Mumbai:
Bank
of Baroda has launched a flexi-deposit scheme for corporates
and high-value customers. The feature of the scheme is
waiver of penalty for premature withdrawal of deposits
in excess of Rs 5 crore.
Under
the scheme, the minimum amount of deposit accepted is
Rs 5 crore and in multiples of Rs 1 crore thereafter with
preferential extra rate of interest as compared to retail
deposits. Deposits could be placed a minimum period of
seven days and a maximum of one year.
The bank also decided
to waive the penalty for premature payment of
fixed deposits up to Rs 5 lakh and with a maturity period
of one year and above.
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