BOP Senior Citizen Term Deposit
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Product
This is a Fixed Deposit product with high rate of profit paid on monthly basis with a fixed tenor of one year only. The product will have the facility of rolling over at the profit rate being offered by the Bank at the time of roll-over.
Who Can Invest
The product is available for senior citizens of age 55 years & above who are eligible to invest in term deposit as per Bank’s criteria.
The account can be opened singly or preferably jointly (husband & wife) provided either of them is of 55 years or above (Retirement is not a condition of eligibility).
A customer can invest a maximum amount of Rs.3,000,000/- in BOP Senior Citizens Term Deposit Scheme singly or jointly regardless of the branch. In case it is found out that investment is made more than the maximum limit under this category, the Bank reserves the right to recover and forfeit the profits paid or not to give any profit.
Amount of Deposit
Minimum deposit is Rs.100,000/- while maximum deposit limit is Rs.3,000,000/-
Profit Rates/Calculation/Disbursement of Profit
1 year
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12.00 %
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100,000/-
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Rs. 1,000
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* This product is governed under PLS rules i.e. the rates mentioned are provisional and the Bank reserves the right to revise/revisit the profit rates under Profit & Loss sharing system and terms & conditions of scheme.
• Withholding tax @ 10.00 % of the profit or as per law in force shall be deducted, wherever applicable.
• The profit will be paid on monthly basis.
• The profit will be credited into the customers PLS/CD account on monthly basis by the end of every month (as per existing procedure of MHM Scheme III).
• Zakat will be deducted as per law, wherever applicable.
*Please note that profit rates will be reviewed on monthly basis for fresh deposit under this scheme.
Financing Facility
This term deposit receipt can be used as security for obtaining financing facility. The customer can avail loan upto 90 % of the face value or as per Bank’s policy in vogue.
Purchaser of BOP Senior Citizen Term Deposit receipt will be required to open a CD/PLS account with the Bank (if already not a customer) and the profit will be credited to customer’s A/c on monthly basis. In case the customer has already given the instructions of roll-over and the product is not discontinued, the term deposit will be renewed.