Account Opening Form - Term Deposits

Indian Overseas Bank……………………………..Branch Account No.
Ownership Code ……… Type of Deposit (Specify)………………………Date……………

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Full Name(s) (in block letters) Address of first depositor
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1. …………………………………………………………………………………………………..
2. …………………………………………………………………………………………………...
3. …………………………………………………………………………………………………...
4. …………………………………………………………………………………………………...
Balance payable to (strike out whichever is not applicable)
Me / Jointly to us / Either or Survivor Any one of us or survivor / Former or Survivor
Date of birth of Minor…………………….
I / We request you to open a Term Deposit…………………..in my/our name(s) in
accordance with the rules of the Bank on the following terms and conditions and issue me / us deposit receipt/passbook. I / We agree to be bound by the Bank's rules and regulations governing such accounts from time to time.
I/we am/are aware that should the bank agree for the premature closure of the deposit at my/our request in writing, the interest rate on such foreclosed deposit will be lower than the contracted rate depending on the period the deposit remained with the bank and subject to the bank's policy/RBI/IBA guidelines in force at the time of the premature closure.
Tick and Fill in Applicable Type of Deposit
Fixed Deposit (FD) / Special Fixed Deposit (SFD) / Short Deposit (SD) / Varshik Aai
Yojana (VAY)
Amount of Deposit Rs…………………….., Period of Deposit……………………years
Rate of interest……………………, Credit interest to CD / SB account no…………………
With you / your…………………… branch.
Reinvestment Deposit Plan (RDP) / Cash Certificate (CC)
Amount of Deposit Rs………………………….., Period of deposit…………………years
Rate of interest……………………, Amount receivable on maturity Rs…………………….
Easy Deposit Scheme (EDS)
Core amount per month Rs………………. for ………………… months (monthly deposit
could be Rs.100 or above in multiples of Rs.10 and one could deposit any amount up to 10 times the core amount. Amount repayable on maturity will be in accordance with the rules of the scheme)
Recurring Deposit (RD) / Wedding Deposit (WD) / Education Deposit (ED) /
Permanent Income Plan (PIP) / Cumulative Benefit Deposit Scheme (CBD)
Deposit
Year I II III IV V VI VII VIII IX X
Monthly
instalments
RD: Period of deposit………………….Instalment amount Rs………………….
Repayment:
For RD / WD
Rs………………… (30 days after the last instalment becomes payable and is paid by
me/us or on the date of maturity whichever later)
For ED
Rs………………… (30 days after the last instalment becomes payable and is paid by
me/us or on the date of maturity whichever later) (in lumpsum) or ……………..
instalments of Rs……………..
For PIP
Repayment per month/quarter Rs……………. plus Bonus per year Rs……………. for
60/36/24 months as also a lumpsum payment of Rs……………… along with the final
instalment.
For CBD
Rs…………………… in full settlement.
Multiple Deposit Account
Amount of deposit Rs………………………………, Period of deposit………………. Years,
Rate of interest………………………….., Amount at maturity Rs…………………………….
Multiple Investment Scheme Amount at the time of opening of account Rs………………., Period ……………….years
Date of maturity of further deposits to the account to synchronise with the above maturity
date.
Declarations
Grant of loans against the security of deposit or its foreclosure
The Bank may, on receipt of written application from
All the depositors jointly (in the case of instructions to pay the balance 'jointly')
The 'former' only during his life time and after him, 'survivor(s)' (in the case of 'Former or Survivor' instructions)
Or
Either or any of us or survivor(s) of us (in the case of 'Either/any one of us or survivor' instructions)
Or
All the depositors jointly when they are alive or survivor(s) (in the case of instructions to pay the balance to 'Both the survivors'/all or survivors),
in its sole discretion and subject to such terms and conditions as it may stipulate grant loan/advance/credit facility against the security of the deposit
Or
make premature payment of the proceeds to the applicant.
Date: Signature of the depositor(s)
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Automatic Renewal
(For Fixed Deposit, Short Deposit, etc)
I / We authorise the Bank to automatically renew the deposit on the due date and
subsequent due dates thereafter for an initial period of………………. as per the original
deposit receipt unless instructions to the contrary from me / us is received in writing by the Bank before maturity. The renewal will be in accordance with the provisions of the scheme and RBI directives in force at the time of renewal.
I / We understand that the interest applicable on renewals will be at the applicable ruling rates on the date of maturity.
I / We further understand that the fact of renewal will be entered in the deposit receipt on my / our presenting the same to the Bank on or after the maturity date.
Date: Signature of Depositor(s)
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Introduction
I ………………………………………………………………………..…….hereby introduce
Mr./Mrs./Miss………………………………………………who is personally known to me for
the past ……………… years and confirm correctness of the address declared herein.
Date: Signature of Introducer(s)
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For Office use only KYC-CROP obtained/updated Signature(s) verified
Authorised Signatory
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Nomination
I / We ………………………………………………… nominate the following persons to
whom the balance in the account may be paid by Indian Overseas Bank, in the event of
my / our / minor's death.
Name & Address of Nominee Age Relationship Date of birth,
if nominee is
a minor
In case the nominee is a minor
As the nominee is a minor on this date, I / We appoint
Shri./Smt./Miss……………………………………………………………………………………
………………………………………………………………… (name, address and age) to
receive the amount on behalf of the nominee in the event of my / our / minor's death
during the minority of the nominee.
Date:
Place: Signature / LTI of Depositor(s)
Name(s) and signatures of witness in case of LTI
1……………………………………………………….
2……………………………………………………….
