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Annual Report 2007-08
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| Home : Resource / Treasury : Term Deposit Scheme | :: TERM DEPOSIT SCHEME |
Term & Conditions
1. The Deposit Receipt is non-transferable and non-negotiable.
2. The Deposit Receipt is valid subject to realisation of the cheque/demand draft/pay-order through which the deposit is tendered.
3. In the case of Non-Cumulative Interest Option, Interest shall be payable half-yearly on the 1st day of April and October in each year and at maturity. In the case of Cumulative Interest Option, Interest shall be paid alongwith the deposit amount at maturity . Interest will cease to accrue at maturity unless the deposit is renewed. Interest option once opted cannot be changed during the tenor of the deposit.
4. Exim Bank may, from time to time, add to, amend or alter all or any of the terms of the Scheme or otherwise discontinue the Scheme without notice to the depositor(s) and repay the deposits prematurely, in order to comply with guidelines/directives of the Government, Reserve Bank of India or any other regulatory body. The rate of interest on the deposit is subject to change pursuant to the directives of the Reserve Bank of India.
5. The Deposit Receipt duly discharged by the first-named depositor on revenue stamps of requisite value must be surrendered to Exim Bank for repayment at least three weeks before the maturity date. In the case of renewal deposit, a fresh application accompanied by the discharged Receipt and differential payment, if necessary, in the case of Cumulative Interest Option, must be received by Exim Bank three weeks before the maturity date.
6. All payments in respect of deposit in the joint names will be made by Bank to the first-named depositor. In the event of death of the first-named depositor, the amount of principal and interest accrued, if any, will be paid by Exim Bank to the survivor or the person first in the order of survivors on production of the death certificate of the deceased depositor and such other documents as may be deemed necessary by Exim Bank.
7. Upon death of a sole depositor, payment of principal and interest accrued, if any, will be payable by Exim Bank to the registered nominee, if appointed; otherwise, such payment will be made to the heir(s)/legal representative(s) of the deceased depositor on production of proper legal representation to the satisfaction of Exim Bank.
8. Deduction of Income-tax at source from interest payments shall be governed by the provisions of the Income Tax Act, 1961, as in force from time to time, and the Rules framed thereunder.
9. Any dispute or claim arising from acceptance, renewal or payment of deposits including interest under the Scheme shall be subject to the exclusive jurisdiction of the Courts at Mumbai.
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