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NCC Bank Money Double Program
It is a new product of deposit. It is a deposit product for a specific period of six years. On completion of term of six years the deposit amount will make the principal amount double and depositor will get double of deposited amount.
Who can apply
Any person can open Money Double Program Deposit (MDPD) A/c with NCC Bank Limited for Tk. 1.00 Lac ant it's multiple.
Premature encashment of MDPD will be discouraged. However if the depositor insisted to encash the same before maturity then the following procedure will be appkicable for premature encashment.
For less then 12 months: No interest will be paid other then principal amount, but charges to be realized from the principal amount of deposit.- For more then 12 months:Interest will be paid at existing rate applicable to Savings Bank Deposit A/c and charges to be realized from the proceeds.
In case of post mature encashment i.e. encashment after maturity, no extra benefit will be applicable and no auto renewal is applicable against the Money Double Program Deposit (MDPD). Seperate printed receipt (Money Double Deposit Receipt) for this type of deposit has been designed and supplied to the branches.
The depositor can avail loan under secured overdraft (SOD-FO) against pledge of Money Double Deposit Receipt (MDDR) upto the extent of 80% of the face value of MDDR at an interest rate of 16% P.A following other rules and regulations applicable for SOD (FO).
For details please contact with any branches of NCC Bank Limited.