Deposit Products and Schemes of Trust Bank Limited

DEPOSIT PRODUCTS AND SCHEMES AT A GLANCE:

Deposit Products:Any person or persons of more than 18 years having sound mind can open and operate this account singly or jointly. In case of a minor (a person below 18 years), a guardian can open and operate this account on his or her behalf.

• Current Deposit Account
• Savings Deposit Account (interest calculated on monthly minimum balance of Tk.2000 and above)
• Fixed Deposit (1 month, 3,6,12 months & Above)
• Savings Certificate (Govt. Bond)
• Trust Smart Savers Scheme(TSS)
• Trust Money Double Scheme(TMDS)
• Trust Money Making Scheme(TMMS)
• Trust Education Scheme(TES)
• Monthly Benefit Deposit Scheme (MBDS)
• Lakhopati Savings Scheme (LSS)
• Interest First Fixed Deposit (IFFD)
• Corporate Financing
• Trust Household Durable Scheme
• Trust Marriage Loan Scheme (MLS)
• Trust Car Loan Scheme (CLS)
• Trust Apon Nibash Loan (ANL)
• Trust Micro Credit for Renovation &  Reconstruction of Dwelling Houses(RRDH)
• Trust Doctors Loan
• Advance Against Salary
• Any Purpose Loan (APL)
• Hospitalization Loan
• Trust Education Loan
• Trust Travel Loan
• Trust CNG Conversion Loan

Investment Products:

International Trade:

• International Banking
• Private Foreign Currency Accounts
• Non Resident Foreign Currency Deposit Account
• Resident Foreign Currency Deposit Account
• Travelers’ Endorsement (Cash and Travelers Cheque)
• Remittance of Foreign Currency
• Import and Export Transaction
• Foreign Exchange Dealing
• Purchase of Foreign Currency Drafts, Cheques, Travelers Cheques Wage Earner’s Development Bond

Other Services:

• Local Remittance- DD, TT, PO etc. & Inter Branch Transactions
• Trust Tele Banking
• Trust SMS Banking
• Trust Internet Banking
• Credit/debit/ VISA Card
• Visa Electron Service
• Visa Credit Card Service
• Passport Service
• Locker Service

 GENERAL DEPOSIT PRODUCTS:

Trust Bank limited (TBL) offers the general deposit products in the form of various accounts. The bank allows the following kinds of accounts:

a)      Savings Account

b)      Current Account

c)      Short Term Deposit (STD) Account

d)     Fixed Deposit Account

 a SAVINGS ACCOUNT :

The summary of the rules and regulations to open a savings account is as follows-

Any person or persons of more than 18 years having sound mind can open and operate this account singly or jointly. In case of a minor (a person below 18 years), a guardian can open and operate this account on his or her behalf.

Clubs, Societies and other similar organization are eligible to open such account.

• More than one account cannot be opened in the same name.
• A minimum initial deposit of Tk. 2000.00 is required to open such account.
• Money will be withdrawn through cheques. Withdrawal cannot be more than twice a week and generally the amount will not be more than 25% of the balance available, otherwise no interest will be given for that month.
• In case of closure of any account, the bank deducts Tk. 100.00 as closing charge.

INTEREST CALCULATION

 Note: Interest on the Savings deposits is calculated on the minimum monthly balance of each account. Monthly interest is not calculated on the Savings Accounts whose minimum balance is below Tk.2000.00 i.e. if minimum balance is below Tk.2000.00; no interest is calculated on the account during the month. This term becomes effective from May 01, 2006.

b & c: CURRENT AND SHORT TERM DEPOSIT (STD) ACCOUNT :

The summary of the rules and regulations to open a savings account is as follows-

• A minimum deposit of Tk.5000.00 is needed to open a current account.
• The bank charges an incidental charge of Tk200.00 per individual customer and TK.300.00 for corporate customer for every six (6) months for the maintenance of the account.
• In case of the closure, the bank charges Tk.100.00 as closing charge of the account.
• Withdrawal of money is allowed only through the leaves of the cheque book issued by the bank.

INTEREST CALCULATION

d FIXED DEPOSIT ACCOUNT :

The bank allows people to keep their idle money secured and profitable as Fixed Deposit. The interest rate that the bank offers to the fixed depositors is as follows:

 Note: FDR Interest is Subject to 10% government tax on interest earnings.

The Bank deducts the Excise duty annually, the compulsory levy of the government, on the interest earnings in the following structure:

 PREREQUISITE OF OPENING AN ACCOUNT:

To open a savings, current or STD account, the following documents are mandatory:

FOR INDIVIDUAL ACCOINT:

• Two copies of Passport size Photograph of the Clients (Attested by introducer or Verified with Passports)
• Passports/ Nationality Certificate/ Employer’s Certificate of the Proprietor.
• Customer Profile.
• Transaction Profile.
• Photograph of the Nominee(s) attested by the account holder.
• TIN Certificate.

