Monthly Benefit Scheme
Any customers will be allowed to open this scheme in his/her own name or in joint name or in name of organization by depositing any amount of Tk. 50,000 or its multiple.
Tenor of the scheme is 3 years. Benefit will be given upon completion of each month up to 36 months. Principal will be given back to the customer upon maturity/encashment of the scheme.
Renewal of the scheme is not applicable.
Monthly Benefit amount will be given as under.
Principal Amount Monthly Benefit Remarks
50,000 350.00 The table mentioned beside is example of calculation of monthly benefit amount of Tk. 50,000 and Tk. 1,00,000. Monthly benefit for actual deposit amount will be calculated in proportion to the table mentioned beside. For instance, monthly benefit of Tk. 5,00,000.00 will be Tk. (700 X 5) = Tk. 3,500.00
1,00,000 700.00
Benefit amount can be withdrawn in cash or can be transferred to customer’s account without any fee.
Encashment Rule :
a. Encashment at maturity: Customer will get the principal amount along with last month benefit as per above table.
b. Encashment before maturity:
i. Before 6 months: Principal will be given back. Benefit already paid shall be deducted from or adjusted with the principal amount.
ii. On or after 6 months but before maturity: Principal plus benefit for completed month(s) only at the lowest prevailing rate of 6 months FDR and monthly benefit already paid shall be deducted from or adjusted with the principal.
c. Encashment after maturity:
i. Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
ii. 1 month to 6 months (inclusive): Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of savings account for the completed months after the maturity.
iii. More than 6 months: Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of 6 months FDR for the completed months after the maturity.
d. Encashment at the death of the scheme holder:
i. For the period up to the date of death of scheme holder: Ledger balance (calculated based on scheme rate) will be given to the nominee(s) or legal successor(s) after deduction of government dues.
ii. For the remaining period: Benefit will be given for the completed month(s) on ledger balance at the date of the death of scheme holder at the lowest prevailing interest rate of savings account to the nominee(s) or legal successor(s) after deduction of government dues. Benefit already given (if any) after the date of the death of scheme holder will be adjusted/realized from the ledger balance.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the Bank.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.