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| Retail Banking » Term Deposits » Monthly Profit Based Small Deposit (MPSD) |
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| Monthly Profit Based Small Deposit (MPSD) |
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| Product Features |
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| Object |
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The object of the scheme is to enable the small depositor to make the financial provision for his future need or to meet the monthly basic/specific need by paying deposits in monthly installments for an agreed period. The product will be known as “Monthly Profit based Small Deposit (MPSD)”. However, we may also give attractive name like “Pubali Shadhin Shanchay” |
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| Who can open? |
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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. |
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| Monthly Installments |
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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. |
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| Payment of Deposits |
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Interest may be paid monthly if interest exceeds the threshold for that period as defined by the customers. Threshold of the interest to be paid monthly is of Tk. 100 or in multiples thereof. If a customer wants interest to be paid monthly with a threshold value of Tk.500, unless until her/his deposits generates interest Tk. 500 or more per month, interest will be added to deposits. Customers may also take single payment for entire deposits. Payment will be made by way of account payee cross cheque/draft or cash or by way credit to saving or current account. |
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| Interest Rate and Interest Calculation |
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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. |
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| Duration |
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Duration may be between 3 to 10 years as per depositor’s choice. |
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| Premature Encashment |
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Premature encashment is allowed subject to following interest rate: |
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Before 12 months - SB interest and |
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From 12 to onwards – Highest SND interest rate. |
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| Excise Duty, Source Tax and Account Maintenance Fee |
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Excise duty and source tax is applicable but account maintenance fee will not be taken. |
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| Closing Procedure |
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Account will be close on maturity and after payment is made or premature encashment. |
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| Loan Facility |
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Period of A/C: At least 2 years |
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Loan Limit: 80% of total Deposit Amount |
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Loan Period: 2 years or within least period of Maturity |
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Loan Type: Demand Loan |
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Interest Rate(%): MPSD rate + 2% |
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| Operation by PA Holder |
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It is allowed. |
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| Deposits of Installments |
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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. |
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| For any query please Contact at: Tel: (PABX) 02223381614 FAX: 880-2-9564009 or e-mail us at gsdd@pubalibankbd.com |
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| Foreign Currency Rates |
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| Currency |
Buying |
Selling |
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| USD |
113.00 |
114.00 |
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| EURO |
125.35 |
128.30 |
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| GBP |
145.00 |
147.70 |
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