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For office use only
Nomination Registered
Authorised Officer
Enclosure to Account opening form - Term Deposit
From To
…………………………………………. The Chief / Senior Manager
Indian Overseas Bank
…………………………………………. ………………………………..Branch
Date:……………….
Dear Sir,
My Term Deposit Application of Date for Rs…………….
I declare that I am aware of the provisions relating to Premature closure of term deposit accounts. Payment of interest on renewal of overdue deposit accounts; payment of interest on fixed deposits - method of calculation of interest and payment of interest on monthly basis under Special Fixed Deposit Account, as detailed hereunder in Part I and Part V respectively.
Part I - Premature closure of term deposits
Premature Closure Interest Payable
1. Domestic & NRO Term Deposits
A) If the deposit is upto Rs.5 lakh
B) If the deposit is above Rs.5 lakh
C) If an overdue deposit, renewed after paying
the interest for the overdue period, is closed
prematurely before completing the minimum
period for which such deposits are accepted
(as per current instructions in force) from the
date of renewal.
A) No foreclosure charges. Applicable interest for
the period run prevailing on the date of deposit
is payable. Additional interest for senior
citizens' deposit is payable if the contracted
interest carry the additional interest.
B) 1.00% less than the rate applicable for the
period the deposit has run prevailing on the
date of deposit. Additional interest for senior
citizens' deposit is not payable.
(Important: Additional interest for bulk deposits of
Rs.15 lakh and above, if any, is not payable if the
deposit is closed before the maturity date.)
C) While no interest is payable on the renewed
deposit, the interest already paid for the
overdue period would also be recovered.
2. NRE Term deposits
Premature Closure Interest Payable
NRE term deposits
A) Deposits of any amount closed prematurely.
B) If an overdue deposit, renewed after paying
the interest for the overdue period, is closed
prematurely before completing the minimum
period for which such deposits are accepted
(as per current instructions in force) from the
date of renewal.
A) 1.00% less than the applicable interest for the
period the deposit remained with the bank
prevailing on the date of deposit.
(Additional interest, if any, payable on bulk deposit
of Rs.15 lakh and above is not payable.)
B) While no interest is payable on the deposit,
the interest already paid for the overdue
period would also be recovered.
NODCIP Form
(Revised)
Part II - Payment of interest on renewal of overdue deposit
Period of Overdue Interest Payable w.e.f. 1.8.2004
A) Up to and inclusive of 14 days from the
date of maturity (both the date of
presentation and date of maturity
inclusive).
B) Overdue period is more than 14 days
from the date of maturity.
C) If an overdue deposit renewed and
closed prematurely before completing the
minimum period for which such deposits
are accepted as per current instructions in
force, from the date of renewal.
A) Deposit can be renewed from the date of
maturity and the interest will be the
appropriate rate prevailing on the date of
maturity. The deposit would be renewed
further at least for the minimum period
for which deposits of such size are
accepted as per current instructions in
force.
B) Interest for the overdue period would be
paid separately at simple rate prevailing
on the maturity date or date of renewal
whichever is lower applicable for the
period of overdue. In the case of NRE
deposits, if the overdue period is less
than one year, the interest rate for one
year prevailing on date of maturity or
renewal, whichever is lower, would be
applied.
The deposit amount (either with or without
the overdue interest amount) would be
placed as fresh deposit at least for the
minimum period for which such deposits
are accepted as per current instructions in
force.
C) While no interest is payable on the
renewed deposit, in addition, the interest
already paid for the overdue period
should be recovered.
Part III - Payment of interest based on number of days in a year
On deposits payable in less than three months or where the terminal quarter is
incomplete, interest shall be paid the actual number of days on the basis of three
hundred and sixty five days in a year.
Part IV - Payment of interest on monthly basis for special fixed deposit accounts
At the option of depositor, interest on monthly basis shall be effected and the monthly
interest payable shall be less than calculated at simple rates which is so on account of
directive from Reserve Bank of India that interest shall be made only on a quarterly basis
and any monthly payment would be only on discounted value.
Part V - Deceased depositors' account
Where the deposit carries a nomination, the claim shall be settled in favour of the
nominee as per nomination rules in force.
Where there is no nomination, the claim on the deposit shall be admitted in favour of
legal heirs in accordance with the statutory provisions.
1. Interest on deceased depositors' term deposit shall be paid at the contracted rate on
maturity of the deposit if paid on the date of maturity.
2. In the event of payment of deposit being claimed before the maturity date, interest
shall be paid at the appropriate rate for the period for which the deposit has
remained with the bank, without charging penalty for premature closure.
3. In the even of death of depositor before the date of maturity of the deposit and the
amount of deposit is claimed after the date of maturity, the interest shall be paid at
the contracted rate till the date of maturity. From the date of maturity to the date of
payment, simple interest shall be paid at the applicable rate operative on the date of
maturity, for the period for which the deposit remained with the bank beyond the date
of maturity. However, in the case of death of the depositor after the date of maturity
of deposit, interest shall be paid at savings deposit rate (operative on the date of
maturity) from the date of maturity till date of payment.
I / We also confirm that clarifications sought by me/us were provided to me /us by
the branch.
Yours faithfully,
Signature of depositor(s)
Letter of request for renewal of term deposit
Dear sir,
Our deposit No……………………dated………………..Rs……………….Due on…………..
Please renew the above deposit for a further period of ………….days/months/years from
today with applicable rate of interest for the period of renewal. I agree to receive the
interest for the overdue period separately at simple rate as per the current rules in force.
I/We now that I/We shall be eligible for the overdue interest allowed by the bank in its
discretion, if I/we close the deposit prematurely within the minimum period for which
such deposits are accepted as per the current guidelines in force, from the date of this
renewal.
Yours faithfully,
Signature of depositor(s)