Deposit Pension Scheme Special

This scheme has been designed with special privilege to recognize the contributions of teachers towards building our nation. Any teacher upon providing professional identity will be eligible to open or avail following accounts as under:

Under this scheme customers deposit a certain amount in every month for a period of 6 years to avail attractive benefit as per either option -1 or option -2 mentioned below:

Installment Amount Option 1 Option 2
At a Time Benefit after 6 Years Pension Amount after depositing installments for 6 Years At a time payment after receiving pension for 5 Years
1,000 96000 725 96000
2,000 192000 1,450 192000
3,000 288000 2,175 288000
4,000 384000 2,900 384000
5,000 480000 3,625 480000
10,000 960000 7,250 960000
  •  Two copies of recent passport size Photographs of account holder duly attested by the Introducer.
  •   One copy of Passport Size Photograph of Nominee duly attested by the Account Holder.
  •  Duly attested photocopy of valid Passport/Employer’s Certificate/ID Card/Driving Licence/Voter ID Card/National ID Card or Certificate about credentials by the local Ward Commissioner/Chairman of Union Parishad
  •  Proof of address such as copy of utility bill viz. Electricity Bill/Land Phone bill/Cell Phone Bill/Gas Bill/WASA Bill, etc. in the name of applicants.
  •  Tax Certificate (if any)

Benefit will be given at the rate of up to 0.50% higher than usual rate of scheme.

Customers of ten years scheme will get a bonus equivalent to one month installment for depositing 120 installments in time.

Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the bank.

 Any teacher will be allowed to open any number of this scheme in his/her own name or jointly by depositing first installment at any working day. 2nd and subsequent installments must be deposited within 28th of every month. If 28th day of the month is holiday, installment must be deposited at previous working day.

  Proof of special identity shall be obtained in addition to usual documents to open this scheme.

  In case of failure to deposit installment in due time, depositor will have to pay 2.50% late fee with overdue installment for each month.

  If depositor fails to deposit six consecutive installments then scheme will be closed.

  All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.

  Pension will be started after completion of regular installments. Delay to complete the deposit of installment(s) will cause delay of pension starting period.

  •   Encashment after depositing 72 installments: Customer will get maturity amount as per option-1 or continue pension as per option-2 as mentioned in above table.
  •   Encashment within installment period:
  •      Before 6 months: Principal will be given back. Interest/benefit will not be allowed.
  •      On or after 6 months but before 3 years: Principal plus benefit for completed month(s) only at the lowest prevailing rate of savings account.
  •   Encashment within pension period:
  •      Before 6 months: Only ‘At a Time Benefit’ as per option-1 of the above table will be given. Interest/benefit will not be allowed and the pensions already paid to be realized from or adjusted with the ‘At a Time Benefit’.
  •      On or after 6 months but before end of the pension period: Benefit will be paid for the all completed month(s) at the lowest prevailing interest rate of savings account on the ‘At a Time Benefit’ and pension already paid shall be realized from or adjusted with the ‘At a Time Benefit’.
  •   Encashment after end of the pension period:
  •      Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
  •      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.
  •      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.
  •   Encashment at the death of the scheme holder:
  •      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.
  •      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.