It is a monthly deposit scheme which will make a client kotipati after a certain period. This scheme will be very much helpful to implement a future plan successfully by small savings.
- Any person/persons can open this account singly or jointly.
- The tenure of this scheme is 4/5/6/8/10/12/15 years. More than one account can be opened by the same depositor in the same branch.
- Installment may be deposited within 20th of every month by cash/cheque or under the depositor’s instruction from another deposit account. If the 20th day of the month happens to be a holiday, the installment will be deposited on the next working day.
- If the depositor fails to pay 3 consecutive installments, the account will be closed and net payable amount will be transferred to link account (if any) or to Sundry Deposit account and the customer will be informed accordingly.
- If the depositor wishes to withdraw the deposited amount before agreed term, the interest will be paid at prevailing savings rate but no interest will be paid if the depositor withdraws the deposited amount before 1(one) year.
- In case of death of the depositor, the plan will cease to function. The amount will be paid to the nominee(s) with applicable interest as per the bank’s rules and regulations.
- Advance installments may be deposited but no additional interest will be paid for the installments paid in advance.
- Late fees @ 2% of installment amount or BDT 200.00 whichever is higher will be charged per month for failure to deposit the installment in time.
- If the address of the depositor is changed, it must be modified immediately to the branch in writing.
- Tax at source, excise duty etc. will be deducted from the payable amount as per government rules.
- Other terms and conditions shall be governed by the rules and regulations of Mutual Trust Bank Limited under the existing laws applicable in Bangladesh.
- The bank reserves the right to change the rules/procedures of the plans if deemed necessary.
- The customer may avail loan up to 90% of the deposited amount. But this facility will be effective after 1(one) year from opening the account.
Monthly Installment and Maturity Period :
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