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