Transcription of Baroda MAX - Online Fixed Rate Bond
1 1 Baroda MAX - Online Fixed Rate bond Frequently Asked Questions (FAQ) 1. Is Bank of Baroda regulated by the Regulatory Authority in UK? Yes, Bank of Baroda is authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority in UK and our firm Registration No. is 204624. 2. Are deposits with Bank of Baroda covered by Financial Services Compensation Scheme (FSCS)? Yes, 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 75,000. 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 75,000 each (making a total of 150,000).
2 The 75,000 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. The FSCS Information Sheet and Exclusion Sheet are enclosed as Annexure I and Annexure II. The depositor(s) have to provide acknowledgement for having received this FSCS information. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100 or 020 7741 4100, The Baroda MAX Fixed Rate Account is an Online , Fixed rate, Fixed term deposit account for UK residents who already have another account with a UK Bank or Building Society and who can lock away their surplus funds for certain Fixed period. 3. Can you give me some background about Bank of Baroda ? Bank of Baroda is India s leading Public Sector Bank.
3 Established in the year 1908, we have a banking experience of over 106 years. The Bank has a network of over 5,316 branches in India and a global presence that spans across 104 foreign offices in 24 countries. The Bank serves a global customer base of over 60 million and the Bank s total business size (31 Mar 2015) is over USD ($) 167 Billion. 4. How long has the Bank been in the UK? The Bank has been serving in the UK since 1957. Presently we have a network of 10 branches 7 in London (City of London, Aldgate, Kenton, Wembley, Tooting, Southall, 2 Ilford) and 3 outside (Manchester, Birmingham and Leicester). For more information p l e a s e v i s i t u s a t w w w . b a n k o f b a r o d a u k . c o m o r e m a i l u s or call us on 0207 457 1500. 5. On Baroda MAX, I completed my Online application form however in the end it was not successfully submitted / got abruptly closed.
4 What do I do now? Your application is successfully submitted only if you have received your unique Reference Number. The Reference Number would start with alphabets NC or EC . In case this Reference Number has been generated then you can retrieve your incomplete application form using your reference id, email id and password. The email id and password are the same that you had submitted while filling the first page of your application form. However if this Reference Number wasn t generated you would need to submit the application afresh. 6. I submitted my application however I have received an email informing me that my KYC verification was not successful. Why has this happened and what do I do now? KYC stands for Know Your Customer. It is a mandatory verification procedure that every regulated bank in the UK would need to carry out before opening any account.
5 In case of Baroda MAX Online account opening process, we carry out this verification Online through an accredited UK agency. Based on information submitted by you, if your KYC verification is unsuccessful, you may still open Baroda MAX account by sending the required KYC documents by post. The complete list of required KYC documents would be emailed to you. Please send us the copy of these required KYC documents duly certified by any of the following person: BANKERS ACCOUNTATS SOLICITORS EMPLOYEES OF GOVERNMENT DEPARTMENTS THE PERSON, WHO CERTIFIES THE DOCUMENTS, SHOULD CERTIFY THE COPY BY WRITING (OR STAMPING) ON IT WORDS TO THIS EFFECT". I HAVE SEEN THE ORIGINAL DOCUMENT AND THIS COPY IS FULL AND ACCURATE COPY OF THAT ORIGINAL". THEY SHOULD THEN SIGN THE COPY AND DATE THEIR SIGNATURE, AND PRINT CLEARLY THEIR NAME, CAPACITY UNDER WHICH SIGNED AND CONTACT DETAILS.
6 The certified documents need to be sent to Baroda MAX Team, Bank of Baroda , 32 City Road, London EC1Y 2BD. Please quote your reference number on the back of the KYC documents. On receipt of these documents, we will carry out the manual KYC verification and on successful completion of KYC you will receive an email confirmation along with remittance instructions. 3 7. What is the maximum amount that I can save with Baroda MAX? You can save a minimum of 500/- and a maximum of 200,000 with a Baroda MAX account . However there is no restriction on the number of Baroda MAX accounts you can have with us. 8. Can I withdraw from my Baroda MAX account? No you can t. Baroda MAX is a Fixed Term bond . Once you have opened a Baroda MAX account with us, you can neither withdraw (except in exceptional situations) nor add any funds to your existing account. However, you do have the option to open new accounts with us.
7 9. What are the exceptional situations allowing me to withdraw or pre close the account? The exceptional circumstances are critical illness, terminal illness, the death of an account holder or by court order. In these exceptional circumstances, the deposit and the interest due thereupon, up to the date of early closure will be paid. Date of early closure means date of final legal documents received and completion of the required formalities by us. In the event of death of the depositor before the date of maturity of the deposit and amount of the deposit is claimed after the date of maturity, the bank will pay interest at the contracted rate till the date of maturity of the deposit. However from the date of maturity to the date of payment, the bank would pay simple interest applicable operative in savings bank account on the date of the maturity for the period for which the deposit remained with the bank beyond date of maturity.
8 In other cases we may, at our sole discretion, agree to allow early closure of account where we do; payment of interest on the following terms: Provided the deposit has remained with us for a minimum period of one year, the Bank will pay interest at the rate prevailing on the date of application for opening Baroda MAX account, for the term the deposit has remained with us. We will not pay any interest if the deposit amount has not remained with us for at least one year. 10. Is the interest rate Fixed or variable? Baroda MAX is a Fixed Rate account and hence the interest rate is Fixed /guaranteed during the entire tenure of the bond . 11. How is the interest calculated and paid in my Baroda MAX account? Interest will be calculated daily, compounded annually and paid on maturity 12. When would the interest certificate be issued to me? Interest certificate would be issued on payment of interest in Deposit account.
9 Since Baroda MAX is a Fixed term deposit account thus interest certificate would be issued on the date of maturity only, unless the deposit is prematurely closed 4 13. What options do I have to fund my Baroda MAX account? Once your KYC verification is successful, you will receive a communication on your registered email address advising you the remittance instructions. You could choose between 3 modes of remittance options to fund your Baroda MAX bond - BACS, CHAPS or Cheque. However please note that be it CHAPS, BACS or Cheque, the funds would need to necessarily come from the same nominated account which was mentioned while completing the Baroda MAX application form. The Cheque may be sent to us at Baroda MAX Team, Bank of Baroda , 32 City Road, London EC1Y2BD. Please note that we DO NOT accept Draft/Banker s Cheque and hence depositors are requested not to send the Banker s Cheque/ Draft to fund their account.
10 In case we receive the same it would be returned by Post 14. Whether Bank of Baroda would request my Bank to transfer money? Bank of Baroda would not request your bank to transfer money by direct debit. You are requested to ensure that your Baroda MAX account is funded with the deposit amount either by CHAPS / BACS / Faster Payment or by sending Cheque to us. 15. Certain Banks and/or Building Societies have restrictions on the maximum amount that can be remitted in one go through BACS/CHAPS. How do I address this situation? In such cases please send us a cheque for the entire amount. 16. Where the cheque should be sent? Please send it to Baroda MAX Team, Bank of Baroda , 32 City Road, London, EC1Y 2BD, UK. 17. Do I need to mention my Reference Number on the cheque? Yes please. Kindly ensure that you mention your Reference Number on the front or reverse of the cheque.
