NCC Bank Wage Earners Welfare Deposit Pension Scheme(WEWDPS)

A special DPS product titled "Wage Earners Welfare Deposit Pension scheme" (WEWDPS) for the wage earners. Under the scheme this remitters will be able to make monthly deposits from their foreign currency remittances sent for 5 years. Under this scheme they would not be required to bear tax on their income. The slots of monthly installments and amounts of Taka receivable under the scheme are as follows:-

Scheme For One time payment For next 10 years pension after 5 years
Monthly installment (in Tk.) Amount receivable after 5 year term (in Taka) Amount receivable monthly (in Taka)
4025/- 300000/- 3725/-
6810/- 500000/- 6210/-
13615/- 1000000/- 12420/-


Specialty

  •   Only non resident Bangladeshi can open this account in his/her own name or in the name his/her nominated persons/beneficiary
  •   Tenure of this scheme is 5 years.
  •   This scheme is Income Tax free (Under this scheme Beneficiary would not be required to bear tax on their income.)
  •   Profit of this scheme is higher than regular FDR.
  •   Under this scheme, on maturity NRBs can receive the entire amount (with profit) at a time or as pension allowance on monthly
       basis for 10 years

Features

  •   Attached copy of passport and visa/work permit will be needed to open the account
  •   After opening the account, the account number and other related information/documents will be sent to the client or his
       nominee immediately.

  •   Non-resident Bangladeshi are allowed to transfer their money installment directly to his/her account in foreign currency through our
      (NCC Bank's) partner Bank/Exchange house/MTO

  •   Advance monthly installment is allowed to deposit under this scheme.
  •   Monthly installment should be deposited through foreign remittance. It is strictly prohibited to deposit any installment by locally
       and/or local currency.

  •   The account seems to be close if the account holder is fail to deposit consecutive 6 (six) month installment. In that case the
         following regulation will be followed

  •        1. If the account is close within one year of the account opening s/he only allowed to receive his deposited amount.
  •        2. If the account is close after one year but not more than three year clients are allowed to receive his deposited amount with
               interest on saving rate.

  •        3. If the account is close after three year clients are allowed to receive his deposited amount with interest on saving rate plus 1%.
  •   Under the scheme if the account holder is died during the period nominee/s is allowed to receive the deposited amount with saving
       rate plus 1% interest.

  •   Under the scheme if the account holder is died during the 10 years pension period nominee/s is allowed to receive the remaining
        amount by monthly installment.

  •   On maturity if any installment is found unpaid then monthly 1% late fee is deducted from the total amount paid.