Savings Bank Account for MSS

Objective

  • Automated Transferring of fund to MSS Account;
  • Introducing Maintenance Fee free Account;
  • Build up habit of savings

Benefits

  • Customers will get relief from waiting in queue to deposit MSS installment;
  • Free from overdue burden and risk of 03(Three) consecutive installments failure which may lead to force encashment to the MSS;
  • Customers will be entitled for a significant amount through forced savings without any change in the living style;
  • It is convenient for remote living customer to continue MSS account by making payment through EFTN or Exchange house.

Interest Rate

  • 1.00% (1.00% less than the regular SB rate)

Features

  • Interest shall be calculated and accrued monthly and credited to the account in half-yearly basis.
  • If account balance falls below BDT 10,000.00 on or after 5th day of the month, then no interest will be paid.
  • If withdrawal in account is more than twice in a week or amount withdrawn in a single Payment Order/EFTN exceeds 25% of balance of the account, then no interest will be paid.
  • Interest will be calculated on the minimum balance from 5th day to last day of the month on monthly basis.
  • Govt. Tax/VAT is to be realized from the account holder as per government instruction.
  • No Cheque Book or Debit Card will be issued for this account. Payment will be made through Payment Order (PO) or EFTN;
  • The Savings Account will be closed after the maturity or encashment of MSS Account. But as per customer’s request, the Savings Account can be migrated to conventional SB account.

 

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