Fully digital lifecycle for fixed deposits

e-FDR solution for Stockbrokers

e-FDR(electronic Fixed Deposit Receipt) facility offers a fully digital lifecycle for fixed deposits used as collateral and enables Stockbrokers to get instant trade margins on Clearing Houses and exchanges.

  • Introduction
  • Benefits
  • Features
  • Eligibility Criteria

e-FDR solution for Stockbrokers : Introduction

The Bank offers e-FDR(electronic Fixed Deposit Receipt) facility which offers a fully digital lifecycle for fixed deposits used as collateral and enables Stockbrokers to get instant trade margins on exchanges. Clearing Members can now initiate requests for issuance, addition, renewal and release of e-FDRs through an online interface via Bank of Baroda branches, eliminating the need for physical documentation. The clearing corporation, in turn, can process release instructions digitally, resulting in faster and more efficient operations.

Clearing Corporations play a critical role in ensuring seamless clearing and settlement for their members, who are required to maintain security and margin deposits with clearing houses - traditionally held in the form of physical Fixed Deposit Receipts (FDRs). The e-FDR solution transforms this process by replacing manual workflows with a secure, digital alternative.

e-FDR solution for Stockbrokers : Benefits

  • Digital issuance: e-FDRs are issued and maintained in electronic form, removing the need for physical certificates
  • Quick Processing: Faster creation, renewal and relinking compared to physical FDRs.
  • Enhanced convenience: Eliminates the need for physical submission of FDRs to the clearing corporation
  • Faster turnaround time: Immediate processing of FD creation, Lien marking and submission to the Clearing Corporation.
  • Improved liquidity management: Enables seamless addition and release of deposits for margin requirements
  • Fully digital onboarding and booking process through Branch
  • Instant lien marking in favour of exchanges/clearing corporations
  • Competitive interest rates aligned with standard FD offerings
  • Flexible tenure options
  • Auto-renewal of FD is available

e-FDR solution for Stockbrokers : Features

Parameter Particulars of the Scheme
PRODUCT NATURE Special Scheme for issuing e-FDRs
AREA OF OPERATION All domestic branches
ACCOUNT OPENING CHANNEL Through Branch by submitting the application form and Annexures as per Bank’s extant guidelines. Please click on the link to download the form
ELIGIBILITY
  • All Residents Customers (Individual and Corporate)
  • Joint Account holder is allowed.
  • Minor (Individual with age less than 18 years) / Staff / NRI not allowed
MINIMUM AMOUNT OF DEPOSIT Rs. 1,000/- and in multiples of Rs 100/-
MAXIMUM AMOUNT OF DEPOSIT No upper limit
PERIOD OF DEPOSIT
  • Minimum Period - 7 days
  • Maximum - 120 months
RATE OF INTEREST As per card Rates circulated by Bank at the time of Opening / Renewing.
For Latest Interest rate of Term Deposits, Please refer to Fixed Deposits Callable & Non-Callable upto ₹10.00 Crores
FREQUENCY OF INTEREST PAYMENT Quarterly Compounding with Half Yealy credit. For more details about the Interest calculation, please visit Fixed Deposits Callable & Non-Callable upto ₹10.00 Crores
PREMATURE CLOSURE Allowed only after lien is released by the Clearing Corporation
NOMINATION FACILITY Available
TAX DEDUCTION AS SOURCE TDS applicable as per Income Tax guidelines.
AVAILABILITY OF LOAN/OVERDRAFT Not Allowed
AUTO RENEWAL Mandatory

The Term Deposit account holders at the time of placing their deposits can give instructions with regard to closure of Deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will automatically renew the deposit as under (except in case of Encumbered Deposits, Capital Gain Deposits, Tax Saving Deposits, Discontinued TD products and in case of term deposits where alternate instructions are available): -

a) If Deposit is placed for more than one year it will be automatically renewed for one year at the prevailing rate on due date.

b) If Deposit is placed for less than one year it will be automatically renewed for same period at the prevailing rate on due date.

In case the customer/s wishes to make changes in the tenure or wants premature proceeds of the Term deposit, the same is allowed at the written request of the customer/s. In case of deposits under the callable scheme premature withdrawal of bulk deposit is done as per Bank’s discretion.
Latest guidelines for the same are available at Fixed Deposits Callable & Non-Callable upto ₹10.00 Crores
Auto-Closure Not Allowed
CLOSURE OF ACCOUNT Deposits can be closed as per Bank’s extant guidelines applicable for Callable deposits. Closure is allowed only after lien is released by the Clearing Corporation through online process agreed.
SCHEME TRANSFER Not Allowed
SOL TRANSFER Not Allowed
FD EXTENSION Not Allowed
FD PRINTING Only FD Advise printing is allowed. However, system restricts printing when Lien is marked in the account.
LIEN REMOVAL Lien will be removed by the system only when “Release” request is received from the clearing corporations through API call.

Lien removal is not allowed manually.
OTHER CONDITIONS Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply.

e-FDR solution for Stockbrokers : Eligibility Criteria

  • e-FDR facility is currently available for Clearing Members of Multi Commodity Exchange Clearing Corporation Limited (MCXCCL)

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