The product is designed to offer customers a fixed, convenient, and goal-oriented savings plan over 3/5/8 year’s horizon on weekly basis.

Mode:

Maturity Value:

Interest Rate (Yearly): 9.50% p.a.

Eligibility:

Bangladeshi individuals are eligible to operate the account, subject to compliance with standard bank KYC (Know Your Customer) requirements.

Other features:

• Weekly installments must be deposited by Thursday of Each week.
• Maintaining a Savings or Current account with Mercantile Bank is not mandatory.
• If the installment remains unpaid, a sum equivalent to 1.50% of the weekly installment amount shall be charged and deposited into the account as Late Payment Interest Adjustment on the overdue amount for the default period only.
• The account will be classified as irregular if installments are overdue for 08 (Eight) consecutive weeks and the Bank reserves the right to close the account prematurely.

• In case of premature encashment before 1 Year: No interest will be paid. Only the total principal deposited will be refunded.

• After 1 Year but Before Maturity: Interest will be calculated at the prevailing Savings Account rate for the actual period the deposit was maintained. In the event of premature encashment after completion of 03 (three) years, interest shall be paid based on the applicable Contract Value for the respective period. However, if no Contract Value is applicable at the time of such premature encashment, interest shall be paid at the prevailing Savings Rate for the additional period beyond the applicable Contract Value period.

• Customers will be eligible for a Loan/Advance/Credit Card facility against the paid-up value, subject to a maximum of 70% of the principal amount deposited.
• Tax will be deducted at the source (TDS) at the time of maturity, as per Govt. Rules.
• The scheme must comply with all standing directives and circulars issued by Bangladesh Bank (BB) and relevant government authorities.