Dhaka Bank Nano Savings Scheme Terms & Conditions
Summarized Version
- Customer consents that the information shared with Dhaka Bank are
- Simple interest will be applied on the Interest will be calculated daily. The calculation of the interest shall be based upon the following formula:
Principal at the end of the day*(Interest Rate Per Annum/360)
- Installments will be collected as per the Customer’s selected
- In case of missed installments, no penalties will be
- Tax and duties will be deducted as per Bangladesh Government’s Currently the following deductions are applicable:
- Advance Income Tax(AIT): 10% of interest if valid ETIN submitted; otherwise 15% of interest will be deducted from maturity amount
- Excise Duty: will be deducted as per Bangladesh Government’s
- Net maturity amount (Principal + accumulated interest – AIT – excise duty) will be sent to Customer’s bKash Account on maturity date through which the account was opened and instalments were
- Premature Encashment: The deposit account cannot be cancelled/encashed any time after opening.
- An account holder may close ‘NSS’ any time (prior to maturity) through bKash:
| Years of Relationship | Encashment Benefits |
| Less than 1 year | Only the principal amount after realizing Excise duty (if applicable) |
| More than 1 year but less than 2 years | Principal + interest on principal at 3% or rate as set by the Bank time to time after deducting Income Tax on Interest earned and Excise duty |
| From 2 to less than 4 years | Matured Value of preceding tenure + principle for remaining months after considered maturity (if any) + interest on principle for remaining months after considered maturity at 3% or rate as set by the Bank time to time after deducting Income Tax on Interest earned and Excise duty |
Full Version
A. General
- “Dhaka Bank Limited” hereinafter referred to as Dhaka Bank is the Deposit Scheme
- “bKash Limited (“bKash”) is a mobile financial service provider which will work as a collection and disbursement agent of Dhaka Bank.
- Dhaka Bank Nano Savings Schemes and their payments are governed by the existing and applicable laws of Bangladesh
- In relation to any dealings in respect of Deposit Account, Dhaka Bank shall not be liable for any loss from the Customer’s death, incapacity or bankruptcy (or any other analogues event or proceeding). Further Dhaka Bank shall not be liable to the Customer for any loss, damage or delay attributable in whole or in part to the action of any government or government agency or any other event outside Dhaka Bank’s control (including without limitation, strikes, industrial action, equipment failure or interruption of power supplies) provided that Dhaka Bank shall in each case endeavor to notify the Customer of any anticipated delays due to any of the above events once Dhaka Bank is in communication with the
- The Customer shall release, indemnify and hold Dhaka Bank harmless from and against all the actions, suits, proceeding, cost, claims, demands, charges, expenses, losses and liabilities whatsoever arising in consequences of or in any way related to:
- Dhaka Bank having acted in good faith in accordance with Customer’s Telephone, Facsimile, Email, SMS instruction(s) as above may have been initiated or transmitted in error or fraudulently altered, misunderstood or distorted in the line of communication or transmission; and
A.5.2 Customer’s failure to forward all authentic information to Dhaka Bank within such period as Dhaka Bank may specify.
- Dhaka Bank is authorized to communicate in any form with the Customer through given mailing address, email, facsimile or mobile no. In case of change in Customer’s contact details, Customer is responsible for updating the information with Dhaka Bank.
B. Terms & Conditions of Deposit Scheme
- “Nano Savings Scheme (NSS)” shall mean depositing any fixed sums of money (deposit instalments) at certain predefined intervals over a certain predefined period of time with Dhaka Bank through bKash only.
- “Customer” shall mean an individual who deposits money with Dhaka Bank for NSS through his/her Customer bKash
- “Premature Encashment’ shall mean encashment of deposit any time after opening.
- The interest rate prevailing and disclosed to the Customer on the opening day of the Nano Savings Scheme will be applicable for interest calculation during the tenure of the
- Minimum Period
MinimumperiodfortheDigitalDepositProductis2(two)years.
- Minimum deposit installment size
Minimum size for the Nano Savings Scheme is BDT 500
- All deposit installments will be collected via bKash (MFS) from Customer’s bKash Account through which the deposit account was
- Deposit installments will be collected as per frequency selected by the
- No penalties will be imposed by Dhaka Bank in case Customer misses any deposit
- Mode of Payment
- Customers will be entitled to receive payment against his/her deposit in the following cases –
- On maturity
- On Premature
Interest payment in accordance with the terms and conditions of the relevant savings scheme.
- Payment will be made using bKash No cash will be paid. Payments will be made to:
- The Customer’s bKash Account through which the savings account was opened under normal
- The nominee’s bKash Account in case the nominee clause is
- In case where bKash Account becomes inoperative/blocked and there is no regulatory bar/ restriction imposed by any court of law, tribunal etc. with regard to transfer of payment, payment shall be made to the Customer’s bank account through Electronic Fund Transfer or Account Payee Cheque or to be deposited to the Customer’s Current/Savings Account with Dhaka Bank upon Customer’s request to Dhaka Bank.
- Customer is responsible for providing correct and complete
- Encashment on maturity – Payment of the deposit’s maturity value will be made on the day of the maturity The deposit’s maturity value shall consist of principal deposit installments plus interest accumulated thereon less tax and excise duty deducted therefrom as per prevailing Government rules and regulations. The amount will be sent directly to the Customer’s bKash account.
