JANATA BANK LIMITED Head Office Dhaka Advance Interest Account (AIA) 01.00: Name of the Product: Advance Interest Account (AIA) 02.00: Account Type: Fixed Deposit in FC (US $ / GBP / EURO). 03.00: Objective: This product will benefit the customers to protect their earnings from exchange rate risk by holding the fixed deposit. It will also help the NRBs to meet their expenditure while visiting Bangladesh without exchange of their hard earned foreign currency. 04.00: Apply Eligibility: 04.01: Any NRB who is 18 years of age or above having legal resident / work permit can open this account in his / her name. 04.02: The account also can be opened in the name of a minor below 18 years of age along with his / her legal guardian who must be an NRB. 04.03: The account also can be opened in joint name but both of the applicants must be NRB. 04.04: Prior to opening this account the applicant must have an FC / RFCD account as well as a Current / Savings account in BDT with our NRB branch 05.00: Duration of Account: 03 / 06 / 12 / 24 / 36 months. 06.00: Minimum Deposit Amount: Minimum US $ 5000.00 (US $ Five thousand) or equivalent in GBP / EURO, maximum unlimited. 07.00: Interest Rate: Duration of Deposit Interest Rate Remarks 03 (Three) Months 08.00 % Prevailing traditional FDR rate in JBL + 01 % 06 (Six) Months 08.50 % Prevailing traditional FDR rate in JBL + 01 % 12 (Twelve) Months 08.75 % Prevailing traditional FDR rate in JBL + 01 % 24 (Twenty-Four) Months 09.00 % Prevailing traditional FDR rate in JBL + 01 % 36 (Thirty-Six) Months 09.00 % Prevailing traditional FDR rate in JBL + 01 % 08.00: Documents Required: 08.01: 02 (two) copies of passport size photograph 08.02: Photocopy of the first 06 pages of valid passport. 08.03: Photocopy of the valid work permit / employment visa 08.04: 02 (two) copies of passport size photograph of the nominee duly attested by the applicant / account holder. 08.05: Account opening form duly filled and signed up by the applicant 08.06: At Least one of the following documents (Photocopy) - Utility Bill - Driving License or Work ID - Residence Permit (Govt. issued Identity card) - Credit card Bills or Pay Slip Page 1 of 5
- Rent Receipt - Overseas Bank Statement 09.00: Account Opening Procedure: 09.01: This account can only be opened through our NRB branch or from the booths linked up with NRB branch complying the eligibility described under clause no. 4.00 and obtaining the papers under clause no. 8.00. 09.02: This fixed deposit only can be opened by debiting Foreign Currency from FC / RFCD account of the respective NRB. 09.03: The account can be opened by physical presence of the NRB at our NRB branch or booths and it also can be opened by the NRB from abroad. 09.04: The account opening form can be collected from our NRB branch / booths or it can be downloaded from our website 09.05: In case an NRB wants to open the account from abroad the photograph, account opening form and required papers and documents must be attested by Bangladesh embassy / High Commission or our overseas branches or nominated exchange companies or our foreign correspondences. 09.06: A fixed deposit receipt in Foreign Currency is to be issued against this account affixing a seal stating that ' Auto renewable or renewable on request.' 09.07: An NRB can hold more than one account of this type in his / her name. 10.00: Interest / Benefit Transfer Procedure: 10.01: Interest / Benefit is to be calculated in Foreign Currency but to be paid in equivalent BDT to the related current / savings account as per instruction of the account holder by debiting expenditure A/C interest on fixed deposit on the same date of opening / renewal of this account. 10.02: Source tax and other charges to be deducted from the benefit as per prevailing rules. 10.03: In no circumstances this account is to be renewed with interest, i.e. only principal amount will be reinvested for further period. 11.00: Premature Encashment: 11.01: On receipt of written request of the account holder fixed deposit may be encashed at premature, in that case interest paid in advance is to be adjusted proportionately as described as under and the remaining balance after deduction from the principal is to be transferred in Foreign Currency to the respective FC / RFCD account. Duration of Deposit Premature Encashment Procedure for Interest Adjustment 03 (Three) Months Before 03 Months No interest is payable 06 (Six) Months Before 06 Months Three months interest is payable @ 08.00 % but after 03 Months 12 (Twelve) Months Before 12 Months Six months interest is payable @ 08.50 % but after 06 Months 24 (Twenty four) Months Before 24 Months Twelve months interest is payable @ 08.75 % but after 12 Months 36 (Thirty six) Months Before 36 Months but after 24 Months Twenty four months interest is payable @ 09.00% Page 2 of 5
