Mumbai: Bank of Baroda has launched a flexi-deposit scheme for corporates and high-value customers. The feature of the scheme is waiver of penalty for premature withdrawal of deposits in excess of Rs 5 crore.

Under the scheme, the minimum amount of deposit accepted is Rs 5 crore and in multiples of Rs 1 crore thereafter with preferential extra rate of interest as compared to retail deposits. Deposits could be placed a minimum period of seven days and a maximum of one year.

The bank also decided to waive the penalty for premature payment of fixed deposits up to Rs 5 lakh and with a maturity period of one year and above.