|
| Retail Banking » Recurring Deposits » Peoples Pubali Pension Scheme (PPPS) |
|
|
|
| Peoples Pubali Pension Scheme (PPPS) |
|
| Objective |
|
| To provide Bangladeshi citizens with a comprehensive retirement benefit that can ensure their financial security after their active working years. The product will be known as the Peoples Pubali Pension Scheme (সারà§à¦¬à¦œà¦¨à§€à¦¨ পূবালী পেনশন সà§à¦•à§€à¦®). |
|
|
| Key Features: |
|
 |
Any Bangladeshi individual aged between 18 to 59 can open this scheme |
|
|
The scheme will be matured when the applicant's age will be 60. However, applicant can continue the scheme after aged 60 years as he/she desires. |
|
|
The applicant can withdraw the full amount after the maturity of the scheme |
|
|
Pre-mature encashment is allowed |
|
|
Partial Encashment (on maturity) is allowed |
|
|
Account can be opened with minimum initial deposit of Tk.100/= and its multiples |
|
|
Account holder will have option to deposit as many times as he/she desires. |
|
|
Interest will be paid 6 Months FDR rate (prevailing FDR rate) plus 1% p.a. on daily product basis to be compounded monthly. |
|
|
Allowed to open more than one PPPS Account at different branches of the Bank |
|
|
Loan facility up to 90% of the deposited amount |
|
|
Online transaction facilities through the largest online network |
|
|
PI banking facility (app. based digital banking) |
|
|
Transaction notification through SMS |
|
|
No Account Maintenance Fee, Online Charge, and SMS Charge will be recovered from the account. |
|
|
Govt. taxes, VAT etc. will be applicable as per Govt. directives. |
|
|
| Eligibility for Account Opening: |
|
|
The account can be opened by any Bangladeshi citizens having no dual citizenship. Customers have to fill up the form physically or virtually. Photographs and necessary papers such as National ID/Passport etc. will be required to prove identity. This scheme A/c can be opened using e-KYC through PI banking, besides the applicant can open the account directly by visiting the nearest branch/sub-branch.
|
|
| Joint Account Concept |
|
|
The account can be opened by any Bangladeshi citizens having no dual citizenship. Customers have to fill up the form physically or virtually. Photographs and necessary papers such as National ID/Passport etc. will be required to prove identity. This scheme A/c can be opened using e-KYC through PI banking, besides the applicant can open the account directly by visiting the nearest branch/sub-branch.
|
|
| Age Limit: |
|
|
The age limit for individuals has to be between 18 years to 59 years and account will be matured at the 60 years of the applicant
|
|
| Nominee: |
|
|
Applicant must select one or more nominee at the time of opening of PPPS account and it can be changed by the account holder. In case of death of the account holder before maturity, account will be closed and nominee will get full amount as per pre-mature encashment rules. If the nominee dies, the total balance with interest will be paid to legal heirs of account holder.
|
|
| Deposit Date |
|
|
10th-17th of the month
|
|
| Interest Rate and Interest Calculation: |
|
|
Interest will be paid 6 Months FDR rate (prevailing FDR rate) plus 1% p.a. on daily Product basis to be compounded monthly. |
|
|
|
Interest rate may be changed from time to time as per the Management decision. |
|
|
| Deposit: |
|
|
Account holder can deposit any amount of money (Tk.100 and its multiples) as often as he or she wishes. All existing methods of deposit of money/fund for regular savings accounts are also applicable for PPPS accounts. One can even give a standing instruction to transfer/make payment of the installment from his savings account/current account maintained with the bank. The deposit can be made also through PI banking. Deposit is not allowed after the maturity of the scheme (i.e. after 60 years).
|
|
| Withdrawal |
|
|
|
No withdrawal is allowed before maturity. Customers can withdraw by the process of encashment/partial encashment after the maturity of the scheme.
|
|
| Encashment: |
|
|
The scheme will be matured when the account holder’s age will be 60 years. Account holder can withdraw full amount after maturity. However, applicant can continue the scheme after aged 60 years as he/she desires. Customer has to be physically present at branch for encashment the scheme.
|
|
| Partial Encashment: |
|
|
Partial Encashment is allowed but it must be after maturity. Partial encashment can be done through one-time or frequent withdrawals. Customers will be provided with Cheque book/debit card after maturity of the scheme for cash withdrawal. Deposit is not allowed in this account for the extended period. Interest rate and terms and conditions will be same as the usual PPPS account at the extended period of the scheme.
|
|
| Premature Encashment: |
|
| Normally no withdrawal shall be allowed before maturity, if any depositor intends to withdraw his/her deposit due to certain unavoidable reasons then Premature encashment is allowed subject to the following interest rate: |
|
| a) |
Before 1 year
|
No interest is to be paid.
|
| b) |
After 1 year but before maturity
|
6 Months FDR rate (prevailing FDR rate) minus 1% p.a.
|
|
|
|
| Govt. Taxes & Duties: |
|
|
Source Tax and Excise duty is applicable as per Govt. rules
|
|
| Charges & fees: |
|
|
Account Maintenance Fee, Online Charge, SMS charge will not be realized from the account.
|
|
| Loan Facility: |
|
|
Period of deposit account must be at least 6 Months |
|
|
|
Minimum balance of the account is required Tk.50,000/- (Taka Fifty Thousand) to avail loan facility |
|
|
|
Loan Limit: upto 90% of total Deposited Amount |
|
|
|
Loan Type: Demand Loan/Overdraft |
|
|
|
Loan Period: 1 year (Renewable) |
|
|
|
Interest Rate (%): PPPS rate + 2% (may be changed time to time as per ALCO decision) |
|
|
|
Mode of repayment: Monthly installment or lump sum amount at a time within the validity period. |
|
|
|
|
.;l |
|
| Foreign Currency Rates |
|
|
| Currency |
Buying |
Selling |
|
| USD |
115.50 |
116.00 |
|
| EURO |
127.00 |
130.25 |
|
| GBP |
146.50 |
151.00 |
|
|
|
|
| News & Events |
|
|
|
|
|
|
| All News |
|
|
|
