Uttaran Student Deposit Scheme (USDS)-Junior

(Updated as on 15-Oct-2025)

Introduction

‘Uttaran Student Deposit Scheme (USDS)-Junior’ is the account where you can deposit your money in installment with full confidence. It’s an account tailor made to provide you very good. The features of the above deposit products are as follows:

Customer eligibility

Any Bangladeshi Student studying at home & abroad and aged below 18 years will be eligible to open one or more accounts under this scheme.
Both the account holder and guardian/legal guardian must be citizen of Bangladesh.
Must have a School Banking Deposit Account with Uttara Bank PLC.

Mode of deposit

Either Cash or Transfer.
In case of transfer, bank will take prior permission to deduct customer’s monthly installments from customer’s account.

Mode of Operation

Parent(s) or legal guardian will operate the account.

Once the minor account holder reaches the age of majority, i.e., 18 years, parents or legal guardian’s authority to operate the account will be ceased and the accountholder will operate his/her Deposit Account and USDS Account (subject to providing NID & other required documents).

Tenure of the Scheme

3/5/7/10/12 years

Choice of account holder

Account holder has an option to choose the installment amount from the following table, which cannot be changed later on. (Installment starts from Tk.250 but not exceeding Tk.20,000)

Instalments	Tenure
Instalments	3 Years	5 Years	7 Years	10 Years
500	20,844	37,816	57,247	91,006
1,000	41,689	75,631	1,14,494	1,81,997
2,000	83,378	1,51,263	2,28,941	3,63,794
3,000	1,25,066	2,26,848	3,43,328	5,45,607
4,000	1,66,755	3,02,479	4,57,821	7,27,620
5,000	2,08,428	3,78,064	5,72,238	9,09,473
10,000	4,16,841	7,56,159	11,44,507	18,18,639
20,000	8,33,729	15,12,364	22,88,925	36,34,710

Interest Rate

10.25 % per annum (at simple).

Schedule of deposit

a) The first installment must be deposited at the time of account opening and the remaining monthly installments must be deposited on or before the 10th day of each month, failing which penal interest will be imposed either 1% of monthly deposited amount or Tk.50/-, whichever is higher, for each irregular monthly installment(s). If the 10th day of any month becomes govt. holiday, the account holder will deposit the monthly installment on the following working day without penalty. Installment(s) in advance may be allowed.

b) Account will be closed, if account holder fails to deposit 3 (three) consecutive installments and balance amount will be transferred to the customer’s School Banking/ Savings Account.

Nominee

Parent(s) or legal guardian will be the nominee of this scheme only.

Sources of fund

Parent(s) or legal guardian will mention and/provide the document(s) related to the sources of fund.

Payment Procedure

The pre-matured encashment amount/maturity value will be transferred to the Customer’s School Banking/Customer’s Savings Deposit Account.

Required documents

For the customer (student):

a) 02 (Two) copies of recent photograph.
b) 01 (One) photocopy of Passport/ Birth Registration Certificate (BRC)/NID
c) 01 (One) photocopy of Valid Student ID Card/Certificate issued by educational institution/Receipt of School Fees of Last Month.
d) Copy of utility bill as a proof of mailing address.
a. 02 (Two) copies of recent photograph.
b. 01 (One) photocopy of NID/ Passport/Birth Registration Certificate (BRC).
c. E-TIN of nominee/parent/legal guardian.
d. Income proof of nominee/parent/ legal guardian

Charges

All charges i.e. source tax; excise duty etc. will be deducted from the concerned USDS account as per govt. rules. (if any)

Special Instruction

Parent(s) or legal guardian must inform the bank in writing about any changes of the information(s) of Customer’s data i.e. address phone/mobile number etc. without delay.

Transfer of account

Account may be transferred to any branch of Uttara Bank PLC. at the request of the parent or legal guardian.

Loan facility

Loan facility can be provided up to 80% of the total deposited amount at the request of the parent or legal guardian, but not for minimum 1 year earlier.

Maturity

Account will be considered as matured when completes its tenure with all installments in time.

Premature encashment

a) No interest will be paid in the account for less than 6 (six) months.
b) Interest will be paid at prevailing SB rate for 6 (six) months and above but less than 3 years.
c) Interest will be paid for the period of predecessor tenure at prevailing rate of interest & for the rest of the period; interest will be paid at prevailing SB rate for 3 years and above.

Death of account holder

In case of account holder’s death before maturity of the account, the parent or legal guardian who is also nominee of the account may be allowed to en-cash the scheme.

Death of parent(s)/legal guardian

1. In case of parent’s death before maturity of the account and still then the account holder is minor, the legal guardian may be allowed to en-cash the scheme.

2. In case of legal guardian’s death before maturity of the account and still then the account holder is minor, either parent (if any) or legal guardian (newly appointed) may be allowed to en-cash the scheme.

Conversion of linked account

The linked School Banking deposit Account will be converted to a Savings Bank Deposit Account with the consent of account holder ( when the account holder becomes an adult)