Target Based Small Deposit (TBSD)
The object of the scheme is to enable the small depositor to make the financial provision for his future need for invest for procuring equipments, livestock, setting up small firms or constructing house etc. by paying deposits in monthly installments for an agreed period. The product will be known as “Target Based Small Deposit (TBSD)”. However, we may also give attractive name like “Pubali Shapno Puran”
Who can open?
The accounts may be opened for persons, after they are properly introduced by the Bank. The accounts may be opened by (a) a person in his or her own name (b) two or more persons, in their join names, who will be beneficiaries jointly, anyone or more among them or survivors or survivor of them. Customers must be registered and KYC compliant. Photographs and necessary papers such as National ID etc. will be required to prove identity. Nomination is required but it can be changed.
This account may be opened with a minimum monthly installment of Tk. 100 or in multiples thereof. The monthly installments may be made on or before the last working day of the month. An account holder may deposit more than one installment in a month. Installment size is not fixed. An account holder may deposit Tk. 100 in one installment and another installment may be Tk.500 considering the seasonality of the income. An account holder may not also deposit any installment within a month considering the income uncertainty. Hence, an account holder will enjoy complete freedom for depositing installments.
Payment of Deposits
Payment will be made once if balance of the account exceeds the threshold as defined by the customers. Threshold value of an account may be of Tk. 25000/- or in multiples thereof. If a customer wants payment with a threshold value of Tk.50,000.00 unless until the balance of the account becomes Tk. 50,000.00 or more, she/he will not be able to withdraw the fund. Payment will be made by way of account payee cross cheque/draft or cash or by way credit to saving or current account.
Interest Rate and Interest Calculation
Interest rate of the accounts should be less than the recurrent deposits or less than the interest rate of one year fixed deposits. Initially interest rate may be 9.00 % per year and it may be changed time to time. Interest will be calculated daily basis but compounded monthly unless until it meets the thresholds as defined by the customers.
Minimum duration of the account is six (6) months. However, duration depends on fulfilling the target amount.
Premature encashment is allowed subject to following interest rate:
Before 12 months - SB interest and
From 12 to onwards – Highest SND interest rate.
Excise Duty, Source Tax and Account Maintenance Fee
Excise duty and source tax is applicable but account maintenance fee will not be taken.
Account will be close on maturity and after payment is made or premature encashment.
Period of A/C: At least 2 years
Loan Limit: 80% of total Deposit Amount
Loan Period: 2 years or within least period of Maturity
Loan Type: Demand Loan
Interest Rate(%): MPSD rate + 2%
Operation by PA Holder
It is allowed
Deposits of Installments
The deposit made across the counter for credit of an account should be accompanied by the prescribed pay-in-slip supplied by the Bank. Bank may also appoint collector agents to collect the deposits and agent commission may be 0.5% i.e. if interest rate is 9.0%, cost of fund (interest rate + agent commission) will be 9.5%. Bank may also place deposit box in industries so that customers may submit deposits to that box and Bank will collect deposits from the deposits box as per predefined schedule.
For any query please Contact at: Tel: (PABX) 02223381614 FAX: 880-2-9564009 or e-mail us at email@example.com