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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.
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Benefits
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Features
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Eligibility
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Documents Required
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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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What is a flexible recurring deposit account?A flexible recurring deposit account allows customers to choose their deposit term when opening the account, with options of 12, 24, or 36 months. It combines regular savings convenience with the flexibility of selecting the preferred term.
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How does a flexible recurring deposit account differ from a regular recurring deposit account?
A flexible recurring deposit account differs from a recurring deposit amount by allowing depositors to vary their deposit amounts and frequency, providing more flexibility.
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What is the minimum deposit amount required to open a flexible recurring deposit account?
The minimum deposit amount required to open a flexible recurring deposit account is UGX 10,000 per month.