- In case of premature encashment, request will be processed within 48 hours of receiving the request if all the required information are available. In such case, Customer will be entitled to interest accumulated up until the previous day, if applicable as per the premature encashment criteria and after deduction of TAX, excise duty applicable.
- In cases where encashment cannot be performed due to causes outside Dhaka Bank’s control such as blocking of bKash accounts or regulatory instruction etc., the encashment amount will be kept with Dhaka Bank until the issues are resolved or the Customer contacts Dhaka Bank. However, Customer shall not be entitled to receive any further interest beyond the maturity
Interest on Nano Savings Scheme(s) will be calculated on daily basis as per following formula:
- Principal at the end of the day*(Interest Rate Per Annum/360)
- Interest will not be capitalized
Customers will be able to avail loan facilities against Nano Savings Scheme at Dhaka Bank. In such case the Saving Scheme will be marked lien against the loan and if the customer wishes to encash the savings scheme before or after the maturity s/he needs to settle the loan first either by her/his own source or by the proceeds of the savings scheme. In case of default Dhaka Bank has the right to settle the loan by closing the savings scheme. If the loan cannot be settled with the saving amount Dhaka Bank has the right to set off rest of the amount form her/his other account/deposit with Dhaka Bank. In case there is remaining amount after settling the loan, that amount will be credited to customer’s bKash account.
- Maturity & Auto Renewal/Auto-Rollover
There shall be no auto renewal/auto-rollover for Nano Savings Scheme at maturity.
- Premature Encashment/Early Encashment
An account holder may close ‘NSS’ any time (prior to maturity) through bKash:
| Years of Relationship | Encashment Benefits |
| Less than 1 year | Only the principal amount after realizing Excise duty (if applicable) |
| More than 1 year but less than 2 years | Principal + interest on principal at 3% or rate as set by the Bank time to time after deducting Income Tax on Interest earned and Excise duty |
| From 2 to less than 4 years | Matured Value of preceding tenure + principle for remaining months after considered maturity (if any) + interest on principle for remaining months after considered maturity at 3% or rate as set by the Bank time to time after deducting Income Tax on Interest earned and Excise duty |
- Nomination
- Account holder(s) must nominate one person as NOMINEE for each account through bKash while opening the account. Customer needs to put NID number and Date of Birth of the nominee while completing the account opening
- The nomination will be cancelled if the nominee dies during the tenure of the savings schemes. The account holder in such case will assign a new nominee through bKash. The account holder, from bKash, may change the nominee any time before the maturity of the scheme
- In the event of the account holder’s death, his/her nominee will not be allowed to continue the account and the amount deposited prior to the death of the account holder shall be paid to the nominee after proper identification by bKash and the Bank
- In case where there is no nominee due to the death of the nominee, a Succession Certificate from the appropriate court will be required for releasing the balance amount after the death of the account holder
- In case of death of the applicant the relevant account will be closed. Nominee will receive the proceeds of the account.
B.12.a Tax will be deducted at source on interest earnings and will be at rates applicable as per prevailing Government laws and regulations.
B.12.b. Tax and duties will be deducted as per Bangladesh Government’s regulations. Currently the following deductions are applicable:
- Advance Income Tax(AIT): 10% of interest if valid ETIN submitted otherwise 15% of interest will be deducted from maturity amount
- Government excise duty will be deducted as per applicable rates on each deposit account as per prevailing Government laws and regulations.
B.12.c. Any other charges imposed by the Government, Regulator or any other relevant authority from time to time will be applicable on each deposit account.
Deposit Accounts are strictly non-transferable.
C. Fees & Charges
No fees & charges other than early/premature encashment charge, taxes and excise duties are applicable on Nano Savings Scheme.
D. Customer Information
Though Dhaka Bank maintains strict confidentiality in all affairs of the account, Dhaka Bank shall always be entitled to disclose any information regarding Customers’ deposit accounts held with Dhaka Bank to any of the following parties:
- Any regulatory, supervisory, governmental or quasi-governmental authority with jurisdiction over Dhaka Bank.
- Any person to whom Dhaka Bank is required to disclose information, as permitted by the laws of Bangladesh (in connection with its administration and business, for data information, transaction, document and records collection, processing and storage, fraud detection or prevention, suspicious activities, audit, inspection, provision of services by any third party, debt collection), or authorized by law or court order to make
E. Right to Change
Dhaka Bank reserves the right to change or amend any of the terms & conditions mentioned above at any time without prior notice to Customer.
F. Severability
If any terms or provisions of this contract shall be held to be invalid, illegal, unenforceable or in conflict with the law of any jurisdiction, in whole or in part under any enactment or rules of law, such term or provision or part thereof shall to that extent be deemed not to or part of this instrument but the validity, legality and enforceability of the remaining terms or provisions shall not in any way be affected or impaired thereby.
G. Language
There shall be an authentic text of the Terms and Conditions in English and an authentic text of an authorized translation in Bengali provided that in the event of conflict between the Bengali and the English text, the English text shall prevail.
By clicking on the ACCEPT button on the bKash App, you irrevocably and unconditionally accept the Dhaka Bank Nano Savings Scheme Terms & Conditions for opening and maintaining the savings scheme and these Nano Savings Scheme Terms & Conditions will become a legally binding contract between the Bank and Yourself as the Customer.
