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Education Planning Deposit Scheme (EPDS)
This scheme is formulated with a view to meet the responsibility of initiating measures to ensure social sustainability. It is unanimously resolved that ‘Education is the backbone of a nation'. Thus helping to promote the education is virtually aiding to build the nation and thus forming a sustainable society wherein, the Bank eventually operate. In the long run, this would indeed aid the Bank to achieve steady and sustainable growth and enhance shareholders' value. Furthermore, Bank's declaration to bear all expenses relating to death of the customer would also broaden the Bank's Corporate Social Responsibility (CSR) as well.
Minimum installment amount per month will be BDT 1,000.00 (One thousand) or multiples thereof.
Interest Rate:
For 10 years – 6.45% monthly rest basis, Effective Rate: 6.64%
For 15 years – 6.4% monthly rest basis, Effective Rate: 6.64%
Minimum Tenor of this scheme is 10 years and Maximum 15 years.
This scheme has two period
a. Deposit period: Customer will deposit for 10/15 years
b. Monthly benefit period: Customer is entitled to monthly benefit.
Customer will be entitled to receive BDT 1.50 lakh and BDT 2.80 lakh per BDT 1,000.00 (one thousand) installment for maturity at 10 and 15 years respectively, if opt for onetime benefit rather than monthly benefit.
At the end of monthly benefit period customer will be paid back his/her deposited amount i.e. BDT 1.20 lakh for 10 years and BDT 1.80 lakh for 15 years for installment size of BDT 1,000.00 (one thousand) only.
For pre-mature encashment during the monthly benefit period amortization amount (onetime due less deposited amount divided with number of monthly benefit entitlement year) will be deducted for each year of lapse. Any fraction year will be treated as later/next round year (Example: one day after year two will be treated as 03 years).
Particulars Rate
EPDS 6.64%
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