KAL FDOD Special Scheme

Name of the Scheme KAL FDOD Special Scheme
Purpose of the Scheme To provide attractive scheme to Cash rich individuals, firms and companies so that they can utilise FDOD facility from our Bank.
Nature of facility Overdraft against Fixed Deposit Receipts ( FDOD )
Eligibility Criteria Fixed Deposit holders ( Existing & new) who desire to avail FDOD Limit of Rs. 500.00 lacs and above against their own Fixed Deposit Receipt/s. All existing as well as new Fixed Deposit holders and all eligible existing FDOD borrowers are eligible under the Scheme; subject to borrower/s undertake to utilise minimum 50% FDOD limit. Such borrowers should open current account with our Bank and must route majority of their business turnover, i.e. 80% & above through our Bank.
Amount of Limit Minimum : Rs. 500.00 lacs Maximum: No limit
Eligible Limit 95% of Value of Fixed Deposit Receipts subject to regular servicing of monthly interest of FDOD facility. In case of Regular Fixed Deposit, where interest is paid on monthly/ quarterly basis, Face Value of Fixed Deposit will be considered as Eligible amount for calculation of Limit. While in case of Fixed Cumulative Deposit, Present Value of Fixed Deposit will be considered as Eligible amount for calculation of Limit.
Margin 5% of Value of Fixed Deposit Receipt/s, as mentioned above.
Rate of Interest Fixed Deposit Rate + 0.50% p.a.
Provison The Borrowers whose Half Yearly average utilisation in FDOD limit is below 50% of the sanctioned limit, will be charged regular rate of interest i.e. FD interest rate + 1.00% and accordingly difference of interest @ 50% is to be debited and recovered retrospectively on Half yearly basis or / at the time of closure of facilities/ withdrawal of deposits which ever is earlier. The suitable undertaking from borrower is to be obtained at the time of documentation in this regard.
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