Flexible Recurring Deposit Scheme – Yatha Shakti Jama yojna(new)

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Baroda Recurring Deposits Account

Flexible Recurring Deposit Scheme – Yatha Shakti Jama yojna(new)

This product is basically a Flexible Recurring Deposit a/c with feature of Flexible Monthly Instalment mode.

  • An individual in his/her own name.
  • More than one individual in joint name.
  • Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minor with their father/mother, as guardian as per Bank’s extant guidelines.
  • Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purpose.
  • The product is not available for NRE deposits.
  • Interest will be paid and credited half yearly (Sept & March).
  • Senior Citizen shall get benefit of additional interest as per guidelines effective from time to time (As applicable on Recurring Deposit account).
  • Staff members (including ex-staff) shall get benefit of additional interest as per guidelines effective from time to time (As applicable on Recurring Deposit account). Retired Staff Members who are Senior Citizen shall get both benefit of Staff rate as well as Senior Citizen interest rate benefit.

Instalment Frequency

Monthly.

Instalment Amount

  • Minimum amount of core instalment required to open an account is Rs.100/-thereafter in multiple of Rs.100/- above core installment.
  • Monthly deposit amount can be increased only up to 3 times of the core instalment subject to maximum of Rs.10,000/- per month.

Duration: Minimum 12 Months and Maximum 120 Months. i.e. Term of FRD can be for 12,15,18,21,24…………120 months.

Maturity of Deposit: One month after payment of last installment OR Due date, whichever is later.

Nomination facility

Nomination facility will be available as per extant guidelines.

Tax Deduction at Source

TDS will be deducted on interest payments as per extant guidelines.

Premature Payment

Premature payment facility will be available as per extant guidelines.

Availability of Loan/Overdraft against security of Deposits:

Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s existing guidelines issued from time to time for LABOD/ODBOD.

At present the applicable rate of interest on LABOD/ODBOD is 1.00% over interest rate on Fixed Deposit. In case of LABOD/ODBOD against third party FDRs, the applicable rate is 1.00% over interest rate on Deposit rate or Base Rate +0.25% whichever is higher.

In the event of delayed payment of installment/s: No penalty.

Other Terms and conditions

All other terms and conditions as applicable to Recurring Deposit shall be applicable under these products.

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