BOI | Bank of India

Purpose

One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Installments (EMIs), comprising a part of the principal amount as well as interest.

Eligibility

Individuals including Minors through guardian in single name

Mode of Holding

Singly

Type of account

Motor Accident Claims Annuity (Term) Deposit Account (MACAD)

Deposit Amount

Maximum: No Limit
Minimum: Based on minimum monthly annuity Rs. 1,000/- for the relevant period.

Tenure

36 to 120 months
In case the period is less than 36 months, normal FD will be opened.
MACAD for longer period (more than 120 months) will be booked as per direction of the Court.

Rate of interest

Prevailing rate of interest as per Tenure.

Receipts/ Advices

No Receipts will be issued to depositors.
Passbook will be issued for MACAD.

Loan Facility

No loan or advance shall be allowed.

Nomination facility

Available, as per Court Order

Premature Payment

Premature closure or part lump sum payment of MACAD during the life of the claimant will be made with permission of the court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount.
Premature closure penalty will not be charged.
In case of death of the claimant, payment to be given to the nominee. The nominee has an option to continue with the annuity or seek pre-closure.

Tax deduction at source

Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction.
The annuity amount on monthly basis net of TDS will be credited to the MACT Savings Bank account.

Motor Accident Claims Term Deposit