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Start drawing attractive interest with Baroda’s MIP – QIP deposit account

Baroda Term Deposit MIP / QIP

Baroda Term Deposit MIP / QIP is a regular income Term Deposit Account where interest on principal amount is paid to the customer regularly on Monthly or Quarterly basis.

Key Features
Who can Open the Account
As required under FTR Act & Customer Due Diligence
Identification documents required
Interest
Additional Information

Minimum Deposit $500
Period 1 Month to 120 Months
Loan facility against the security of Deposit
Prepayment option available (Terms & Conditions apply)

Individuals ( Singly or Jointly) including minors

Instructions

Authority to transfer funds from Saving/Current account to Term Deposit account by way authority letter or Cheque if funds are transferred.
Customer will be issued a Term Deposit Receipt / Acknowledgement containing the details of Term Deposit Account. This acknowledgement to be produced to the bank the time of payment / renewal / obtaining loan. Customer to keep the Receipt / acknowledgement safe and secure.
At the time of maturity or Withdrawal of Deposits, the deposit needs to be retruned back to the bank.

Customer to provide documents in support of following

Residents

Name of Customer
Permanent Residential Address in Fiji
Date of Birth
Occupation , Business , Service or Princial Activity
Citizenship
Source of Funds

Non Residents / Non-Fiji Citizens

Name of Customer
Permanent Residential Address in Fiji
Date of Birth
Occupation , Business , Service or Princial Activity
Citizenship
Source of Funds
Current and valid Passport or any other travel document issued by a foreign government or recognised international Organisation
Current and valid Work, Business or Other Permit or Visa issued by the Fiji Immigration Department
Current and valid Employment or Student Status Document issued by the Customer’s Employer or the Education Institute in Fiji.
Any other document stipulated by regulatory agencies from time to time.

For PEP Account (Following Information needs to be provided)

Name of Customer in Full
Details of Position holds lds or has held a senior government, political or military position
Title of Position held
If held in Past (From - Upto)

Compulsory Documents to be submitted

Tax Identification Number (Tin Letter)
A valid Joint Fiji Revenue and Customs Authority & Fiji National Provident Fund ID card
Birth Certificate issued by the Births, Deaths & Marriages Registry.
In case of married women, Marriage Certificate along with Photo Identity of the Groom & Address Proof is must, if Account is to be opened in name with Groom’s Name)
Two Latest Colour Photograph
Atleast -1- Document each from List A (FTR Regulations 8(1)) & List B (FTR Regulations 8(2)

List A (FTR Regulations 8(1))
LIST – I (Latest/ recent photo identification documents)	Valid Passport Birth Certificate Marriage Certificate Citizenship Certificate Valid Driving Licence Valid Fiji National Provident Fund membership card; The FIU has determined that the following maybe be used as a identification documents : () Letter of reference or certification by a suitable third party. () Certificate of Registration in the Vola Ni Kawa Bula
List B (FTR Regulations 8(2)
LIST – II (Latest / recent documents showing address proof)	Bank statement or account statement issued by another financial institution if the person previously transacted with a bank or financial institution and that bank or financial institution had confirmed the person’s identity (Not Older than 3 Months) Valid Tax Identification Number and acknowledgement from Fiji Islands Revenue and Customs Authority; Notice of taxation assessment by the Fiji Islands Revenue and Customs Authority; Utility Bill for Electricity, Water, Telephone or other similar services issued by the authority responsible for the supply of such services - (Not Older than -3- Months) Municipal Business Licence Certificate or Municipal Rates Statement or Invoice; Mortgage / Loan Account Statement from another financial institution; Cellular Phone / Television Account Statement; Long-term or short-term insurance policy document issued by an Insurance Company; Motor Vehicle license or registration document; Land or other property ownership document or title; Employment Identification Card or a Letter from the Employer; Pay or salary slip; Identification card issued to a student at a tertiary or technical education institution; Verification by a suitable referee to the satisfaction of bank. (For Current Account)

Simple Interest on Term Deposit is paid regularly after deduction of applicable Withholding Tax (RIWT / NRIWT) at following intervals:
Monthly - Every Month at the end of the month
Quarterly - Every Quarter at the end of the quarter(March / June / September/ December)
Interest is credited in the account at the end of every month.
Deposit can be renewed at the rate applicable on the renewal date.
Please refer interest rate brochure for rate of interest.

Operative Account is must for placing the deposits.
Resident Individual Withholding Tax (RIWT)/ Non Resident Individual Withholding Tax (NRIWT) will be applicable as per FRCS guidelines issued from Times to Time.
Simple interest on Principal Amount of Term Deposit will apply at the time of maturity, after deduction of applicable Withholding Tax (RIWT/NRIWT).
Premature payment of Term Deposit can be made at the sole discretion of the bank.
Deposit can be renewed further with interest at the rate applicable on the renewal date.
The deposit will be automatically renewed at maturity for similar tenure under similar terms at the prevailing interest rate if no instruction for its renewal / payment is received from depositor.
Prepayment Charge of F$25/- would be recovered from the deposit holder
At the time of maturity / withdrawal of deposit the deposit needs to be returned back to branch.
For Clarification or any other information please contact any of our branches in Fiji.
Terms and Conditions apply