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| Retail Banking » Recurring Deposits » Senior Citizen Pubali Deposit Scheme (SCPDS) |
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| Senior Citizen Pubali Deposit Scheme (SCPDS) |
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| Objective |
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To provide a financial safety net for elderly individuals after their active working years. The product will be known as the Senior Citizen Pubali Deposit Scheme (সিটিজেন পূবালি ডিপোজিট সà§à¦•à¦¿à¦® (à¦à¦¸à¦¸à¦¿à¦ªà¦¿à¦¡à¦¿à¦à¦¸)).
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| Key Features: |
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Any Bangladeshi individual aged 59 years and above can open account under this scheme. |
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The account holder can continue the account as long as he/she wants. |
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The account can be opened with a minimum initial deposit of Tk. 10,00,000/- (Ten Lac) |
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The account holder will have the option to deposit as many times as he/she desires. |
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Interest will be paid 6 Months FDR rate (prevailing FDR rate) plus 1% p.a. on daily product basis to be compounded monthly. |
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The account holder can withdraw monthly interest from the following month of account opening. |
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Partial Encashment is allowed after 1 year. However, if the account’s closing balance comes down below Tk. 10,00,000/- on any day in any month, the regular savings account interest will be applicable for that particular month(s). |
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The applicant can withdraw the full amount (Principal + Interest) after one year of the scheme. |
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If the account closes before 1 (one) year, interest rate will be 6 Months FDR rate (prevailing FDR rate) minus 1% p.a. |
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Cheque book/debit card will be provided to the customer for withdrawal of the money. |
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A Customer can open more than one Senior Citizen Pubali Deposit Scheme (SCPDS) account at different branches of the Bank. |
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| Eligibility for Account Opening: |
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| Other Features: |
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Loan facility up to 80% of the deposited amount at that time. |
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Online transaction facilities through the largest online network. |
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PI banking facility (app. based digital banking). |
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Transaction notification through SMS. |
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No Account Maintenance Fee, Online Charge, and SMS Charge will be recovered from the account. |
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Govt. taxes, VAT etc. will be applicable as per Govt. directives time to time. |
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| Eligibility for Account Opening: |
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Any Bangladeshi citizens having no dual citizenship can open SCPDS account. Photographs and necessary papers such as National ID/Passport etc. will be required to prove identity. Customers can open accounts through e-KYC on PI Banking (self check in), or by visiting the nearest Branch/Sub-Branch under e-KYC (Assisted On-Boarding) by presenting their National ID Card. Manual account opening at the branch/sub-branch is also an option.
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| Age Limit: |
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The age limit for individuals has to be 59 years and above. The applicant may continue the scheme as long as he/she desires.
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| Nominee: |
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Applicant must select one or more nominees at the time of opening of SCPDS account and it can be changed by the account holder. In case of the death of the account holder, the account will be closed and nominee(s) will get the full proceed as per rules. If the nominee dies, the total balance will be paid to legal heir(s) of the account holder as per bank’s rule.
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| Interest Rate and Interest Calculation: |
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Interest will be allowed 6 Months FDR rate (prevailing FDR rate) plus 1% p.a. on daily Product basis to be compounded monthly.
However, if the account balance comes down below Tk. 10,00,000/- in any month, the regular savings account interest will be applicable for that particular month(s).
Interest rate may be changed from time to time as per decision of the Management.
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| Deposit: |
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The account can be opened with a minimum initial deposit of Tk. 10,00,000/- (Ten Lac). |
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The account holder can deposit any amount of money as often as he/she wishes. |
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All existing methods of deposit (Cash, Transfer, BEFTN, BACH, RTGS, Digital banking etc.) for regular savings accounts are also applicable to SCPDS accounts. |
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The account holder can give standing instruction to transfer/make payment from his savings account/current account maintained with the bank. |
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The deposit can also be made through PI banking. |
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| Withdrawal |
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The account holder can withdraw monthly interest from the following month of account opening through cash or transfer to another account. If the customer does not withdraw interest in any month it will be accumulated and there will be shown a balance as “Available monthly interest amount†(for the first 1 year) in the account statement in addition to the total balance. The customer can withdraw monthly interest one time or frequently as many times as he/she desires. |
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Customers can withdraw full proceeds after 1 (one) year from the date of account opening. |
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Regular frequent withdrawal is available after 1 (one) year. However, the account holders have to maintain the minimum deposit (i.e. BDT 10,00,000) to avail regular SCPDS interest rate. |
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Customers will be provided with cheque book/debit card for withdrawal of money. |
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All mediums of digital banking (PI banking, QR Code, online payment etc.) can also be used for the transfer/payment of funds from the SCPDS account(s). |
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| Early Encashment: |
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If any depositor intends to withdraw his/her full deposit before 1 (one) year due to certain unavoidable reasons then the effective interest rate will be 6 Months FDR rate (prevailing FDR rate) minus 1% p.a. .
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| Govt. Taxes & Duties: |
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Source Tax and Excise duty are applicable as per Govt. rules time to time.
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| Charges & fees: |
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Account Maintenance Fee, Online Charge, SMS charge will not be realized from the account.
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| Loan Facility: |
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Period of deposit account must be at least 6 Months. |
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Loan Limit: up to 80% of the total Deposited Amount. |
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Loan Type: Demand Loan/Overdraft (SCPDS account to be “Lien†marked). |
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Loan Period: 1 year (Renewable). |
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Interest Rate (%): SCPDS rate + 2% p.a. with quarterly rest (subject to change time to time as per decision of the Management). |
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Mode of repayment: Monthly installment or lump sum amount at any time within the validity period. |
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Loan Documentation: As per bank’s rule. |
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| Closing Procedure: |
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Account will be closed after encashment of the full and final payment as per bank’s rule. |
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After death of the SCPPS account holder, nominee(s) will withdraw the full amount by closing the account as per bank’s rule. If the Nominee(s) is/are minor, the proceeds of the account will be withdrawn by the Legal Guardian of the Nominee(s) as per bank’s rule. |
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Mentionable that the Management Committee (MANCOM) of our Bank in its 11th meeting held on 30.11.2023 has discussed regarding introduction of a new deposit product "Senior Citizen Pubali Deposit Scheme (সিটিজেন পূবালি ডিপোজিট সà§à¦•à¦¿à¦®)" with the above terms and conditions.
Under the above circumstances we recommend to introduce a new deposit product "Senior Citizen Pubali Deposit Scheme (সিটিজেন পূবালি ডিপোজিট সà§à¦•à¦¿à¦®)" with the above terms and conditions and a separate account opening form may be prepared thereof.
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