Terms and Condition: 

• Only individuals of 60 years and above can open this account.
• Account can be opened jointly in the name of maximum 02 (Two) persons.
• Deposit amount will be Tk. 100,000/- or it’s multiple and maximum will be Tk 4,000,000/- under single name and Tk. 6,000,000/- under joint name.
• The tenure of deposit will be 3 years and 5 years.
• The individual must have a link account with the bank in which the monthly benefit will be credited automatically.
• No half yearly/yearly service charge will be applicable, if the link account is used only for scheme account. If the link account is used as normal transacting account, then service charge will be applicable.
• If the account holder wants to discontinue the scheme and desires to encash the same:
  • Before completion of 01 year, only principal amount will be refunded after deduction of the entire monthly interest amount previously paid and the excise duty.
  • After completion of 01 Year but before 03 Years, interest will be paid at the rate of prevailing savings rate of 1st band on simple basis and then the entire monthly interest amount previously paid and the excise duty will be deducted.
  • After completion of 03 Years but before 05 Years ( in case of 5 years term), interest will be paid at the rate of prevailing savings rate of 1st band +1% on simple basis and then the entire monthly interest amount previously paid and the excise duty will be deducted.
• Be it a complete tenure or premature encashment, income tax, excise duty, and other levies (if any) shall have to be exercised as per Laws and regulations.
• Loan facility against deposited amount, would be available as per the SOD policy of the bank.