Uttaran Shohoz Bazar Scheme (USBS)

Uttara Bank PLC. introduced a new deposit product named ‘Uttaran Shohoz Bazar Scheme (USBS)’ in our Bank to attract new depositors as well as existing depositors. The features of the above deposit products are as follows: -

Features of the ‘Uttaran Shohoz Bazar Scheme (USBS)’:

Customer eligibility :

a) Any adult individual, male or female, can open one or more of this type of account.
b) Customer(s) must be a Bangladeshi Citizen.
c) Customer(s) must have a Bank Account with Uttara Bank PLC.

Joint account :

The account may also be opened in joint names.

Type of account :

Fixed Deposit

Tenure of account :

1 / 2 / 3 years

Amount of deposit :

Minimum Tk.5.00(Five) Lac to Maximum Tk.50.00(Fifty) Lac

Rates & Tenure

Interest rate & tenure of the scheme

01 year	9.50%
02 years	9.50%
03 years	9.50%

Payment of Interest & its frequency

a) Interest shall be credited to the Customer’s Bank Account on a weekly basis, commencing from the date of issuance of the scheme, in accordance with the customer’s instruction.
b) For joint accounts, the account holders must provide a clear written declaration indicating the recipient of the interest and the mode of payment.

Benefit :

Maximum deposit, maximum return and weekly payout.

Required documents :

Applicant-(For each):

2(Two) copies of recent photographs
1 (One) photocopy of NID/Driving License/Smart Card/ Passport/BRC/Any valid photo ID acceptable to the Bank.
Copy of utility bill as a proof of residence (if any)
Other documents (if applicable)

Nominee-(For each):

1 (One) copy of recent photograph (Attested by the account holder)
1(One) photocopy of NID / Passport/BRC/Any valid photo ID

Nominee :

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

Credit facility :

Credit facility up to 80% of the FD value. However, If the customer fails to repay the interest due for two successive quarters, the account will be closed/adjusted.

Premature Encashment :

i. If the account encashed before 1 year: No interest will be paid.
ii. If the account is encashed on or after 1 year but before 2 years: Interest will be paid at the 1-year rate. In such cases, the lower rate of interest between the rate at the time of issuance & the rate at the time of encashment will be applicable.
iii. If the account is encashed on or after 2 years but before 3 years: Interest will be paid at the 2-years rate. In such cases, the lower rate of interest between the rate at the time of issuance & the rate at the time of encashment will be applicable.
In all the above cases, the interest paid in advance on a weekly basis will be deducted or adjusted (if any) from the encashed balance of the account.

Maturity :

Account will be considered as matured when completes its tenure. However, on or after maturity of the scheme, the Principal amount will be credited, after deduction of all charges, to the customer account.

Renewal facility :

If not encashed at maturity, the account will be renewed automatically for the same period at the prevailing rate of interest of the product.

Death of account holder :

In case of account holder’s death before maturity of the account, nominee(s) may be allowed to encash the account before maturity or on maturity or after maturity according to the Instruction Circular 1895, dated 24.08.2017.

Charges :

All charges, i.e. source tax, excise duty, etc. will be deducted as per govt. rules.

Mandatory Rules :

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.

Special Instruction :

Customer(s) has/have to inform the bank in writing in case of any changes in account profile i.e., address, phone number etc. without delay.

Special Notice :

Bank Authority has the right to change any terms and conditions related to the account at any time and account holder(s) will have to abide by.

Additional facility :

The customer’s account maintenance fee may be waived.