July 12, 2024
Online FD Receipt Initiative from Bank of Baroda

Online FD Receipt Initiative from Bank of Baroda

In its transformation journey, the endeavor of Bank of Baroda is to digitize processes with a view to delivering ease of Banking to its customers. In this direction, Bank of Baroda has introduced the facility of Online FD Receipt/Advice in lieu of FD Receipt.

Features of FD Advice:

  • The Online FD Advice is a computer generated statement of the FD account which contains all information of the account such as Name of customer, Branch, Linked Savings account, Amount of Deposit, Duration, Rate of interest, Maturity Value, PAN details, Terms & Conditions, etc.
  • Online FD Advice contains all information that is present in FD Receipt and the only difference is that Online FD Advice is printed on normal paper and not security paper.
  • As the Online FD Advice is computer generated, there is no requirement of signature from Branch official.
  • In the near future, Online FD Advice will also be sent to the registered email.

Benefits of Online FD Receipt/Advice:

  • Green Initiative – Once the Online FD Advice is sent on the customers’ email, there will not be any need to take a print out and hence it will contribute to saving the environment.
  • Presently in case of FD Receipt, the customer has to provide an indemnity bond in case of loss of receipt on the closure of FD or for a duplicate receipt. There will NOT be any requirement of indemnity and customer can get duplicate Online FD Advice by submitting an application in the branch.
  • Ease of Banking to the customer especially to Senior Citizen as there will be no security paper involved and customer is free from worrying of loss or destruction of receipt.
  • Online FD Advice is very much valid and good as a receipt.

Read How to Reduce your Loan EMI Burden?

In view of the benefits of Online FD Advice, it is believed the Online FD Advice is more convenient than a receipt. In this digital world, this initiative will be wholeheartedly accepted and this great initiative will be a huge success.

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