Open A DPS Account
Terms & Conditions
This is monthly recurring savings Scheme.
This account will be opened in the name of SB account maintained by the holder.
Monthly installments will automatically be realized from the customer’s linked account on the installment date.
Nominee of this account will be same as linked account.
After maturity, stipulated amount will be credited to the linked account after deduction of Govt. Tax, VAT & Excise. Maturity amount will be calculated as per prevailing rules of the Bank.
Deduction of monthly installments will be started from day of opening of DBL Deposit Pension scheme and all subsequent installments will be deducted on the same day of the following months. Sufficient balance has to be kept in the linked account.
DBL Deposit Pension Scheme accounts will be opened at the prevailing rate of profit/interest of the Bank which may be changed from time to time.
In case of non-payment of three consecutive installments, account will be closed and account will be settled as per existing policy of the Bank.
In case of failure to pay monthly installment on the due date, arrear installment should immediately be paid. Any late payment fee will not be applicable while receiving the arrear installment. However, this will affect the indicative maturity amount. On the other hand, there is no option for payment of any advance payment.
In case of premature encashment, customer will request it to the Branch. To protect the customer’s profit/interest, no online request will be entertained.
In case of premature encashment, the following will be applicable:
Less than 1 Year-Only the principal amount after deduction of application govt. levies
More than 1 Year but less than 2 Years-Principal + Profit/Interest at 3% or rate as set by the Bank time to time
From 2 to 10 Years-Deposit & Profit/Interest accrued for full multiple years + deposit for remaining period(if any)+Profit/Interest on principal at 3% or rate set by the Bank time to time
Profit/Interest earned from DPS will be paid upon deduction of Income Tax, Excise Duty and other Levy as decided by the Government.
In case of death of account holder before maturity the respective DPS Account will be closed and Nominee will receive the premature encashment value of the account.
DBL reserves the right to change/alter/ratify the terms and conditions at any time without prior notice.
The Bank and the account holder are the under full compliance of all ordinance, acts, inforce, adopted and enacted by the People’s republic of Bangladesh or imposed time to time under jurisdiction any rules-regulations, lawful order, directions, circulars or notification in relation to open, operation, encashment, nomination, change of nomination of the DPS or disbursement of the proceed thereof in favour of the nominee(s) after death of the account holder.
These terms and conditions shall be governed by and construed in accordance with the laws of Bangladesh and the customer and Bank is hereby irrevocably submitted to the non-exclusive jurisdiction of courts of Bangladesh.
I agree to the terms & conditions of DBL DPS.
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