11.02: The amount deducted from the principal due to interest adjustment is to be credited to expenditure A/C interest on FD in equivalent BDT. 11.03: Examples: - A customer opened an NRBIN account with US $ 100,000.00 for a period of 03 (Three) months but he / she require now to encash it before 03 months then US $ 98,000.00 is to be transferred to customer's FC / RFCD account and BDT equivalent US $ 2,000.00 is to be credited to Exp. A/C Intt. on FD. Calculation: US $ 100,000.00 - (US $ 100,000.00 x 8 %) / 12 x 3 => US $ 100,000.00 - US $ 2,000.00 => US $ 98,000.00 So, now US $ 98,000.00 is payable to customer and US $ 2,000.00 is to be adjusted in equivalent BDT to Exp. A/C Intt. on FD. - A customer opened an NRBIN account with US $ 100,000.00 for a period of 06 months but he / she require now to encash it before 06 Months but after 03 Months then US $ 97,750.00 is to be transferred to customer's FC / RFCD account and BDT equivalent US $ 2,250.00 is to be credited to Exp. A/C Intt. on FD. Calculation: Interest Paid in Advance: (US $ 100,000.00 x 8.5 %) / 12 x 6 => US $ 4,250.00 Interest Payable: (US $ 100,000.00 x 8 %) / 12 x 3 => US $ 2,000.00 Interest Adjustable: US $ 4,250.00 - US $ 2,000.00 => US $ 2,250.00 Principal Payable: US $ 100,000.00 - US $ 2,250.00 => US $ 97,750.00 So, US $ 97,750.00 is payable to customer and US $ 2,250.00 is to be adjusted in equivalent BDT to Exp. A/C Intt. on FD. 12.00: Appointment of Nominee and Disposal: 12.01: One but maximum four no. of nominee may be nominated by the account holder. Minor also can be appointed as a nominee. If nomination is for more than one, the percentage of the share of each nominee must be specified by the account holder. Page 3 of 5
12.02: The nomination will be canceled if respective nominee were expired before the depositor and a new nominee is to be selected instead of the deceased. 12.03: Only after the expiry of the depositor nominee / nominees will be entitled to have the balance of the account as per their share and no succession certificate will be required. The matter to be settled at branch level. 12.04: In case to pay to the nominee / nominees the following papers to be obtained: - Written Application of nominee / nominees or application of the legal guardian if nominee / nominees is / are minor. - Death certificate of the account holder. - Passport size photograph of the nominee / nominees or legal guardian (in case of minor). - Indemnity Bond from nominee / nominees or legal guardian in case of minor. - Identification of nominee / nominees or legal guardian (in case of minor) from ward commissioner or local chairman along with attested photograph. 12.05: If there is no nominee appointed or if any confusion arises in respect of identification of the nominee(s), succession certificate from the Court will be required to settle the matter. 13.00: Issuance of Duplicate Receipt: In case a fixed deposit receipt has been lost, the matter is to be noticed immediately to NRB branch or its booths and a duplicate receipt may be issued after observing the necessary precautionary measures. BDT 500 is to be realized as a charge. 14.00: Renewal: 14.01: There will be an auto renew option and if it is selected by the depositor this account will be auto renewed for further period until receipt of any otherwise written instruction. 14.02: At the request of the depositor in writing this account may be renewed for further period if auto renew option was not selected. 14.03: In time of every renewal interest must be transferred to the respective current / savings account in BDT according to rules stipulated in clause no. 07.00 & 10.00. 14.04: In no circumstances this account will be renewed with interest, i.e. Only the principal amount will be renewed for further period. 15.00: Account Closer: 15.01: At the request of the depositor account is to be closed and the balance to be transferred to the respective FC / RFCD account. 15.02: At the event of death of the depositor the account will be automatically closed and the balance is to be transferred to the respective FC / RFCD account. 15.03: If auto renew option is not selected by the depositor and no written request is receipt on / before maturity date the account will be automatically closed and the balance is to be transferred to the respective FC / RFCD account. 15.04: Government excise duty and other charges if any is to be deducted from the balance in time of the closer of the account. Page 4 of 5
16.00: Credit Facilities: Credit Facilities may be allowed against the balance of the account in equivalent BDT. Details are as under: 16.01: Limit: 80 % of the principal amount equivalent BDT. 16.02: Nature: Loan General or Overdraft. 16.03: Tenure: - 02 years / 24 Monthly installments in case of Loan General. - 01 year revolving and renewable in case of overdraft. 16.04: Sanction Power: Branch Chief. 16.05: Interest rate: 04 % higher than the fixed deposit rate of this product (Quarterly Compound and changeable). 16.06: Repayment Procedure: As per conventional rules of Loan General / Overdraft. 16.07: Charge Documents: As per conventional rules. 16.08: Security: The Fixed Deposit Receipt duly discharged by the account holder is to be kept under lien. 16.09: Forced Adjustment: - If the Loan General / Overdraft A/C become classified due to non payment of installment / dues the respective NRBIN A/C under lien is to be closed immediately and after adjustment of loan liability along with up to date interest balance amount if any is to be settled as per rules stipulated under clause no. 11.00 and 15.00. - In case of the death of the depositor the loan amount along with interest, if any to be adjusted first and the rest balance is to be transferred to respective FC / RFCD account and is to be settled as per rules stated under clause no. 11.00, 12.00 and 15.00. Page 5 of 5