit

Who can open the account - Term Deposit Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associates etc.

Documents required - As per KYC norms the following documents duly verified from original are required to be submitted in case of individuals.

1. Two passport size photographs
   
   
2. Proof of residence i.e. Pass port/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity
   
   
3. An introduction
   
   
4. PAN or GIR number / Declaration in form no 60 or 61 as per the Income Tax Act 1961
   
   

Different set of documents are required to be submitted as per bank’s norms if accounts opened by partnership firms, private and public limited companies, HUFs/specified associates, societies, trusts etc.

Terms and conditions

1. Premature withdrawals are considered on request and merit, unless specified otherwise, at the rate of interest applicable for the period for which the deposit has run subject to penalty, if any prescribed by the Bank.
   
   
2. Generally loans / overdrafts against banks own term deposits are allowed for specific purpose and upon request by charging interest at rates prescribed by the Bank from time to time.
   
   
3. Deposits are renewed by the Bank on due dates on request. In absence of proper instruction, deposits are auto-renewed by the Bank on the due dates as follows:
   
   

   Less than One year	To be renewed for same period of TDR
   One year and above	To be renewed for One year only

   
   
   
4. Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly (i.e. reinvestment of interest) or on the date of maturity at the option of the depositor as applicable under the particular deposit scheme.
   
   
5. The Bank has statutory obligation to deduct tax at source if the total interest paid / payable in a financial year on all term deposits (excluding Recurring Deposit) held by a person exceeds the amount specified under the Income Tax Act i.e. Rs.5000/- presently.
   
   
6. The Bank will issue a Tax Deduction at Source certificate (TDS Certificate) for the amount of tax deducted.
   
   
7. The depositor may furnish Form No.15H (for Senior Citizens - 65 years of age and above) and Form No.15G (for others) preferably at the commencement of the financial year for receiving interest on deposits without deduction of tax at source if interest amount is exceeding Rs5000/-per F.Y. but upto a specified limit as decided by Income Tax Authority time to time.
   
   
8. Presently bank offers 1% more interest on all term deposit schemes to Senior Citizens of age 60 years and above.
   
   
9. As per Government guidelines 0.1 % Banking Cash Transaction Tax (BCTT) is levied in following cases :-
   
   

   For	In Case
   Individual or Hindu undivided family	If cash received from any scheduled bank on any single day on encashment (whether on maturity or otherwise) of one or more term deposits exceeds Rs.25,000/-.
   Person other than Individual or Hindu undivided family	If cash received from any scheduled bank on any single day on encashment (whether on maturity or otherwise) of one or more term deposits exceeds Rs.1,00,000/-.

   
   
   
10. The Bank may consider request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents. Loan against deposit held in minor’s name may also be considered to Natural Guardians on fulfillment of certain formalities.
    
    
11. Repayment of deposit will be made by cheque or by credit to depositor’s account if repayable amount together with interest is Rs.20,000/- or more.
    
    
12. The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor.
    
    

Operations in accounts- Term deposits

• Operation of Joint Account - The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened in the name of minor jointly with natural guardian / guardian can be operated by natural guardian/guardian only.
  
  
• The joint account holders can give any of the following mandates for the disposal of balance in the above accounts :
  
  
  • Either or Survivor : If the account is held by two individuals say, A & B, the available balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.
    
    
  • Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the available balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
    
    
  • The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified with the consent of all the account holders.
    
    
  • Addition & deletion of name of account holder is permitted with the consent of all the remaining / proposed account holder.
    
    

At the request of the depositor, the Bank will register Mandate / Power of Attorney given by him authorizing another person to operate the account on his behalf.

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