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Prime Finance
Fortune DPS 

Every single penny you earn is valuable. Through "Fortune DPS"- a monthly deposit scheme, you can earn a considerably smart income by saving small amount on a monthly basis for a certain period of time. We are offering you a very competitive rate on your savings. A right decision at right time can lead you to better future. So choose Prime Finance, choose "Fortune DPS" for your investment.

 

Major features of Fortune Deposit Scheme

  • An attractive rate of income
  • Flexibility in monthly installment size
  • Flexibility in term
  • Option to open several accounts under the same name
  • Loan facility upto 90% on your accumulated deposited amount

 

Eligibility for opening an account

  • Any Bangladeshi national of 18 years and above can open the account;
  • The account can be opened in the name of a minor. In that case a legal guardian will operate will operate the account.

 

Term and deposit size

  • The depositor can choose any term ranging from 3 to 10 years;
  • The minimum monthly deposit will be Tk.500. However, depending on the capacity, a depositor can choose any installment size in multiple of Tk.500;
  • There will be no retake of deposit size as well as term of the deposit after depositing the first installment.

 

Nomination

  • Only one person can be nominated by the depositor;
  • The nomination will be cancelled if the nominee expires in the life time of the accountholder and in such case the accountholder must advise in writing a new nominee;
  • The accountholder, before maturity of the scheme, can change the nomination by giving written instruction;
  • The nominee will not be allowed to continue the account in the event of death of the accountholder;
  • In the event the nominee so authorized remains a minor at the time of account holder's death, the legal guardian will be entitled to receive the payment.

 

Timing of Deposit

  • The deposit must be made on any working day within first 10 days of each month;
  • The depositor can, if desired, ,deposit installment in advance. In that case no profit will be given on advance deposit before the due date.
  • If the depositor fails to deposit any installment within the stipulated time he/she can pay the same along with the next month's installment with an additional charge of 5% of the overdue installment.

 

Mode of deposit

The deposit can be made either by account payee cheque or by cash within the banking hours.

 

Premature encashment

Encashment before maturity is not allowed. Only in case of unavoidable circumstances, withdrawal may be allowed and in that case the following rules will be applicable:

  • Under no circumstances deposit can be encashed before expiry of 12 months and
  • Incase of pre-encashment income at the rate of 10% p.a. will be applicable.

 

Amount payable at maturity

On completion of the term, the entire payable will be paid to the depositor after one month from the date of last monthly installment deposited.

Amount at maturity (Taka) in different terms

Monthly Installment (Tk.)
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
500
21,775
30,958
41,312
52,588
65,561
80,155
94,319
112,021
1,000
43,550
61,916
82,624
105,177
131,122
160,310
188,638
224,042
1,500
65,325
92,875
123,936
157,765
196,683
240,465
282,957
336,063
2,000
87,100
123,833
165,249
210,354
262,243
320,620
377,276
448,084
2,500
108,875
154,791
206,561
262,942
327,804
400,775
471,595
560,105
3,000
130,650
185,749
247,873
315,530
393,365
480,930
565,913
672,125
3,500
152,426
216,707
289,185
368,119
458,926
561,084
660,232
784,146

Note: In case of different installment size (multiple of Tk. 500), the maturity value shall be the multiple of the maturity value of the minimum deposit. For example if the installment size is Tk. 1,500 having 3 years term, the maturity value will be Tk. 65,325 (Tk. 21,775 x 3).

 

Auto closure of the account before maturity date

The account will be closed automatically in the two following reasons and in that case the accountholder will be refunded with amount in line with rules outlined in clause of premature encashment:

  • If the depositor fails to deposit 3 consecutive installments the account will automatically be closed;
  • If the depositor expires, the account will be closed automatically and the entire deposited amount will be refunded to the nominee.

 

Loan facility

  • The depositor can avail loan facility upto 90% of the deposited amount against lien thereon;
  • The tenure of such loan will not exceed the remaining period of the tenure of the deposit;
  • Profit on such loan will be charged @2% higher than the rate applicable for one year Annual Income Deposit Scheme of Prime Finance.

 

Tax

Income generated from the deposit is subject to deduction of tax as per Income Tax Ordinance.

 

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