Uttaran Student Deposit Scheme (USDS)-Senior

(Updated as on 15-Oct-2025)

Introduction

The Board of Directors of Uttara Bank PLC. Approved introduction new deposit product named ‘Uttaran Student Deposit Scheme (USDS)-Senior’ for new depositors as well as existing depositors. The features of the above deposit products are as follows: -

Customer eligibility

-Any Bangladeshi Student studying in a College or University at home & abroad and aged 18 years & above will be eligible to open one or more accounts under this scheme.
-Must have a Savings Bank 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 the customer’s savings account.

Tenure of Scheme

3/5/7/10 years.

Choice of account holder

Account holder has an option to choose the instalment amount from the following table, which cannot be changed later on.

(Instalment starts from Tk.500/- 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 instalment must be deposited at the time of account opening and the remaining monthly instalments must be deposited on or before the 10th day of each month, failing which penal interest will be imposed either 1% of the monthly deposited amount or Tk.50/- whichever is higher, for each irregular monthly instalment(s). If the 10th day of any month becomes govt. holiday, account holder will deposit the monthly instalment on the following working day without penalty. Instalment(s) in advance may be allowed.

b) Account will be closed, if account holder fails to deposit 3 (three) consecutive instalments

Nominee

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

Required documents

Applicant - a) 02 (Two) copies of recent photograph.
b) 01 (One) photocopy of NID/ Passport/ Birth Registration Certificate
c) 01 (One) photocopy of Student ID card/ Certificate issued by educational institution/Receipt of the Institution Fees of Last Month.
d) Copy of utility bill as a proof of mailing address.
Nominee - e) 01 (One) copy of recent photograph and 01(One) photocopy of NID/ Passport/ Birth Registration Certificate.

Payment procedure

1. The maturity value will be transferred to the student’s Savings Account with Uttara Bank PLC.
2. The deposited amount along with interest (as per SL.17) will be paid to the student’s Savings Account (In case of the account is closed before maturity).
3. The deposited amount along with interest (as per SL.17) will be paid to the nominee(s) in one time. (In case of the student dies before maturity of the scheme.)

Charges

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

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 must inform the bank in writing if any changes of Customer’s data i.e. mailing address, phone/mobile number, Education Institution 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 will have to abide by.

Transfer of account

Account may be transferred to any branch of Uttara Bank PLC at the request of account holder.

Loan facility

Loan facility can be provided up to 80% of the total deposited amount, but not for minimum 1 year earlier.

Maturity

Account will be considered as matured when completes its tenure with all instalments 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.