Retirement Plan Account

EBL Retirement Plan was specially targeted to those institutional customers which maintain monthly contribution of their employees towards Provident Fund as well as occasional deposit by an individual staffs on retirement fund for tax exemption. Such deposits are being considered for deduction at the time of statutory tax assessment as guided by the prevailing law.

Features:

· The corporate/institutions may approach the bank to open a single account where contribution of each staffs is being managed separately. Otherwise, separate accounts may be opened in the name of each individual staff.

· Cheque book is not allowed in such accounts

· Account operation will be done by the authorized signatories designated by the employer.

· Minimum Balance Zero.

 Borrowing Facility:

· Beneficiary may borrow up to 90% of their total deposit only after having proper recommendation from the employer. Such borrowing will attract an interest rate of 1.5% higher than the rate for deposit.

Target Customer:

· Corporate/institutions contributing fund on monthly intervals to the provident fund of its staff

· Individuals having monthly savings for retirement plan