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Annual Report 2007-08
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| Home : Resource / Treasury : Term Deposit Scheme | :: TERM DEPOSIT SCHEME |
Download Form : Form for Individuals / NRIs Form for Corporates / Trusts Form for HUF
Form 15 H Form 15 G
Download ECS Mandate Form
Download Deceased Claim Form
Term Deposit scheme FAQ
Flexibility
- The benefit of future increases in interest rates will be available to the existing term deposits for the residual period (above one year) till maturity at the interest rate applicable to the residual maturity period, without any action on the part of the depositor.
- In case the existing rate on a deposit (contracted based on original maturity at the time of placing deposit) is higher than the revised rate applicable to the residual tenor, then the original higher rate would continue to apply.
- The above flexibility is available only on deposits placed by individuals/NRIs/trusts/HUFs and superannuation funds.
- Interest rate on 3-year and 5-year floating rate term deposits could be benchmarked to 3-year and 5-year G-sec rates respectively.
* Interest Rate effective from July 20, 2011
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TENOR
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Rate Of Interest Up to One Crore
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Rate of Interest Above one Crore*
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12 months to ≤ (less than
equal to) 36 months
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9.25% p.a
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8.25% p.a.
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> (greater than) 36
months to 60 Months
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9.00 % p.a
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8.00% p.a.
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* Subject to prior consent of Exim Bank.
Senior citizens (Persons of above 60 years of age) and disabled persons are paid additional 0.50%p.a. These rates may be made applicable only for individuals, HUF, NRIs (on non- repatriable basis only) who are citizens of India, Army / Defence Regimental Funds, Army Group Insurance Funds, Departments of Central Government and Reputed Education / Research Institutions. These rates may also be made applicable to PF / Superannuation Fund Trusts whose investment norms permit investments in Term Deposits of Public Financial Institiutions.The interest rate to corporates / Trusts / Any other category of investor will continue to be quoted depending upon market conditions and fund requirement of Exim Bank.
NOTE :
- Interest compounded on quarterly basis.
- Minimum Deposit of Rs.10,000/- and in multiples of Rs.1,000/- thereafter.
- Interest is subject to deduction of tax at source, wherever applicable.
- Cheques/Demand Drafts to be drawn favouring ‘Exim Bank Term Deposit Account’.
TERM DEPOSIT SCHEME : PRODUCT FEATURES
Deposits under the Export-Import Bank of India (EXIM BANK) Term Deposit Scheme ("the Scheme"), shall be accepted by EXIM Bank subject to the following terms and conditions :
- Denomination : Deposit shall be accepted in multiples of Rs.1,000/- subject to a minimum of Rs.10,000/-. Renewal may be done for the maturity value of the old deposit. There is no maximum limit on the amount or number of deposits.
- Period of Deposit : Deposit shall be accepted for a minimum period of one year and a maximum period of five years.
- Rate of Interest : Interest shall be payable at the rate(s) to be decided from time to time by FMC. Additional interest to senior citizens and staff shall be paid as per decision of FMC.
- Flexibility
- The benefit of future increases in interest rates will be available to the existing term deposits for the residual period (above one year) till maturity at the interest rate applicable to the residual maturity period, without any action on the part of the depositor.
- In case the existing rate on a deposit (contracted based on original maturity at the time of placing deposit) is higher than the revised rate applicable to the residual tenor, then the original higher rate would continue to apply.
- The above flexibility is available only on deposits placed by individuals/NRIs/trusts/HUFs and superannuation funds.
- Eligible Depositors : Deposit shall be accepted from following subject to fulfillment of KYC requirements :
- Resident Indian National(s) who may be either a single individual or not more than three individuals jointly and deposits from minors under guardianship.
- Hindu Undivided Families (HUF) through their Karta;
- Partnership Firms;
- Companies, Bodies Corporate, Societies and Trusts registered under applicable laws in India and authorized to invest in deposits under the Scheme; and
- Association of Persons authorized to invest in deposits under the Scheme.
- Options under the Scheme : A deposit may be made under Cumulative Interest Option or Non-cumulative Interest Option. Under the Cumulative Interest Option, a lumpsum payment inclusive of compound interest, net of TDS, as applicable to the period of deposit, shall be made to the depositor on maturity of the deposit. Under the Non-cumulative Interest Option, interest on the deposit will be compounded quarterly and paid every half year. An option once selected will not be permitted to be changed except on renewal of the deposit. Where no option is indicated in the Application Form, the deposit will be treated as placed under Cumulative Interest Option. Separate Application Forms applicable for individuals / HUF / firm, trusts, companies are to be used.
