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Education Savings Scheme

The educational expenses particularly the expenses for higher education are sharply increasing day by day in our country.  Sometimes, the children are deprived of getting the desired level of education because of the inability of the parents to meet their educational expenses. But the parents would not feel any difficulty to defray such expenses if a proper financial planning is made much ahead of time.
Moreover, we are receiving demands from the Islamic minded people of our country for an attractive Savings Scheme on the basis of Islamic Sariah so as to encourage them to save in Islamic way for education of their children.
With this end in view, Prime Bank Limited has introduced a Savings Scheme entitled “Education Savings Scheme” in accordance with the principles of Islamic Sariah i.e., on the basis of profit and loss sharing. The scheme provides a unique opportunity to the parents to make a future provision for the educational expenses of their children when they enter into Schools, Colleges and Universities out of the benefit of a small amount of savings with the Bank at an opportune moment.

The salient features of the Scheme are given below :

01. The Scheme shall be implemented through all our branches, though it is specially designed for Islamic Banking branches.
02. Deposit of Tk. 50,000/- and multiples thereof but maximum limit of Tk. 5,00,000/- at a time will be acceptable under the Scheme.
03. A specially designed Receipt shall be issued for the deposit under the Scheme in the same manner as issued in case of FDR.  Branches shall use the ESS receipts that used for existing scheme.
04. The instrument shall be issued for a period of 5 years term.
05. On maturity a lump sum amount of Tk. 85,382/- shall be payable or education allowance @ Tk. 1,854/- per month per Tk. 50,000/- shall be payable on the basis of deposit amount for next 5 years starting from the completion of the term as per following table.  Income Tax @10% on interest may be deducted at source at the time of payment of lump sum amount.
Initial Deposit (Taka)   Lump sum amount payable at maturity (Taka)   Amount of Education allowance per month  (Taka)
50,000/- 85,382/- 1,854/-
1,00,000/- 1,70,763/- 3,705/-
1,50,000/- 2,56,145/- 5,558/-
2,00,000/- 3,41,526/- 7,410/-
2,50,000/- 4,26,908/- 9,263/-
3,00,000/- 4,69,704/- 11,115/-
3,50,000/- 5,47,988/- 12,968/-
4,00,000/- 6,26,272/- 14,820/-
4,50,000/- 7,04,556/- 16,673/-
5,00,000/- 7,82,840/- 18,525/-

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