Fixed Deposits

• We offer fixed deposits in GBP, USD and Euro
• Minimum deposit amount of GBP 500 or USD 500 or Euro 500
• Maximum deposit amount of GBP 1,000,000 or USD 1,000,000 or Euro 500,000
• Minimum period of deposits – 6 Months
• Maximum period of deposits – 12 Months
• Rate of interest depends on amount, currency and maturity period
• Interest is paid on maturity
• Facility to automatically renew your deposit
• Facility to view account balance over Internet
• Eligible Deposits are guaranteed under FSCS
• Summary Box of fixed deposit

Account Specific Terms and Conditions

The Fixed Term Accounts are fixed rate, Fixed Term Deposit Accounts are accounts that are available to existing account holders who can lock away their surplus funds for certain fixed period.

If you apply for a Fixed Term Account/s, our agreement with you for your account would be made up of conditions detailed herein, your Letter of Instruction and the application pages from our web site and include any charges to them made in accordance with these conditions.

Further, these conditions are in addition to our General Terms and Conditions. Where there are inconsistencies between the General Terms and Conditions and Account Specific Terms and Conditions stated herein, then the Account Specific Terms and Conditions will prevail to the extent of the inconsistency (ies), as these contain customised particulars relating to Fixed Term Account.

Together these and the General Terms and Conditions explain how your account works. You should also check our website (www.bankofbarodauk.com) for our Schedule of Charges which may apply to your dealings with us as these also form part of our contract with you.

Please read these terms and conditions carefully before you decide to open a Fixed Term Account. Should you require easy access to your investment, this account may not be suitable for you.

If you do not understand any of these terms and conditions, please contact any of our staff at your account maintaining branch.(between 9.30 am to 3.00 pm Monday to Friday).

Key Product Information

Words with special meanings

Fixed Term Account means Fixed Term Deposit/Baroda Monthly/Baroda Annual

Base account is any Current or Savings Bank account you may already have with us from where the funds for investment into Fixed Term Account to would be transferred by you. This account must be in your name(s).This will also be an account where we will transfer account balance (including interest), when we pay money out of your account.

Term Deposit Confirmation is any confirmation, welcome letter, other document or email that we give you or to show that you are the holder of Fixed Term Account. The confirmation would confirm your

investment amount, term, rate of interest, and maturity date and maturity value of your investment

Withdrawal is made when we have taken all the necessary steps to carry out your instructions to pay money out of your account to your Base account.

Term means the period of time you have agreed to place your money on deposit.

Gross rate

'Gross' is the rate payable before the deduction of income tax. Interest is payable gross to non-taxpayers subject to their providing the required certification.

AER - Annual Equivalent Rate

'AER' shows what the interest rate would be if interest was paid and compounded once each year.

Eligibility:

1. Individuals, Charities, Associations, clubs and Public and Private limited Companies.
2. You must have Base Account with us. as this account can only be opened with funds remitted from Base We will also use this account for receiving maturity proceeds upon closure of your Fixed Term Account.

Opening Fixed Term Account:

When you submit Letter of Instruction for opening Fixed Term Account, we will carry out your instruction and provide you Term Deposit Confirmation. This would confirm your account number, the amount you have paid in, the term you have chosen, the interest rate that will apply to the account and maturity value of your investment. Your investment amount, term, rate of interest, and maturity date and maturity value of your investment

Currency:

Sterling (GBP), US Dollar (USD) and Euro (EUR)

Minimum Amount:

For £500, US $ 500 or Euro 500

Term:

Your investment can be for a term of minimum 6 month to a maximum of 12 months.

Rate of Interest:

1. Interest rates are displayed on our website and are subject to change from time to time. Rates quoted are Gross before any deduction of tax as well as corresponding Annual Equivalent Rate (AER).Interest is payable on clear credit balances only.
2. We will quote applicable interest rate for term you have selected at the time of application.
3. Interest will be paid on

On Maturity:

IMPORTANT INFORMATION

NOTIFICATION OF DISCONTINUATION OF AUTO-RENEWAL FEATURE ON FIXED TERM ACCOUNTS

We are writing to inform you that effective 6th June 2023, the auto-renewal option on our Fixed Term Accounts will be discontinued. This means the following:

FOR ACCOUNTS WITH NO AUTO-RENEWAL IN PLACE

There is no impact but please note that this feature will not be available after the Effective Date on new deposits.

