01.

Monthly Installment size, tenure and terminal value of the scheme will be as follows:

At present no income tax will be deducted from the interest earned. But in future for any change in the government policy Bank reserves the right to deduct income tax.

The depositor will have the option to choose any installment size and period at the time of opening of the account and will not be allowed to change the size of installment afterwards.

Account in the name of minors can be opened too under the Scheme as per standard procedure for minor accounts.

The specified amount on maturity at any slab shall be paid after one month from the date of deposit of the final installment.  

The installment shall be payable by the 8th day (in case of holiday the next working day) of every month. Advance payment of any number of installment is acceptable.

Normally no withdrawal shall be allowed before maturity, if any depositor intends to withdraw his/her savings due to certain unavoidable reasons before 3 years, 5 years, 10 years and 15 years, he/she will not be allowed any benefit if the premature encashment takes place before completion of 1 year. But the depositor shall be allowed interest on the prevailing Savings Deposit rate after completion of 1 year from the date of opening of the account.   

When a depositor fails to deposit any installment, he/she will have to pay a fine @5% of the overdue amount payable at the time of depositing the next installment or Tk. 20/- whichever is higher.  

If a depositor fails to pay 3 (three) consecutive installments he will have to pay 5% fine of the overdue installments to regularize the account. If he fails to pay more than 3 (Three) installments he will cease to remain under the purview of the scheme and the deposit will be treated as Savings Bank deposit and interest will be paid on the deposited amount at prevailing SB A/C rate subject to completion of 1 (one) year of its opening.

Loan may be allowed up to 80% of the deposited amount against lien on the same where the deposited amount shall be at least Tk. 50,000/- and the interest rate of the loan shall be as per prevailing commercial lending rate of the Bank.

In case of death of a depositor, the account will cease to be operative and the amount deposited so far shall be paid to the nominee, and in absence of nominee, to the legal heirs of deceased as per rules in force.

The clients are encouraged to give standing instructions to the Bank to deposit the monthly installments, debiting their CD/SB accounts maintained with the concerned Branch.  In that case, no charge will be realized for such service.

Normally no statement of the account will be served to the depositor, in case of need of any depositor, charge @ Tk. 10/- per year / per statement shall be realized as cost of paper. This charge may be changed from time to time.