|
PARAMETERS
|
FEATURES*
|
|
Objective
|
Scheme provides a deposit product with a Market determined interest rate linked to MIBOR (Mumbai Inter Bank Offer Rate) NSE Overnight.
|
|
Applicability
|
Applicable in CBS branches of METRO Cities only.
|
|
Eligibility
|
High Net worth Individuals (HNIs), Company/Corporate Body, Public Sector Undertakings and Commercial Organization.
|
|
Deposit Amount
|
Single deposit of above Rs.10.00 crore, and thereafter in multiples of Re. 1.
Once the spread is quoted for the day, there should not be any limit for acceptance of deposit under the scheme. However, based on the fund position, next day’s spread will be quoted by HO: Treasury Division
No deposit will be taken on reporting Fridays.
|
|
Period of Deposit
|
Minimum 7 days to maximum 60 days.
|
|
Rate of Interest
|
To be decided by Treasury Division-HO linked to MIBOR (NSE Overnight) with an upper cap, with daily reset (simple interest).
Upper cap to be reviewed by HO: Treasury Division, in consultation with ALCO on quarterly basis.
HO: Treasury Division will give spread (either plus or minus) over MIBOR on daily basis along with other rates of bulk deposits. NSE MIBOR will be fixed at 10 A.M. daily. Hence, Treasury Division will give previous day MIBOR fixing along with bulk deposit rates.
|
|
Premature Payment/ Part Withdrawal
|
No penalty for Premature/ Part Withdrawal, however, one clear working day notice required for withdrawal of funds.
|
|
Issuance of FDR
|
The prevailing rate of interest linked with Benchmark rate applicable on the date of opening of the MIBOR Linked FD will be mentioned in the field meant for the purpose in the FD receipt. In the column of Maturity value a rubber stamp shall be put on the FD receipt/ acknowledgement stating Maturity value will be calculated on the basis of rate of interest on daily basis (simple interest).
|
|
Auto Renewal
|
The auto renewal of the fixed deposit shall be carried out by the system on maturity under this scheme itself, where customer has not given any instruction to the contrary. The FDR shall be auto renewed for 14 days only, under the scheme only. The auto renewal period to be modified at the instance of the customer subject to the minimum or maximum period of the scheme. The FD shall continue to be auto renewed for 14 days only till such time instructions to the contrary are received.
|
|
Demand Loan/ OD Facility
|
Not available
|
|
Tax Deduction at source
|
As per instructions issued by HO: Finance Division from time to time. The tax due must be deducted at source as per mandate of the depositor.
|
|
Other issue
|
Any clarification/information in respect of the scheme shall be obtained from HO: RBD (Resources) & Treasury Division only.
|
* Other terms and conditions as per general guidelines