obcindia.co.in Flexi Fixed Deposit Scheme : Oriental Bank of Commerce

Organization : Oriental Bank of Commerce
Facility : Flexi Fixed Deposit Scheme

Flexi Fixed Deposit Scheme : https://www.pnbindia.in/
Home Page : https://www.pnbindia.in/

Flexi Fixed Deposit Scheme

** Flexi Fixed Deposit products offer liquidity in the shape of Savings / Current deposit funds as well as higher returns as are available on fixed deposit funds.

Related : Oriental Bank of Commerce Internet Banking : www.statusin.in/20823.html

** Moreover, there is also an element of flexibility as the depositor can meet funds requirement without losing the interest, since transfer of funds to Savings / Current account is made available as an in-built arrangement whenever required by the depositor.

** In nutshell, the scheme enables a depositor to get returns on his/her funds as a fixed deposit but at the same time retaining the character of liquidity which is available in Savings Banks/Current Account.

ELIGIBILITY:
The Scheme is made available at all CBS branches and customer will have to fulfil following conditions for its availment:
a) Customer will have to open an operative Account (Savings or Current) under the Scheme (Flexi Fixed Deposit), if not maintaining one already. The Account Opening Form (AOF) shall continue to be the same as required for SB / CA.

While obtaining Account Opening Form, the type of account will be marked as “FLEXI FIXED” on the AOF itself. The customer shall not be required to undergo formalities of getting issued separate fixed deposit receipts, whenever the funds are transferred from the Savings bank / Current account under the Auto Sweep.

b) In addition to the Account Opening Form, a Letter of Undertaking (Annexure II) and acknowledgement for Rules & Regulations (Annexure III) for carrying out the request for the fixed component of Amount and its Periodicity will be obtained from the customer (Proformae enclosed).

c) Resident Indian customers shall be eligible to open accounts under the scheme provided they maintain such account in Savings Bank/Current Account under specific category as detailed in Annexure I.
d) Flexi Fixed Deposit accounts shall be opened either singly or jointly.
e) To avail Flexi Fixed Deposit products, Staff, Ex-staff, Pensioners and Senior Citizens will have to maintain accounts under this scheme. However, concession in minimum balance requirement and penalty thereon for not maintaining minimum balance will not be available to these categories.

MINIMUM AMOUNT OF DEPOSIT:
In case of new accounts, the initial deposit, as per the respective category under which the account is proposed to be opened, shall be the pre-requisite. In case of non-maintenance of minimum Average Quarterly Balance (as per Annexure I), penalty as specified against each category of Savings / Current account shall be levied in the account.

PERIOD OF DEPOSIT:
A deposit under the scheme shall be accepted as per below chart

PAYMENT OF INTEREST :
** The amount invested in the scheme shall attract rate of interest prescribed by the Bank on domestic Term Deposits from time to time.
** Simple/ compounded interest shall be booked on quarterly basis but liquidation of interest will be as applicable for the respective scheme.
** Staff / Ex-Staff and Senior Citizens will be entitled for additional rates in Flexi Fixed Deposits as applicable in Domestic Term Deposits (as applicable to the category of depositor).
** As per the extant rules, premature payment penalty has been levied on amount more than 15 lacs for individual (1%) and for non-individual, irrespective of amount on or after 10.07.2015.

AUTO SWEEP (SWEEP – IN) :
When the balance amount in FFD linked Savings Bank / Current account shall cross over the minimum balance, the excess, in multiple as applicable for different categories as per enclosed Annexure I, will be transferred automatically to Flexi Fixed Deposit account, for the time period as mandated by the depositor at the time of opening of account under the scheme.

REVERSE SWEEP (SWEEP OUT):
** Through reverse sweep facility, the amount lying in Flexi Fixed Deposit shall be available to the depositor whenever there is a requirement of funds in his / her / their operative account i.e. savings / current account.
** As such, whenever the depositor issues a cheque or uses ATM card and the available balance in his/her connected Savings/Current Account is not sufficient, Reverse Sweep will automatically withdraw the required amount from Flexi Fixed Deposit account and the remaining amount in FFD will continue to earn the same rate of interest, as agreed upon in the contract.
** In such event, the amount from flexi fixed deposit shall be transferred to his / her / their savings / current account by following the LIFO (last in first out) method.
** However, the funds to be transferred as a reverse sweep to Savings Bank/Current Account will also meet the requirement of maintaining minimum balance.

ISSUANCE OF PASS SHEET (STATEMENT) IN LIEU OF DEPOSIT RECEIPTS:
In lieu of the regular Term Deposit Receipt, the Flexi Fixed deposit Pass Sheet shall be made available to the customers maintaining account under the scheme. A well established arrangement is already in place for generation and dispatch of this statement to the customers. COPEC Secunderabad will issue pass sheet to the customers of all the branches of the Bank who maintain account under this flexi deposit scheme.

RESTRICTION ON LOAN:
No loan / OD in any shape shall be allowed against deposit held in Flexi Fixed Deposit Scheme.

SB Smart Save modified as follows:

1. Average quarterly balance to be increased to Rs25,000/
2. RTGS/NEFT to be allowed at 50% concession.
3. Speed Clearing with no charges ( Charges by Clearing House to be collected)
4. Free ECS debit and Credit
5. Instant credit of outstation cheques upto Rs25,000.
6. At Par collection of Government Cheques.
7. Free SMS facility
8. Free cheque books
9. Minimum sweep out amount to be raised from Rs 1,000/ to Rs2,000/
10. Sweep in amount is fixed at Rs.5,000/-

Current Account Premium Gold :
1. Threshold for transfer to Term Deposit from Current deposit is Rs 2,00.000/
2. Average Quarterly Credit Balance increased to Rs.2,00,000/-
3. No Charges for Cheque Books
4. NEFT/RTGS 50% concession
5. Free SMS facility