- Interest Payments : Interest will begin to accrue from the date of realization of the cheque and shall cease to accrue on the date of maturity of the deposit unless the deposit is renewed as per its terms. Under the Cumulative Interest Option, interest net of TDS shall be paid on maturity of the deposit along with the principal amount. In the case of deposit under the Non-cumulative Interest Option, half yearly interest shall be paid on the thirty-first day of March and first day of October for each financial year (April to March) or part thereof, as the case may be, by means of RTGS / NEFT / ECS / post-dated Interest Warrants drawn on Axis Bank Limited and payable at par at all its Branches in India. At the specific request of the depositor, interest may be paid on quarterly basis on 31st March, 1st July, 1st October and 1st January. Exim Bank, however, does not accept any liability for delay in realization of the warrants. Interest on deposit placed less than three weeks prior to the dates of interest payment, shall be paid along with next interest payment, and interest for any broken period ending at maturity shall be payable along with the principal amount on the date of maturity of the deposit. All interest shall be calculated on the basis of a year of 365 days and actual number of days elapsed and shall be compounded on a quarterly basis. Income-tax shall be deducted at source, wherever applicable, from interest payments unless it has already been deducted at time of compounding the interest. The Bank shall pay interest at the originally contracted rate on the deposit amount for the holiday/Sunday/non-business day intervening between the date of maturity of the specified term of the deposit and the date of payment of the proceeds of the deposits on the succeeding working day. The rules for payment of interest on overdue deposits are at APPENDIX 1.
- Joint Deposits : In the case of individuals, deposits may be accepted in the joint names of not more than three persons. No request for any change in the order of joint depositors or replacement of any joint depositor(s) will be entertained. Payment of interest and repayment of principal amount of deposit shall be made by EXIM Bank to the first-named depositor. All communications in relation to the deposit will be addressed only to the first-named depositor.
Any discharge given by the first-named depositor for the repayment of deposit and payment of interest shall be valid and binding on all joint depositor(s) and shall constitute good, valid and effectual discharge to Exim Bank. No deposit jointly with a minor shall be accepted.
- Term Deposit Receipt :
- The Term Deposit Receipt is not transferable. EXIM Bank may, however, at its discretion permit the addition of not more than two names to the Term Deposit Receipt issued to a sole depositor, under certain circumstances and subject to such terms and conditions as it may deem fit. EXIM Bank will not recognize or accept any lien on or an assignment of the deposit and/or interest thereon unless expressly agreed by it.
- The Fixed Deposit Receipt will be dispatched by EXIM Bank to the address of the sole/first-named depositor, or to its/his/her authorized agent within three weeks of receipt of the Application by EXIM Bank. EXIM Bank, however, shall not be responsible for any delay or loss in transit.
- In the event of loss, theft, destruction, mutilation or defacement of the Term Deposit Receipt, a duplicate Deposit Receipt may be issued by EXIM Bank subject to compliance with its terms and conditions including furnishing of such indemnity duly signed by the depositor(s) as may be deemed fit by EXIM Bank. All expenses in this connection will be borne by the depositor(s).
- Succession : In the event of death of a sole depositor, the deposit amount and interest due thereon will be paid by EXIM Bank to the legal heirs/representative(s) of the deceased depositor on production of proper legal representation to the satisfaction of EXIM Bank. However, if the sole depositor has duly registered nomination with EXIM Bank, as provided for in the Application for deposit, the proceeds of the deposit shall be paid to the nominee without reference to his/her heirs and/or legal representatives upon submission of the Death Certificate/s of the deceased depositor/s and completion of other formalities. In the event of death of the first-named depositor, the deposit amount and interest due thereon will be paid to the surviving depositor(s) in accordance with the instructions given in the Application for deposit, upon production of the Death Certificate of the deceased depositor and such other documents as may be deemed necessary by Exim Bank, without reference to his/her heirs and/or legal representatives. Upon payment made by EXIM Bank in the manner aforesaid, it shall be fully released and discharged from all liabilities with respect to payment under the deposit. Person(s) claiming payment of the deposit shall be required to surrender the Term Deposit Receipt to EXIM Bank. The detailed policy and procedures for settlement of claims in deceased Term Deposit Account is at APPENDIX II.
- Repayment/Renewal of Deposit :
- The Term Deposit Receipt duly discharged by the sole/first-named depositor(s) on revenue stamp of requisite value shall be surrendered to any of the offices of EXIM Bank at least three weeks prior to the date of maturity for the purpose of repayment. The repayment of the deposit amount inclusive of interest, if any, payable thereon, will be made by means of RTGS/NEFT/crossed cheque marked, "Account Payee only", encashable at par at all the branches of Axis Bank Limited. No intimation or notice will be given by Exim Bank with regard to the date of maturity of the deposit and interest.
