Uttaran Five Million Deposit Scheme

Category / Loan type: Monthly Installment Savings Scheme

Purpose :

A dedicated monthly installment based savings scheme designed by Uttara Bank PLC to encourage citizens to pool savings regularly and build a lump sum amount (Lakhpoti status) within a specific timeframe.

Customer Eligibility :

Any adult Bangladeshi individual can open one or more account(s) singly or jointly.

Mode of Deposit :

Deposits can be executed via Cash or Transfer. In the case of automated transfer, monthly installments will be directly recovered from the customer's parent savings/current account at Uttara Bank PLC according to written standing instructions.

Tenor & Maturity Values Matrix :

Tenor of Scheme: Flexible durations spanning 3, 5, 7, or 10 years. Account holders must choose their fixed installment size based on the specific maturity goals below.

Target Maturity Amount (Tk.)	03 Years (Monthly Installment)	05 Years (Monthly Installment)	07 Years (Monthly Installment)	10 Years (Monthly Installment)
1,000,000 (10 Lac)	24,000	13,230	8,740	5,500
500,000 (5 Lac)	12,000	6,615	4,370	2,750
400,000 (4 Lac)	9,600	5,292	3,496	2,200
300,000 (3 Lac)	7,200	3,969	2,622	1,650
200,000 (2 Lac)	4,800	2,646	1,748	1,100
100,000 (1 Lac)	2,400	1,323	874	550

Interest Rate :

10.25% per annum (at simple).

Schedule of Deposit :

The first installment must be deposited at the time of account opening. Remaining monthly installments must be deposited on or before the 10th day of each calendar month.
If the 10th day happens to be a government holiday, the deposit should be submitted on the next working day without fine.
Installment(s) in advance may be allowed.
Failing to pay on time will attract a penal interest charged @ 1% per month on the installment amount or a minimum of Tk. 50 per month for each irregular installment.
Forced Closure: The account will be closed if the account holder fails to deposit 3 (three) consecutive monthly installments.

Required Documents :

2 (Two) copies of recent passport-size photographs of the applicant(s).
Photocopy of NID/Passport/Birth Registration Certificate (BRC) & TIN Certificate (if any) of the Applicant(s).
1 (One) copy of passport-size photograph & photocopy of NID/Passport/Birth Registration Certificate (BRC) of Nominee(s).

Nominee Rules :

According to Section 103 of Bank Company Act-1991, account holder(s) must nominate her/their nominee(s). Account holder(s) may change her/their nominee(s) at any time.

Loan Facility :

Loan facility may be allowed against the scheme up to 80% of the total deposited amount accumulated.

Maturity & Settlement :

The account will be considered as matured when it completes its declared tenor with all installment payments satisfied.

Premature Encashment Policy :

No interest will be paid in the account for less than one year.
Interest will be paid at the prevailing Savings Bank (SB) rate for one year and above but less than 3 years.
Interest will be paid at the prevailing SB rate + 1% for 3 years and above.

Regulatory Framework & Rules :

Charges: The bank will deduct applicable charges from the A/C as per the schedule of charges. All charges, i.e., source tax, excise duty, VAT, etc., will be deducted from the maturity amount as per government rules.
Mandatory Rules: The Money Laundering Prevention Act-2012 (and all its amendments thereafter), Anti-Terrorist Act-2009 (and all its amendments thereafter), and Bank Company Act-1991 & 2013 (and all its amendments thereafter) will be applicable.
Transfer of Account: The account may be transferred to any branch at the request of the account holder(s).
Cheque Book: No Cheque Book will be issued against the account.

*Special Notice: The payable amount might be changed; Govt. Tax/Duty would be paid by the client. Bank Authority has the right to change any terms and conditions related to the account at any time and the account holder(s) will have to abide by. Customer(s) has/have to inform the bank in writing in case of any changes of Customer's data i.e. address, phone number, etc. without delay.