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Flexible Recurring Deposit
We believe that little drops make the mighty ocean. We have therefore devised a deposit product that takes care of your small savings with fixed deposit rate of interest. The product is available for 12 Months, 24 months and 36 months.
Terms and conditions
- Loan Collateral Security
- The recurring deposit should be for a period of 12, 24 & 36 months only. Depositor can choose any of the terms from 12 / 24 / 36 months at the time of opening of account.
- Overdraft facility.
- No cash deposit fee.
- Minimum Amount shall be UGX 10,000 per month and thereafter can be increased in multiples of UGX 1,000.
- Maximum Amount: UGX 5.00 Million.
- Deposit Interval: Monthly (Flexible in maximum two installments).
- Core amount of monthly deposit to be specified at the time of initial deposit i.e. opening of account.
- Loan / Overdrafts are available on the request of the account holder in the Savings Bank / Current A/c of the depositors against the deposits made under the product as an inbuilt facility. Facility is available up to the extent of 90% of the total deposit in this scheme, in case of loan in same currency and 80% of deposit if loan is in different currencies.
- Alternatively, the depositor may avail loan against deposit in usual way, whenever needed in future.
- Rate of interest on Overdraft / Loan is to be charged @3-5% above the deposit rate.
- All individuals including minors (Singly / Joint), Sole Proprietary / Partnership firms, Private / Public Ltd. Companies, Trusts, Societies, Clubs, Educational Institutions, Government Departments, Public Sector Undertakings etc. are eligible to invest in the product.
- Any Account with Bank of Baroda (Uganda) Limited
- No premature withdrawal is allowed for 12 months deposit.
- Premature withdrawal of the deposits made under the scheme, if requested, shall be allowed for deposits of 24 & 36 months. No part withdrawal of deposit is allowed.
- Deposit under the product will carry rate of interest applicable from time to time for different periodicity, payable in the month of December every year.
- Rate of interest may be negotiated for the accounts opened above Shs.10Mn every month.
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