Terms & Conditions

• Facilities for loans/overdraft against non-resident Fixed deposits in Indian Rupees only.
  
  
• Interest charged to the loan/overdraft account must be credited promptly every quarter (March, June, September and December). In case of default of 2 consecutive quarters interest payment, the fixed deposit shall be prematurely withdrawn for liquidating the amount of loan/overdraft outstanding.
  
  
• Wherever the Fixed Deposit is under Quarterly Interest Payment Scheme, the depositor shall direct that this quarterly interest be credited to loan/overdraft account only.
  
  
• Loan/overdraft amount do not enjoy the benefit of convertibility or cannot be repatriated or credited to accounts having the features of convertibility i.e. non-resident External and Foreign currency deposit accounts.
  
  
• In case of advance to third party an undertaking will have to be made by both borrower and depositor that no direct or indirect foreign exchange consideration was paid to the depositor for his agreeing to pledge his deposit to the bank as a security for the advance.
  
  

For further details, please contact the Bank of Baroda Branch nearest to you.