A large number of people is low income group in Bangladesh. Present scenario is that different types of samity are continuing their business around the country where they collect tk 50 to tk 100 daily from different shops. Besides housewife also capable to save a threshold money for their any sort of requirement. Same situation for daily street businessmen, day laborer, garment worker, etc. Those groups of people earn livelihood and contribute significantly to our economy and these group of people are not under the purview of banking system. To include these groups of people, Padma Bank has come forward with “Padma Prottasha Scheme”.
Objective of the Scheme is to bring deposit from small, marginal, landless farmers, low salaried employees, housewives, destitute people displaced to natural disaster.
Features:
- Installment amount size is tk 100 or any multiplier.
- Scheme range from year 01 to 15.
- A customer can open more Padma Prottasha Deposit Scheme.
- Scheme will be calculated at monthly compounding formula.
- Customers can open the scheme A/C through maintaining any savings or current link account or apply for scheme account directly.
- Customers can deposit any day within a month. For online payment, amount should be deposited at Padma Bank within same month.
- Scheme will be canceled if applicant failed to deposit any installment.
- For premature/ Cancellation of Scheme: Customers will get only principal amount for any fraction period and declared interest rate at compounding method will be eligible for any completing year.
- Example: Customer opened a scheme account for 3 years at tk 200 installments from 3rd July, 2021 @ 6% interest. Customer will get principal and monthly compounding interest only for completed year and for fraction months, only principal amount.
- Payment at maturity: Customers will get return amount after next immediate month. For example, If DPS started at 23rd February 2021 for 2 year, and then customer will get the return after 23rd January, 2023.
- Tax will be calculated at the end of maturity/ premature of the scheme.
- Scheme interest rate may be changed at ALCO but no change will be allowed for contracted customers.
- Year end scheme interest will be calculated according to scheme opening date.
- Next year scheme interest will be entitled according to scheme opening date.
- As customer can deposit any day of the month, then scheme interest will be calculated on the basis of how many days of that month bank is investing the deposit amount. As a result, scheme interest may be variable at the end of maturity.
- SMS notification: Every half of year prior to account maintenance charge schedule, an SMS notification has to generate to customer to aware about the charge.
- (ALCO may revise the scheme interest rate but the rate will not change for agreed customer.)
|
Tenure (Year)
|
Revised Interest Rate
|
|
1
|
7.00%
|
|
2
|
7.50%
|
|
3
|
8.00%
|
|
4
|
8.50%
|
|
5
|
9.00%
|
|
6
|
9.50%
|
|
7
|
9.75%
|
|
8
|
10.00%
|
|
9
|
10.25%
|
|
10
|
10.50%
|
|
11
|
10.75%
|
|
12
|
11.00%
|
|
13
|
11.25%
|
|
14
|
11.50%
|
|
15
|
12.00%
|
Target Customers:
- Those have NID/ Govt authority certification (For minor picture attached certificate)
- Citizenship: Bangladeshi
Requirements:
- Account can be opened through all channels of Padma Bank PLC. like Branch, Sub Branch, Agent Banking, app, web, etc
- Filled Scheme application form with 01 copy PP for applicant and nominee each
- Standard KYC profile for those who is interested to link with Current or Savings account
