PRODUCT
This is a Fixed Deposit product with free ATM/Debit Card. The tenure will be 3, 6, 12, 15 and 18 months.
WHO CAN INVEST
The product is available for all types of customers who are eligible to invest in term deposit as per Bank’s criteria. The term account can be opened singly or jointly. Benevolent/Charitable Funds, Trusts, Cooperative Societies, Clubs etc can also invest.
AMOUNT OF DEPOSIT
- Minimum deposit is Rs.50,000/-
- While No Maximum deposit limit
BOP PAHLAY MUNAFA DEPOSIT SCHEME (Profit in Advance)
The detail of profit rates are as follows
|
03 months
|
Rs. 2,220
|
8.88 %
|
0.0222
|
9.08 %
|
|
06 months
|
Rs. 4,600
|
9.20 %
|
0.0460
|
9.64 %
|
|
12 months
|
Rs. 9,900
|
9.90 %
|
0.0990
|
10.98 %
|
|
15 months
|
Rs. 11,880
|
9.50 %
|
0.1188
|
10.78 %
|
|
18 months
|
Rs. 13,650
|
9.10 %
|
0.1365
|
10.53 %
|
- * This product is governed under PLS rule of Profit & Loss sharing system. The rates mentioned are expected and the Bank reserves the right to review/revise the profit rates half yearly and terms & conditions of profit and scheme
- The provisional profit will be paid in advance i.e. at the time of investment.
- Zakat will be deducted as per law, wherever applicable.
- With holding tax will be deducted as per law.
The above expected rates are effective from 01-08-2010 for all fresh deposit procured/accounts opened under the BOP Pahlay Munafa Scheme. These rates will not be applicable to deposits already booked in these schemes till the time they are matured.
PREMATURE ENCASHMENT
The profit shall be paid on prevalent normal term deposit rates. Rules governing normal PLS Term Deposit shall apply i.e. In case of pre-mature encashment, corresponding rate applicable to the period of retention then declared by the Bank will be paid, provided deposit is kept for a period not less than 7 days. The difference amount will be recovered from the principal amount.
With-holding Tax deducted in advance and paid to Tax Authorities shall not be refunded at the time of pre-mature encashment. However Advance Tax Deduction Certificate will be issued to the customer for claiming refund from the Tax Authorities.
MISCELLANEOUS
The provisional profit will be paid in advance i.e. at the time of investment. The provisional profit will be credited into customers PLS/CD account.
For further details, please contact your nearest Branch