| |
Iqra |
| |
|
|
| The account is an educational investment scheme, which enables families to make a monthly contribution amount to cover the basic costs of their children's future higher education. |
|
|
| |
|
| What can I use the BisB Iqra account for? |
|
| Since BisB is keen on meeting the requirements of students to continue their higher education conveniently, it has launched a special education fund that offers an attractive annual return enabling parents to support their children’s higher education. |
|
| |
|
| What are the special features of this account? |
|
BisB education plan, Iqra, will feature the following:
- An Iqra savings account will be opened under the name of the applicant.
- A bank statement detailing the status of the account will be sent to the customer semi-annually.
- A free standing order will be offered to the customer upon his/her request.
- The account hopes to pay 3 % p.a. expected profit rate at best efforts on the average balance payable to the account on semi annual basis.
- Free life insurance coverage will be granted to the customer.
- The life insurance will cover applicant’s total contribution for the savings tenor agreed by the customer.
- A lock period of 18 months will be applied to all accounts.
- If for any reason the monthly contribution of the customer stops for any given month, the applicant will be liable for settling the cost of life insurance for that specific month.
- If the monthly contribution stops for 3 consecutive months without any notice, the total accumulated fund will be transferred into a normal savings account and the customer will be notified by mail immediately. (The terms and conditions of the normal savings account will be applied immediately)
- Customers can change their contribution amount and their savings tenor at any given time by submitting a written request to the branch.
- The life insurance cover will be activated immediately on the new contribution amount after receiving the written request.
- The life insurance cover for this saving account is offered until the customer reaches 65 years old; any future saving by the customer will be without a life insurance cover.
|
|
| |
|
| What are the policies behind Iqra scheme? |
|
Early Liquidation Policy
A lock period of 18 months will be applied to all accounts.
During the lock up period, the account will pay only the customer’s total accumulated fund up to date. The customer will be charged one month contribution as an early exit charge.
After the lock up period, the bank will pay the total accumulated fund in the account.
Emergency liquidation is acceptable by the Bank if the applicant has to liquidate for any reason beyond his/her control and the Bank’s management finds the reason of liquidation valid. |
|