FOR ACCOUNTS MATURING BEFORE THE EFFECTIVE DATE WITH AN AUTO-RENEWAL IN PLACE

If your fixed deposit is renewing before the Effective Date, there is no immediate action for you to take. You will receive notification at least 14 days in advance of maturity and, unless you instruct us otherwise, your fixed deposit will automatically renew at the nearest available tenor. If you have signed up for our SMS alerts you will be notified of this via SMS. As set out in the advance notification, instructions can be given either in writing to your base branch detailing the amount and term you would like to invest for or in person at one of our branches.
 

ACCOUNTS MATURING AFTER THE EFFECTIVE DATE WITH AN AUTO-RENEWAL IN PLACE

If your fixed deposit is due to renew after the Effective Date, there is no immediate action for you to take.  You will receive notification at least 14 days in advance of maturity and, unless you instruct us otherwise, at maturity the principal amount plus interest paid will be credited to your linked savings account. If you have signed up for our SMS alerts you will be notified of this via SMS.  Instructions can be given in writing to the nearest branch or by post to your base branch.

We believe this change gives you greater control and choice over your deposits and avoids any confusion over the renewal process, although we understand that the change may cause inconvenience to some customers. It is important that you take the time to review all current savings options available to you and choose the account that meets your requirements. Please be aware you may receive a lower rate of interest should your funds remain in your linked savings account.

Should you have any questions or require further information, please feel free to call  or visit any Bank of Baroda UK branch details are available on www.bankofbarodauk.com website  or send an email to your base branch and our team will be happy to support you as needed with the new process.  

We value your business and appreciate your understanding of this change. Thank you for choosing Bank of Baroda UK for your financial needs.

Withdrawals and early closures: (Only for Existing Customers)

You agree that your investment will be fixed for the term you have selected.

You cannot make withdrawals from or close your account during the term other than in exceptional circumstances - such as critical illness, terminal illness, the death of an account holder or by court order. In these circumstances, the deposit, and the interest due thereupon, up to date of early closure will be paid.

We may, at our sole discretion, agree to allow early closure of account where we do, payment of interest will be on the following terms:

If the deposit has only remained with us for a period less than one year, then the Bank will pay interest at the rate prevailing on the date of application for opening Term Deposit, for the term the deposit has remained with us less than 1% penalty.

Provided the investment has remained with us for a minimum of one year, the Bank will pay interest at the rate prevailing on the date of application for opening Term Deposit, for the term the deposit has remained with us without any penalty.

Example 1

Mr. X had placed on the 2nd of June 2014, £10,000 for a term of 48 months @2.65% p.a. ; however, subsequently decides to withdraw the funds after 11 months only. Since he is withdrawing the funds within 12 months, In such an event, if, the Bank agrees to allow him to withdraw the deposit, since the amount has remained with the bank for only 11 months and for this period, on the date of initial deposit (2nd June 2014), rates offered by the bank for period 6 months to less than 12 months, was 1.5% per annum, he will be paid interest on her deposit interest at the rate of 0. 5% p.a.(1.5% less 1% penalty)only as against 2.65 % p.a. originally agreed.

Example 2

Mrs. S had placed £10,000 on 2nd of June 2014, to be fixed for 60 months @2.9%p.a. However, she decides to withdraw the funds after 37 months only. In such an event, if the Bank agrees to allow her to withdraw the deposit, since the amount has remained with the bank for only 37 months and for this period, on the date of initial deposit (2nd June 2014), rates offered by the bank for period 36 to less than 48 months, was 2.5% per annum, she will be paid interest on her deposit interest at the rate of 2.5% p.a. as against 2.9% p.a. originally agreed.

Upon closure of the account, repayment will only be made by transferring the closure proceeds back to your Base Account. We will not agree to repayment of closure proceeds by way of any other means other than as mentioned in 4 above.

Communication:

We will communicate with you generally by sending mail to address provided by you

Helpline:

If you need guidance in regard to the above please contact our nearest branch (between 9.15 am to 5.15pm Monday to Friday excluding bank holidays). Contact details of all our UK branches are available on our website http://www.bankofbarodauk.com/contact-us/

Financial Services Compensation Scheme:

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS).The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £ 85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £ 85,000 each making a total of £ 170,000. The £ 85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.