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Monthly Savings Scheme
Securing your Children's future
What is this?
 Insurance Coverage Facility is an added feature of Education Savings Scheme, Rainy Day Savings Scheme and Marriage Savings Scheme. Under this facility your nominee(s) will receive the Maturity Amount in case of your untimely death. The facility is available in any of the above mentioned three schemes for 3-year, 5-year or 10-year term only.
All of these Savings Schemes are for fixed term and sold in units. To buy one unit of any of these schemes you need to deposit BDT 10,000 at the beginning and a monthly deposit of BDT 1000 till the maturity of the scheme.
Secured
With the addition of this facility, our Monthly Savings Schemes now offer you an alternative to eliminate the uncertainties from your beloved children's life in case of your untimely death. If you feel worries about their education related expenses, marriage or other contingency needs in your absence, our Monthly Savings Schemes offer you the perfect solution. With our Monthly Savings Scheme your children's future will be in safe hands.
Sure return!
Insurance Facility of our Savings Scheme offers sure return to your children or anyone selected by you as the nominee in case of your unfortunate death before the maturity of the scheme. Your nominee will receive the total amount (equal to the proposed Maturity Value for any particular scheme) no matter how much you have paid.
Who can buy it?
Standard Chartered Bank's existing customers, who are:
- Bangladeshi nationals and minimum age must be 18 years and maximum age at the end of the scheme is 60 years
- Residing in Dhaka, Chittagong, Narayanganj, Bogra, Khulna or Sylhet
- If you are not banking with us, you can open Savings, Current or Access account with us to be eligible for the scheme
What are the features?
- Nominee(s) will receive the Target Savings Amount in the event of untimely death of the primary account holder, i.e. death before maturity of the selected Monthly Savings Scheme
- These are non-transactional account where interest accrues on a daily basis and is credited on a monthly basis
- The sign-up free for the schemes is BDT 250 per unit, with a minimum of BDT 500 and maximum of BDT 10,000
- If any customer desires to discontinue any scheme prior to maturity, a penal fee of BDT 250 per unit (with a minimum of BDT 500 and maximum of BDT 5000) will be deducted from the account
- Failure to make three consecutive instalments will result in immediate closure and a penal fee of BDT 500 per unit will be charged
- In case of forced closure (non-payment of three consecutive instalments) before 1 year, a penal charge of BDT 2000 per unit will be charged
- If there is any tax payable under the scheme, it will be deducted from the amount payable to the account holder
How can you buy it?!
At Standard Chartered, we work hard to make our name synonymous with quality money management. For more information, please visit any of our branches or call our Call Centre.
Calculation of one unit of Monthly Savings Scheme:
| Tenor Initial Deposit Monthly Deposit Total Payment Value at Maturity Profit |
| Tenor |
Initial Deposit
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Monthly Deposit
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Total Payment
|
Maturity Value
|
Profit
|
| 3 years |
10,000
|
1,000
|
46,000
|
51,751
|
5,751
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| 5 years |
10,000
|
1,000
|
70,000
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83,070
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13,070
|
| 10 years |
10,000
|
1,000
|
1,30,000
|
1,78,745
|
48,745
|
N.B.
1. These are indicative figures only
2. Tax is payable as per government rules
3. Terms and conditions apply
For further information, please contact our 24-hour Call Centre at +(88 0 2) 896 1151 or +(88) 0173 041400-19 anytime, any day. You're also most welcome to visit any of our branches.
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