MIBOR linked notice deposit scheme provides a deposit product with a Market determined interest rate linked to MIBOR (Mumbai Inter Bank Offer Rate)NSE Overnight.
The scheme will be applicable in CBS branches of METRO Cities only.
Only for High Networth Individuals (HNI`s), Company/Corporate body, Public Sector Undertakings and Commercial Organization.
Amount of Deposit
- Single deposit of above Rs.10 Crores 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.
- No deposit will be taken on reporting Fridays.
Period of Deposit
Minimum of 7 days with a maximum of 60 days.
Rate of Interest
Linked to MIBOR (NSE Overnight) with daily reset (simple interest).
No penalty for premature/part withdrawal, however, one clear working day notice required for withdrawal of funds.
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. 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.
TDS is applicable as per rules. The Bank will issue TDS Certificate for the tax deducted.
Demand Loan/Overdraft facility is not available under this scheme.