Banking
This query is : Resolved
17 May 2010
Dear Experts
Please explain the provisions related to "Corporate Liquid Term deposit" in the context of interest rate, withdrawl, minimum balance to be maintained etc.
I will be really thankul to all.
Regards
Puneet Gupta
Please explain the provisions related to "Corporate Liquid Term deposit" in the context of interest rate, withdrawl, minimum balance to be maintained etc.
I will be really thankul to all.
Regards
Puneet Gupta
17 May 2010
It depends on the bank to bank.
In case of State Bank of Indore, the provisions are as follows.
Corporate Liquid Term Deposit (CLTD) scheme is a deposit scheme for corporates, Institutions & Firms with its unique facility of the partial withdrawals (unitized break up) to the depositors without the need for premature encashment of the entire deposit. Thus the product provides liquidity to the depositors with high return and convenience.
• Customer has the flexibility to choose the period of deposit from 15 days to 3 years.
• Rate of interest for CLTD will be the card rate applicable for the contracted tenure of the deposit. No differential rate of interest is applicable.
• Minimum amount of deposit to be maintained is Rs.25000/-.Subsequent deposit in multiples of Rs.5000/- with a minimum of Rs.25000/- . Max cap is Rs.4.95 crores.
• Whenever any cheque is presented by the customer in case of inadequate balance in the current account for payment of the cheque the shortfall amount is broken in multiples of Rs.5000/- in’ last in first out’ basis from the CLTD and the cheque is honoured without any hassle to the customer.
• No loan /overdraft facility is available under the scheme.
• Rules applicable for premature withdrawal for fixed deposit are applicable for the part amount of deposit broken for withdrawal.
• Usual formalities applicable for opening current account and TDR/STDR account including KYC procedure are applicable for opening accounts under the scheme.
In case of State Bank of Indore, the provisions are as follows.
Corporate Liquid Term Deposit (CLTD) scheme is a deposit scheme for corporates, Institutions & Firms with its unique facility of the partial withdrawals (unitized break up) to the depositors without the need for premature encashment of the entire deposit. Thus the product provides liquidity to the depositors with high return and convenience.
• Customer has the flexibility to choose the period of deposit from 15 days to 3 years.
• Rate of interest for CLTD will be the card rate applicable for the contracted tenure of the deposit. No differential rate of interest is applicable.
• Minimum amount of deposit to be maintained is Rs.25000/-.Subsequent deposit in multiples of Rs.5000/- with a minimum of Rs.25000/- . Max cap is Rs.4.95 crores.
• Whenever any cheque is presented by the customer in case of inadequate balance in the current account for payment of the cheque the shortfall amount is broken in multiples of Rs.5000/- in’ last in first out’ basis from the CLTD and the cheque is honoured without any hassle to the customer.
• No loan /overdraft facility is available under the scheme.
• Rules applicable for premature withdrawal for fixed deposit are applicable for the part amount of deposit broken for withdrawal.
• Usual formalities applicable for opening current account and TDR/STDR account including KYC procedure are applicable for opening accounts under the scheme.
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