The product is designed to offer customers a fixed, convenient, and goal-oriented savings plan over a one-year horizon. This initiative supports the Bank's strategic objective of expediting deposit mobilization and reinforcing the short-term liquidity position.

Eligibility

Bangladeshi individuals aged 18 years or above—either singly or jointly—are eligible to operate the account, subject to compliance with standard bank KYC (Know Your Customer) requirements.

Key Product Features

Other Features

• Maintaining a Savings or Current account with Mercantile Bank is not mandatory but preferred, as it facilitates automatic debit or transfer of monthly installments when required.
• Monthly installments must be deposited by the 15th day of each calendar month.
• If the installment remains unpaid after the 15th day of the month, a sum equivalent to 5.00% of the installment amount shall be charged and deposited into the account as Late Payment Interest
• Before 3 months no interest will be paid. Only the total principal deposited will be refunded.
• Customers will be eligible for a Loan/Advance facility against the paid-up value of the SSP, subject to a maximum of 50% of the principal amount deposited.
• Tax, excise duties, and any other levies will be deducted from the account balance as per the prevailing government rules and regulations. The TDS rate will vary based on the customer's tax compliance status (e.g., whether a valid Taxpayer Identification Number (TIN) is provided).