 |
|
|
|
 |
Education Savings Scheme
Responsive
 These days parents are finding themselves financially hard-pressed to bear the educational expenses of their children. Education expenses, along with other ancillary costs are soaring up as parents are desperately searching for quality education. To relieve you from this scourge, Standard Chartered has come up with an innovative product that would enable you to save a portion of your monthly income in "Education Saving Scheme?
Innovative
The scheme is an innovative way to finance ever-bulging education costs that parents have to incur as a result of competitive nature of the situation. The "Education Savings Scheme?gives you the opportunity to create long-term wealth for your children. Through this scheme you can invest part of your monthly income in equal monthly instalments and at maturity you will be rewarded with a handsome amount that you will be able to use to defray any expenses that you may have to incur. Now, you can rest assured that your wards will not be required to shelve any quality education opportunity due to the inadequacy of funds.
Convenient
Unlike the other banks in Standard Chartered you do not require to come to the bank or send someone to deposit the instalments. You instalments will be deducted automatically from any transaction accounts(s) that you will be required to maintain with us. Notable features of the scheme are:
- This is a fixed term savings scheme to be sold in units
- Customer can buy any number of units
- The scheme requires an initial deposit BDT 10,000, which will be followed by monthly instalment of BDT 1000 per unit
- It will be a non-transactional account where interest will accrue on daily basis and will be credited on monthly basis
- The sign-up fee for the scheme will be BDT 250 per unit, with a minimum of BDT 500 and maximum of BDT 10,000
- If any customer desires to discontinue the scheme prior to maturity, a penal fee @ BDT 250 per unit (with a minimum of BDT 500 and maximum of BDT 5000) will be deducted from the account and the balance proceeds (calculated on the amount incorporating the last interest credit amount, the fraction days will not be considered) will be credited to his/her transaction amount
- Failure to make three consecutive instalments will result in immediate closure of the scheme and a penal fee @ BDT 500 per unit will be charged
- In case of forced closure (nonpayment of three consecutive instalments) before 1 year, a penal charge @ BDT 2000 per unit will be charged
- The interest rate applied on the collection account will be 3% higher than the rate offered on the scheme account
- If there is any tax payable under the scheme, it will be deducted from the amount payable to the account holder
- In case of death of Education Savings Scheme holder the account will cease and the amount deposited till the time of death and accrued interest will be paid to the nominee
| Schedule of Tenure & Terminal Values for 1 unit |
| Tenure |
Initial Deposit
|
Monthly Deposit
|
Total Payment
|
Maturity Value
|
Profit
|
| 3 years |
10,000
|
1,000
|
46,000
|
52,310
|
6,310
|
| 10 years |
10,000
|
1,000
|
130,000
|
206,510
|
76,510
|
| 15 years |
10,000
|
1,000
|
190,000
|
400,227
|
210,2270
|
| Schedule of Tenure & Terminal Values for 10 units |
| Tenure |
Initial Deposit
|
Monthly Deposit
|
Total Payment
|
Maturity Value
|
Profit
|
| 3 years |
100,000
|
10,000
|
460,000
|
533,334
|
73,334
|
| 10 years |
10o,000
|
10,000
|
1,300,000
|
2,196,630
|
896,630
|
| 15 years |
100,000
|
10,000
|
1,900,000
|
4,407,564
|
2,507,564
|
N.B.
1. These are indicative figures only
2. Tax is payable as per government rules
Simple
At Standard Chartered, we work hard to make our name synonymous with quality money management. For more information, please contact our 24-hour Call Centre at +(88 0 2) 896 1151 or +(88) 0173 041400-19 anytime, any day.
Terms and conditions apply
|
|
|
|
|
|
|
Copyright ©2008