It
is a monthly savings scheme which gives the opportunity to
the small depositors towards building deposit over time, and
gets the money back over a period time to meet the future
expenses like college/university education.
This scheme also assures
that in case of sudden demise of the depositor his/her children
or family member get the money for meeting the desired educational
expenses. IESS is a product that ensures both savings and
security for a depositor.
Features
of our Insured Education Support Scheme (IESS):
The
scheme is designed for 9 (nine) years with no initial deposit.
A
depositor can save from Tk. 2,000 up to a maximum of Tk. 10,000
per month for a period of 5 years (60 months) which upon maturity
is repayable in 4 years (48 months) in equal quarterly installments
(12 installments).
The
scheme has a built-in life insurance coverage which assures
the maturity value of the deposit in case of depositor’s death
due to any cause (excluding pre-existing illness/disability,
AIDS, suicide, murder or assault, war or warlike operation
etc.).
American Life Insurance Company (ALICO)
will provide the life insurance coverage in ULC’s IESS.
Eligibility:
Only
depositors acting as individuals are insurable, not depositors
acting as representativies of companies or corporations.
Any Bangladeshi
citizen.
Age between
18 to 55 years.
Terms
& Conditions:
A
person can open multiple deposit schemes but the total monthly
deposit shall not exceed Tk. 10,000 per month.
The
depositor is liable to ensure timely payment of installments
as per the terms & conditions of the scheme. When a depositor
fails to deposit any installment on time, he/she will have
to pay a late payment fee of Tk.50/- for the 1st overdue installment
and Tk. 30/- & Tk. 20/- for the subsequent installments
at the time of paying their overdue installments. If the monthly
installments are not paid for three consecutive months, the
scheme will become dormant and will stand closed. Payment
against any dormant account will not be accepted.
The
scheme cannot be encashed within 6 (six) months from its opening.
However, in case of premature encashment after 6 months and
during the tenure of the scheme, the depositor will be reimbursed
with the amount deposited so far with an interest @ 5% thereon
minus deduction of applicable charges.
Any
benefit from ULC-IESS may come under purview of income tax
or any other levy as decided by the Government of Bangladesh.
In the event of any drastic change in the interest rate or
imposition of any tax or levy by the Government, the redemption
rate will be adjusted.
Installment
must be deposited through cheque/cash within 25th day of each
month at the bank nominated by ULC.
There
can be more than one beneficiary for a single IESS Scheme.
If the shares of Multiple Beneficiaries are not specified,
all beneficiaries will share equally.
For
payment of Insurance Benefit, however, ULC will be the Beneficiary
to whom the Claim Amount will be paid by ALICO. In the event
ALICO pays the due on premature demise of the accountholder,
ULC will keep the entire amount in its custody and shall disburse
the amount as per the original schedule.
The
depositor shall be bound by the terms and conditions stated
in the master group insurance policy and ULC shall not be
liable for any claim declined by American Life Insurance Company,
Bangladesh.
Benefits
of our Deposit product :
Safe investment
High Return
Flexible and diversified products
tailored to your needs
No incidental costs
Premature
encashment allowed after completion of minimum duration (6
months)
Best consumer service
Required
documents :
ULC Deposit Account Opening Form-
Duly filled in and signed
A cheque in favor of 'United
Leasing Company Ltd'
Copy of Passport or National
ID of the applicant.
One recent color photograph of
the applicant
One recent color photograph of
nominee, attested by the applicant
Account
opening procedure:
Please drop
the application form along with the cheque and necessary documents
to ULC's extended office at Noor Tower. Your account will
be opened as soon as the cheque is cleared, and account certificate
will be available within the next day.
You can also contact with our
customer service, we will attach an associator with you. Your
account will be opened and duly delivered to you by our deposit
associator.