- When the date of maturity or interest payment falls on a day on which the Head Office of EXIM Bank shall remain closed, the payment will be made on the next working day.
- Deposit may be renewed by EXIM Bank at maturity subject to the terms and conditions of the EXIM Bank Term Deposit Scheme in force at the time of renewal. Request for renewal of deposit shall be made by the depositor(s) at least three weeks prior to the date of maturity by submitting a fresh Application in the prescribed form duly signed and completed in all respects along with the Term Deposit Receipt duly discharged as mentioned above. Deposit under cumulative interest option may be renewed under any of the options then available under the EXIM Bank Term Deposit Scheme for maturity amount or high/lower multiples of Rs.1,000/- or such other multiple as may then be specified, by paying the differential amount by a cheque/demand draft/pay order drawn on a scheduled bank in favour of 'Export-Import Bank of India - Term Deposit Account' and marked 'Account Payee'.
- Premature Withdrawal of Deposit :
- Request for premature withdrawal of deposit before completion of one year due to death of depositor, medical exigencies, educational expenditure and other such reasons will only be considered . However, no interest will be paid for withdrawal before six months. In the event of premature withdrawal of a deposit between 6 months and 1 year, the rate at which interest shall be payable on such deposit will not exceed the savings bank rate as specified by RBI for scheduled commercial banks. Beyond one year, applicable reduction of 1% will be made from the interest rate applicable for the period deposit has remained with the Bank on account of premature withdrawal.
- In the case of premature withdrawal of deposit under Non-cumulative Interest Option, the excess amount, if any, being the difference between the amount of interest already paid at the rate stated in the Term Deposit Receipt and interest payable at the above applicable reduced rate owing to premature withdrawal, shall be deducted by Exim Bank from the principal amount of deposit and the resultant balance amount shall be paid by Exim Bank to the depositor(s)/person(s) entitled thereto. Similarly, for premature withdrawal of deposit under Cumulative Interest Option, the maturity value of the deposit will be recalculated on the basis of the applicable interest rate and the revised maturity value shall be paid by Exim Bank. Tax already deducted and paid to Government on interest accrued/paid shall not be refunded. In case of joint accounts, the term deposit and the request for premature withdrawal of deposit are to be signed by all the joint depositors.
- Tax Deduction at Source : EXIM Bank will deduct Income Tax at source from interest on deposits in accordance with the applicable provisions of the Income Tax Act, 1961 in force from time to time. No tax, however, shall be deducted by Exim Bank if the depositor(s) shall furnish to Exim Bank in respect of every financial year, relevant certificate/declaration/order as may be prescribed under the Income-Tax Act, evidencing grant or exemption from income-tax deductions at source or permitting deduction of tax at a rate lower than otherwise applicable. Exim Bank shall not be liable to refund to the depositor(s) the amount of tax that may have been already deducted if such certificate/declaration/order has not been submitted by the depositor(s) at least three weeks prior to the date of payment of interest or maturity value of the deposit as the case may be.
- Change of Address : Change of address, if any, of the depositor/s shall be lodged in writing with the Head Office of Exim Bank at least three weeks before the date on which a payment falls due for being acted upon. In case of joint accounts, the request for change in address of either/any one of the depositors is to be signed by all the joint depositors.
- Loan against Deposit : Exim Bank will not provide any loan against deposits accepted under this scheme.
- Nomination Facility : Nomination facility is available under the Scheme to depositors who may nominate any individual, to whom proceeds of the deposit would be payable in the event of death of the depositor. For the purpose, particulars of nomination may be filled in at the appropriate place in the Application for deposit.
- Miscellaneous :
- Application for deposit shall be in the prescribed form signed and completed in all respects and accompanied by necessary payment by cheque/demand draft/pay order crossed Account Payee and drawn in favour of "EXPORT-IMPORT BANK OF INDIA -TERM DEPOSIT A/C" on a bank which is a member or sub-member of the Banker's Clearing House at places where Exim Bank's Collection Centres are located, and submitted to its Collection Centres. Incomplete Application is liable to be rejected and EXIM Bank would not be responsible for consequences thereof. EXIM Bank reserves the right at its sole and absolute discretion to reject any application for a fresh deposit or for renewal without assigning any reason in which event the amount of deposit received by EXIM Bank will accordingly be refunded without interest to the sole/first-named depositor.
- 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/or at the discretion of the Bank.
- 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.
Download Form : Form for Individuals / NRIs Form for Corporates / Trusts
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