Features of IOB E-FDR Facility in NSE Platform
| Scheme Name |
IOB e-FDR SDR |
IOB e-FDR RDP |
Minimum amount of deposit |
Rs. 1,00,000/- |
Rs. 1,00,000/- |
Maximum amount of deposit |
No ceiling |
No ceiling |
NSE Clearing Ltd. will periodically assess the exposure limit of the bank and allocate a limit to the empaneled bank for the issuance of E-FDR on behalf of clearing members in favor of NSE Clearing Ltd.
|
Period of deposit for Margin deposit (MD) |
Min: 7 days |
Min: 6 months |
Max: 6 months |
Max: 10 years |
Period of deposit for Security deposits (SD) |
Not Applicable |
Min: 12 months (1 year) |
Max: 10 years |
Rate of Interest |
Rate of interest on IOB e-FDR SDR will be as per card rate based on tenure of the deposit |
Rate of interest on IOB e-FDR RDP will be as per card rate based on tenure of the deposit |
Payment of Interest |
Interest will be paid only at the time of maturity along with principal with simple interest. However, payment/ credit of interest to the account will be subject to applicable TDS
|
Interest will be paid only at the time of maturity along with principal with quarterly compounding effect interest. However, payment/ credit of interest to the account will be subject to applicable TDS
|
Tax implications |
Tax would be deducted as per the prevailing Income Tax Rules |
Nomination |
As per the extant guidelines of the bank as applicable for regular SDR and RDP scheme |
Transferability from one branch to another branch of IOB |
Not allowed |
Loan/ overdraft against E-FDR |
No loan and overdraft facility are allowed under E-FDR scheme |
Applicability of Normal fixed deposit rules |
Other than special term and conditions of the scheme as mentioned above, the E-FDR scheme would be governed by the fixed deposit rules of the Bank
|
*For Any Further Details Please Feel Free to Contact Our Nearest Branch *T&C Apply
Indian Overseas Bank
Application for the creation of E-FDR in favour of NSE Clearing Ltd.
Date:
The Branch Manager
-------------------- Branch
Indian Overseas Bank
Subject: Creation of E-FDR in favour of NSE Clearing Ltd as collateral
As the prescribed norms of NSE Clearing Ltd. as an approved intermediary for security lending and borrowing transactions, I/we have to furnish collateral in the form of E-FDR to NSE clearing Ltd. I/We therefore request you to create E-FDR in fovour of "NSE Clearing Ltd A/C member name" as per the details furnished below:
| Sr. No. |
Particulars |
To be filled by the clearing member |
1 |
Trading Member Code |
|
2 |
Clearing Member Name |
|
3 |
Clearing Segment [e,g capital market, F&O, Debt, currency derivative etc.] |
|
4 |
Collateral Type [e,g Security deposits (SD) or Margin deposit (MD)] |
|
5 |
E-FDR Amount |
|
6 |
Tenure of E-FDR |
|
7 |
Operating Current Account number at IOB |
|
8 |
Contact Person Name |
|
9 |
Mobile/ Phone Number |
|
10 |
E-mail Id |
|
Terms and Conditions:
« The bank shall issue E-FDR in favour of "NSE Clearing Ltd. A/c Member Name".
« EFDR will be opened with Auto Renewal flag as "Y". At maturity, the deposit will automatically renew for the same tenure.
« No Physical receipt in the printed form will be issued to customers / NSE Clearing Ltd for E-FDR scheme.
« The applicable rate of interest on E-FDR SDR/E-FDR RDP shall be as per card rate based on the tenure of the deposit.
« The interest accrued on E-FDR SDR/E-FDR RDP shall be paid only at the time of maturity along with principal with simple interest/with principal with compounding effect interest.
« Payment/credit of interest to the account will be subject to applicable TDS.
« TDS would be deducted at source as per the prevailing Income Tax Rules.
« No Loan and overdraft are allowed under E-FDR scheme.
« Clearing Member/Participant/Intermediary has to deposit/maintain the required amount in their operative current account for issuance of E-FDR.
« There is no lock in period for encashment of the E-FDR.
« The E-FDR furnished as collateral can be encashed by NSE Clearing Ltd, at any time, either prior to or on maturity, for meeting the obligations of the clearing member without any reference to the clearing member/participant.
« Premature penalty as per the bank's extant guidelines will apply.
« Encashment, whether premature or otherwise, shall not require any clearance from any authority / person.
« The amount under the E-FDR shall be paid by the Bank to NSE Clearing Ltd. on demand, at any point of time without any reference to the clearing member.
« Thers is no need for discharge by the clearing member/participants for encashment of the E-FDR.
« On encashment of the E-FDR by the NSE Clearing Ltd., the interest accrued thereon will be released to NSE Clearing Ltd. after deduction of premature penalty as per the Bank's extant guidelines.
« Lien will be marked by the Bank against the E-FDR in favour of NSE Clearing Ltd.
« Subsequent upon release of E-FDR from NSE Clearing Ltd., Bank will immediately close and credit the maturity proceeds into linked operating current account of the clearing member/participants/Intermediary without waiting till maturity of E-FDR.
« Other Terms and Conditions of the E-FDR as stated in the Bank's circular on E-FDR, available in Bank's website/public domain and guidelines issued by NSE Clearing Ltd from time to time shall be applicable.
Declaration:-
I/ we certify that I/we have read and understood the above mentioned 'Terms and Conditions' and same are acceptable to me/us.
I/ we hereby agree and consent that the Bank shall have an irrevocable authority to encash the said E-FDR and to withdraw the said E-FDR amount at any time, even before maturity, without notice to me/us for recovery/adjustments of approved intermediary dues and I/we have no objections whatsoever for the same.
I/ we agree that on the encashment of E-FDR, NSE Clearing Ltd will be entitled to the interest accrued on the said E-FDR along with the principal payable after deduction of necessary premature withdrawal penalty as per the bank's extant guidelines.
Yours sincerely,
Authorized Signatory
Name:
Designation:
(Clearing member/ participant)