FOR JOINT ACCOUNT:

• Passports/ Nationality Certificate/ Employer’s Certificate of the Proprietor.
• Customer Profile.
• Transaction Profile.
• Photograph of the Nominee(s) attested by the account holder.
• TIN Certificate.
• Relationship between the account holders.
• Purpose of opening of the Joint account.

FOR PROPRIETORSHIP ACCOUNT:

• Two copies of Passport size Photograph of the proprietor (Attested by introducer or Verified with Passports)
• Passports/ Nationality Certificate/ Employer’s Certificate of the Proprietor.
• Customer Profile, transaction Profile.
• Photograph of the Nominee(s) attested by the account holder.
• TIN Certificate.
• Trade License.
• VAT Registration (if available)

FOR PARTNERSHIP CONCERN:

·         Two copies of Passport size Photograph of each partner(Attested by     introducer or Verified with Passports)

·         Passports/ Nationality Certificate.

·         Company Profile.

·         Transaction Profile of the concern.

·         Personal Profile of the partners.

·         Photograph of the Nominee(s) attested by the account holder.

·         TIN Certificate.

·         Trade License of the concern.

·         VAT Registration (if available)

·         Relationship between the partners.

·         Attested Photocopy of the Partnership Deed (Deed on Tk 1000.00 stamp)

·         Resolution regarding opening and operation of the account.

FOR COMPANY ACCOUNT:

·         Attested or Certified copy of the Memorandum and Articles of Association.

·         Certificate of Incorporation.

·         Certificate of Commencement of Business (for public ltd. co.).

·         Two copies of Passport size Photograph of all Directors (Attested by introducer or Verified with Passports)

·         Passports/ Nationality Certificate of all Directors of the company.

·         Company Profile.

·         Transaction Profile of the company.

·         Personal Profile of all Directors as per enclosed sheet in the company’s letterhead pad.

·         TIN Certificate.

·         Trade License.

·         VAT Registration (if available).

·         Board resolution of the company regarding opening and operation of the account.

FOR PRIVATE SCHOOL/COLLEGE/MADRASA:

·         Attested or Certified copy of the Constitution.

·         Registration Certificate.

·         List of all Executive Members (as per enclosed format).

·         Two copies of Passport size Photograph of the account operators    (Attested by introducer or Verified with Passports)

·         Passports/ Nationality Certificate of the account operators.

·         Personal Profile of all members of the governing body and Managing Committee.

·         Board resolution regarding opening and operation of the account.

FOR NGO/ CLUB-SOCIETY/CO-OPERATIVE ACCOUNT:

·         Registration Certificate from the Joint Stock Company/ Ministry of Social Welfare.

·         List of all Executive Members (as per enclosed format).

·         Board resolution as per Memorandum regarding opening and operation of the account.

·         Attested or Certified copy of the Constitution/Bylaws.

·         Two copies of Passport size Photograph of all Members (Attested by introducer or Verified with Passports)

·         Passports/ Nationality Certificate of all Members.

·         Profile of the Firm.

·         “No Objection Certificate” from the Ministry of Social Welfare.

ENTRIES TO BE PASSED WHILE OPENNING AN ACCOUNT:

Dr:   Cash Account

Cr:    Party Account (Savings/Current/STD Account)

NEW DEPOSIT PRODUCTS:

To keep in touch with competitive market, the bank has recently introduced Six attractive deposit products. The products having their distinctive have already gained and are gaining the response from the existing and prospective clients. The products are as follows:

a) Trust Lakhopati Savings Scheme (LSS)

b) Trust Money Double Scheme (TMDS)

c) Trust Money Making Scheme (TMMS)

d) Trust Education Scheme (TES)

e) Monthly Benefit Deposit Scheme (MBDS)

f) Interest First Fixed Deposit (IFFD)

a. TRUST LAKHOPATI SAVINGS SCHEME (LSS) :

Under the LSS, the following category of deposit and maturity payment has been declared:

Applying the future value annuity due formula [FV=A {(1+i/m) ^mn – 1}(1+i/m)}/(i/m)],

Where,

FV= Future Value

A= Installment Amount

i= Rate of Interest

m= Number of Period in a year

n= Maturity Period or Number of year,

It has been found that the effective rate of interest (EAR) is 7.78%

RULES AND REGULATION:

• A person can open more than one account for any size of installment in any branch of the Bank.
• The first installment is to be deposited on any date of the month but the subsequent installment is to be deposited by the 10^th day.
• Advance payment of three installments is acceptable.
• One copy of Passport size Photograph of the account holder is needed to open LSS.
• One copy of Passport size Photograph of the Nominee(s) [attested by the account holder] is also required.
• In the event of failure of to pay installment, the arrear installment(s) should be paid before or along with the next due installment subject to the penalty of Tk50.00 for per installment to be paid.
• In case of premature closure of the account, Tk100.00 is charged as closing charge.
• Loan may be allowed up to 80% of the deposited amount but not below Tk1,00,000.00 against lien or pledge of the same account.
• Any account can be transferred from any branch to another subject to Tk25.00 as Account Transfer Fee.

