Income Unlimited

The management of Dhaka Bank Limited is pleased to launch Special Deposit Scheme, a new liability product on May 04, 2005.

• Product Name
  Special Deposit Scheme
• Product Features
  

  Deposit Amount	In multiples of Tk 50,000 However the minimum deposit will be Tk 1,00,000 (singly or jointly) and the maximum Tk 50,00,000 (singly/Jointly).
  Initial Deposit Date	Any day of the month
  Interest Due	One month after the initial deposit date the interest will be credited to the savings/current account.
  Tenure	3 Years
  Monthly income on Tk 100,000	Tk 1,000 subject to 10% Income Tax
  Rate of Interest	12% (simple)

• Opening an account
  Clients must have or open a savings account through which initial deposit will be collected. The monthly interest accrued on the deposit will be disbursed to the client through this savings/current account.
• Deposit mode
  The depositor(s) will have the option of making the initial deposit to the new / existing savings account in cash or through an account payee cheque.
• Interest payout mode
  Interest payout mode should be transfer to savings account.
• Interest Payout Frequency
  Interest Payout Frequency should be monthly.
• Renewal / Redemption Instruction
  Maturity / Renewal Instruction should only be “Renew principal and redeem interest” or Redeem interest & principal
• Closure of Account
  The account will immediately cease to operate in case of death of the depositor
• Settlement of Account
  The account will be settled in line with the instructions laid down in the account opening forms in case of death of the accountholder.
• Premature encashment
  If any client chooses to withdraw the deposit before the tenure, then s/he will only be entitled to prevailing interest rate on savings account in addition to the initial deposit. However, withdrawal of the deposited amount before one year will not earn any interest to the depositor(s). Amount already paid to the clients monthly along with the tax should be adjusted accordingly.
• Settlement of pre-mature encashment
  

  Premature encashment before Maturity, but after one year	The client will be entitled to prevailing interest rate on the savings account	The interest already credited to the clients account on a monthly basis to be adjusted against principal deposit at the time of premature encashment
  Premature encashment before Maturity and before one year	The client will be entitled no interest	The interest already credited to the clients account on a monthly basis to be adjusted against principal deposit at the time of premature encashment

• OD Facility against Deposit
  Clients will have the option of taking advance upto 90% of the deposited amount at the time of application. The prevailing lending rate will be effected against the advance.
• Documentation
  In order to open the account, the account holder will execute the following documentation:
  • Fulfilling Account opening formalities
  • Filling up the SDS Application form
  • 1 copy Passport size Photograph of the applicant
  • 1 copy passport size photograph of the nominee attested by the applicant
• Restrictions and Client Eligibility
  • Any Bangladeshi Citizen attaining 18 years of age will be eligible to avail this product by opening an account in any of the branches of DBL. Branch will ensure compliance with account opening formalities.
  • A minor operated by the legal guardian may also open the account.
  • The deposited amount and the tenure agreed by the applicant and accepted by the Bank at the time of opening the account cannot be changed afterwards.