BOI MACAD - Star Motor Accidental Claimant Annuity Deposit
BOI MACAD is a scheme by the Bank of India to handle compensation awarded by motor accident courts. It works with a linked savings account for controlled access to the funds, ensuring responsible management of the compensation amount.
Rate For Senior Citizen Deposits Less Than Rs. 2 Cr. W.E.F 01.04.2024
Maturity
For Deposits Of Less Than Rs. 2 Cr. For Senior Citizens (%)
For Deposits Of Less Than Rs. 2 Cr. For Super Senior Citizens (%)
07 days to 14 days
3.00
3.00
15 days to 30 days
3.00
3.00
31 days to 45 days
3.00
3.00
46 days to 90 days
4.50
4.50
91 days to 179 days
4.50
4.50
180 days to 210 days
6.00
6.15
211 days to 269 days
6.00
6.15
270 days to less than 1 Year
6.25
6.40
1 Year
7.30
7.45
Above 1 Year to less than 2 Years
7.30
7.45
2 Years
7.75
7.90
Above 2 Years to less than 3 Years
7.25
7.40
3 Years to less than 5 Years
7.25
7.40
5 Years to less than 8 Years
6.75
6.90
8 Years & above to 10 Years
6.75
6.90
Annualised Rate For Senior Citizen Deposits for Less Than Rs. 2 Cr. W.E.F 01.04.2024
Maturity
Rate Of Interest % (P.A.) For Senior Citizens
Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Senior Citizens
Rate Of Interest % (P.A.) For Super Senior Citizens
Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Super Senior Citizens
180 days to 210 days
6.00
6.04
6.15
6.20
211 days to 269 days
6.00
6.04
6.15
6.20
270 days to less than 1 Year
6.25
6.35
6.40
6.50
1 Year
7.30
7.43
7.45
7.59
Above 1 Year to less than 2 Years
7.30
7.50
7.45
7.66
2 Years
7.75
8.30
7.90
8.47
Above 2 Years to less than 3 Years
7.25
7.73
7.40
7.90
3 Years to less than 5 Years
7.25
8.02
7.40
8.20
5 Years to less than 8 Years
6.75
7.95
6.90
8.16
8 Years & above to 10 Years
6.75
8.85
6.90
9.11
What is BOI MACAD - Star Motor Accidental Claimant Annuity Deposit?
The BOI MACAD (Motor Accidental Claimant Annuity Deposit) is a program developed by the Bank of India specifically for those awarded compensation from motor accident tribunals or courts. It functions alongside a linked account called the MACT Claims SB Account (Motor Accidental Claims Tribunal Savings Account). This system is designed to follow the guidelines set by the Hon'ble High Court of Delhi and recommendations of the Indian Banks' Association (IBA).
BOI MACAD acts as a safe deposit for your compensation, while the linked MACT Claims SB Account allows for controlled access to the funds. This structure helps ensure responsible management of the awarded amount.
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Features of BOI MACAD - Star Motor Accidental Claimant Annuity Deposit
Below are the features of BOI MACAD - Star Motor Accidental Claimant Annuity Deposit:
Structured Payments: Instead of receiving the entire amount at once, BOI MACAD disburses the money in equal monthly instalments (EMIs) over a chosen period (36 to 120 months). This provides financial stability and helps manage the funds effectively.
Eligibility: Individuals, including minors through a guardian, can apply for a BOI MACAD account.
Flexible Tenure: You can choose a tenure between 36 and 120 months to receive the instalments. For periods shorter than 36 months, a standard fixed deposit will be offered. Extensions beyond 120 months require court approval.
Interest Earned: The deposited amount earns interest at the prevailing rate based on the chosen tenure.
Nomination Facility: You can nominate a beneficiary to receive the remaining amount and continue with the annuity plan in case of your demise.
Premature Closure: Premature closure or partial withdrawal during your lifetime requires court permission. However, the remaining amount can be restructured into a new annuity plan with adjusted installments. There are no penalty charges for early closure.
Tax Implications: The interest earned on the deposit is subject to Tax Deduction at Source (TDS) as per Income Tax rules. You can submit Form 15G/15H to claim exemption.
Convenience: The monthly installments are credited directly to your linked Motor Accidental Claims Tribunal Savings Bank Account (MACT SB A/c).
Eligibility: Open to individuals, including minors (through a legal guardian), in a single name.
Minimum/Maximum Balance: No minimum or maximum balance requirement applies.
Limited Services: By default, cheque books, debit cards, ATM cards, internet banking, and mobile banking facilities are unavailable with this account.
Court Oversight: If these facilities were previously issued, the court may direct the bank to cancel them before disbursing the compensation amount.
Restricted Transactions: Only one transaction is allowed, which is the credit of the compensation amount. For minor accounts, the guardian handles the transaction.
Withdrawal Methods: Withdrawals are limited to withdrawal forms or biometric authentication.
Account Changes: Product changes are not permitted.
Branch Location: Accounts can only be opened at a branch near the claimant's residence, as directed by the court.
Transfers: Transfers from this account are not allowed.
Nomination: Nomination is available as per the court order.
Passbook and Statements: A passbook is provided, and account statements can be received via email.
Interest: The account earns interest at the same rate as regular savings accounts offered by Bank of India.
Rates for Senior Citizen Deposits
BOI offers additional benefits for senior citizens (over 60 years old) who are the first account holders:
Additional Interest Rate:
0.50% p.a. extra on deposits between Rs. 5,000/- and Rs. 2 crore for terms of 6 months to 10 years.
0.75% p.a. extra on deposits for 3 years or more.
Staff/Ex-Staff Senior Citizens: An additional 1.50% p.a. on top of the regular staff rate and senior citizen rate for deposits below Rs. 2 crores (applicable to term deposits of 6 months to 10 years).
Rupee Term Deposit Rate - Additional Rate
Type Of Accounts
Additional Staff Rate Applicable To Staff/Ex-Staff
Additional Senior Citizen Rate Applicable To Senior Citizen/Ex-Staff Senior Citizen
Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months
NIL
Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months
0.50%
Deposits of Rs. 5 Lacs & above withdrawn prematurely
1.00%
Early Closure:
No penalty if the deposit is prematurely closed for renewal for a longer term than the remaining original term.
No penalty for withdrawal due to the depositor's death.
No penalty for withdrawal by bank staff, ex-staff, senior staff/ex-staff, or spouse of deceased staff (if first account holder).
Penalty applies for premature closure of Capital Gain Account Scheme deposits.
TDS on Term Deposits:
TDS applies to the interest earned on the total deposits across all branches.
This includes recurring deposits (RDs) as well.
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Interest Earned
Maturity Amount