• In any installment remains unpaid for six consecutive months, the account will be closed automatically and the account will be settled as below:

b. TRUST MONEY DOUBLE SCHEME (TMDS) :

Under the Scheme, the amount deposited at the very inception is doubled in 6 years. The basic structure of this Scheme is as follows:

 TERMS & CONDITIONS:

• An applicant can open TMDS account in his own name, in his/her spouse’s name or in the name of his/her children operated by the guardian. The maximum no. of TMDS accounts from a single family cannot exceed five.
• An order instrument mentioning the amount payable after maturity shall be issued favouring the depositor(s).
• In case of discontinuation of the scheme, account will be settled as per following:

a) If the premature encashment would be occurred within three months in that case no interest will be allowed.

b) If the premature encashment would be occurred after three months in that case he/she will be entitled to get prevailing savings rate.

• The depositor may select nominee(s).
• In case of death of the depositor, the amount at discounted rate will be payable to the nominee(s) or in the absence of nomination, to the legal heirs of the depositor.
• Loan facility may be allowed up to 80% of deposit amount against lien/pledge on such instrument at Bank’s prescribed rates and rules but not below Tk.50,000.
• In case of lost instrument, duplicate instrument shall be issued as per rules of lost instrument in FDR.
• Any Account can be transferred from one branch to another, in that case TK. 25/- will be charged as Account Transfer Fee.
• Interest on this scheme is subject to Income Tax/Levi/VAT etc. as and when imposed by the government.
• The Bank reserves the right to make change/alteration/amendment/addition/modification etc. to the account and to its related charges fees etc. at any time/stage without assigning any reason whatsoever.

c. TRUST MONEY MAKING SCHEME (TMMS) :

Under the Scheme, the client has to pay a down payment of Tk7,500.00 or multiple thereof and the bank contributes Tk42,500.00 or multiple thereof to form a fixed deposit of Tk50,000.00 or multiple thereof with the bank. The client is allowed an interest rate of 10.00% on that deposit. The client has to pay the amount due to the bank through monthly equal installment of Tk855.00 or multiple thereof in 6 years. The client is entitled to get the interest on FDR.

Summary of the scheme

 TERMS & CONDITIONS:

• An applicant can open TMMS account in his own name, in his/her spouse’s name or in the name of his/her children operated by the guardian.
• An FDR for the value combining client’s own deposit  and bank’s contribution will be issued for three years at 10.00% which will be automatically renewed for further one term (Three years).
• In case of death of the depositor, the amount at discounted rate will be payable to the nominee(s) or in the absence of nomination, to the legal heirs of the depositor(s) on production of succession certificate.
• In the event of failure to pay any monthly installment, it will be sole responsible of the TMMS account holder to settle the arrear installment(s) before or along with the next due through a written instruction to the Bank. In such case there will be a penalty of TK.50.00 for per installment amount to be paid with subsequent installment.
• If the client fails to deposit three successive installments, the scheme will be automatically discontinued. In case of discontinuation of the scheme, account will be settled as detailed below:

• Installment will be started from the following month and deadline of each installment is 10th of every month (in case of holiday next working day of every month).
• No loan facility will be allowed against the deposited amount.

d. TRUST EDUCATION SCHEME (TES) :

The TES has been introduced to assist the poor students financially and chronologically. Under the scheme, a student may deposit Tk10, 000.00 or its multiple for a period of three or five years. After the maturity period he or she may get a lump-sum amount of Tk13,400.00 (for three years maturity) or Tk 16,000.00 c or he/she may get monthly education allowance of Tk430.00 (for three years maturity) or Tk520.00 (for five years maturity) for a period of three years after maturity.

Summary of the scheme

e. MONTHLY BENEFIT DEPOSIT SCHEME (MBDS) :

The benefit of the scheme will be paid on monthly basis. As such this is called Monthly Benefit Deposit Scheme (MBDS).

TARGET GROUP:

•  The persons who intend to meet the monthly budget of their families from the income out of their deposit. They may be retired service holders, housewife of businessman & other professionals.
• