BOP Young Lions Saving Account
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Product:
The product is available for all children less than the age of 18 years to open PLS Minor saving account (checking/running) with their Parent/Guardian as per our Bank’s criteria. The account will be opened with Parent/Guardian i.e. Child (M)/Guardian (G).
The product carries all characteristics/conditions/rules pertaining to PLS SB account except profit will be calculated on daily product basis and payment of profit shall be paid on monthly basis.
Who can Invest:
Children (less than the age of 18 years) would be eligible to open a Minor Bank Account with their Parent/Guardian. This is a Saving Account product with a slightly better profit rate with other value added benefits.
Profit Rates/ Calculation/ Disbursement of Profit
- The BOP Young Lion Saving Account is a profit bearing account. The present applicable profit rate is 6 % per annum on all the balances without any lower or upper limit.
- This product is governed under PLS rules i.e. the rates mentioned are expected and the Bank reserves the right to revise the rates and terms & conditions of profit and the scheme under Profit & Loss sharing system.
- The profit will be calculated on daily product basis.
- The profit will be credited on monthly basis in the respective account.
- Withholding tax @ 10.00 % of the profit or as per law in force shall be deducted, wherever applicable.
- Zakat to be deducted as per law, wherever applicable.
Value Additions
- Free issuance of first ATM Card. However for renewal, charges will be applicable as per bank’s schedule of charges.
- Free first 25 leaves cheque book will be issued at the time of account opening. This will be one time facility.
- Free access will be allowed to view account statements through BOP e-Banking facility.
- On opening of the A/C with Rs.50,000/- and maintaining it for 30 days at least, a free Gift will be given to the Young Lion as a token of becoming BOP Customer at the discretion of the management.
Account Maintaining Charges
Nil