Parama Monthly Savings Scheme

Monthly Deposit: You can start your monthly deposit with as little as BDT 250 only. Monthly Deposit can be BDT 500 and its multiple up to maximum BDT 25,000 only
Tenure: 3 years, 5 years, 8 years or 10 years
Interest calculation & payment: Interest to be calculated on monthly basis and to be paid in account on yearly basis
Interest Rate: Prevailing NCC bank DPS rate +0.5%
Link to CASA Account: To open a Parama Monthly Savings Scheme it's mandatory to link it with a current or savings (CASA) account in NCC Bank
Multiple Accounts: You can open multiple Parama Monthly Savings Scheme accounts

Eligibility

Any Resident Bangladeshi women citizen aged 18 years or above having CASA with NCCBL can open this account
In case of minor account, Legal Guardian will operate the account on behalf of the minor until the minor reaches the age of 18
Proprietorship concern having relation with NCCBL (where proprietor is female) can open this account

Key Benefits

Higher Interest Rate than regular monthly deposit scheme
Free Internet Banking
SMS Notifications
You can avail up to 90% SOD (Secured Overdraft) facility against the deposited principal amount*

* Conditions Apply.

Required Documents

Duly filled and signed bank's prescribed NCC Parama Monthly Savings Scheme Account Opening Form.
Two copies of recent Passport size photograph of applicant (s) attested by the introducer
Copy of Passport / National ID / Birth Certificate (supported by valid Photo ID to be obtained as per BFIU, Bangladesh Bank guideline) of the applicant
One copy of recent Passport size photograph of the nominee attested by the applicant(s)
Copy of Passport / National ID / Birth Certificate (supported by valid Photo ID to be obtained as per BFIU, Bangladesh Bank guideline) of the nominee
Copy of TIN Certificate of the applicant

Pre-mature Encashment:

1.	Less than 1 year	No interest will be given
2.	More than 1 year but less than 3 years	Parama Super saver account rate* for the whole period.
3.	More Than 3 years but less than 5 years	3 Years Parama Scheme Amount & Parama Super saver account rate* for the remaining period
4.	More than 5 years but less than 8 years	5 Years Parama Scheme Amount & Parama Super saver account rate* for the remaining period
5.	More than 8 years but less than 10 years	8 Years Parama Scheme Amount & Parama Super saver account rate* for the remaining period

*in case of link CASA is conventional account, customer will be given regular savings rate instead of Parama Super Saver.

Frequently Asked Questions (FAQ)

1. What is the minimum age to open a savings scheme account?

Answer: Minimum 18 years.

2. Can proprietorship concern open this savings scheme?

Answer: Yes. Proprietorship concern can open this scheme.

3. Can I open the scheme jointly?

Answer: Yes. You can

4. What is the minimum and maximum monthly installment amount?

Answer: The minimum installment amount is 250 and maximum installment amount is 25,000.

5. What is the tenure of this scheme?

Answer: 3 years / 5 years / 8 years / 10 years.

6. How much is the interest rate of Parama monthly savings scheme?

Answer: NCC Bank's prevailing DPS Rate + 0.5%.

7. What is the interest calculation method?

Answer: Interest will be calculated on monthly basis and applied on yearly basis.

8. Can I have more than 1 monthly savings scheme?

Answer: Yes. You can have as many savings scheme as you want.

9. How can I pay the installment?

Answer: You can pay by cash, through BEFTN/ Internet Banking or link it with your current/ savings account for Automatic Fund Transfer.

10. Do I have to open a new account for this scheme?

Answer: No. You can open it with your existing current/savings account maintained with NCC Bank Limited.

11. What is the premature encashment policy for encashment before 1 year?

Answer: If the monthly savings scheme is en-cashed before 1 year; No benefit including interest will be given to the depositor and any accrued interest will be reversed in this case.

12. What is the premature encashment policy for encashment after 1 year but before 3 years?

Answer: If the monthly savings scheme is en-cashed after 1 Year & before the minimum maturity of the scheme; i.e. 3 years; the depositor shall receive interest at the prevailing rate of the link account maintained with this scheme (i.e. conventional CASA account rate or Parama Super saver account rate).

13. What is the premature encashment policy for encashment after 3 years?

Answer:

Tenure covered	Benefit
More Than 3 years but less than 5 years	3 Years Parama Scheme Amount + prevailing rate of the link account maintained with this scheme* for the period above 3 years
More than 5 years but less than 8 years	5 Years Parama Scheme Amount + prevailing rate of the link account maintained with this scheme* for the period above 5 years
More than 8 years but less than 10 years	8 Years Parama Scheme Amount + prevailing rate of the link account maintained with this scheme* for the period above 8 years

* Conventional CASA account rate or Parama Super saver account rate

14. Can I avail credit facility against this monthly savings scheme?

Answer: Yes. You can avail credit facility maximum up to 90% against your deposited amount.

15. The account will halt on non-payment of how many instalments?

Answer: If the customer fails to pay 03 (three) consecutive instalments then, the account will remain on halt (i.e. no further interest shall be accrued) until the customer visits the branch.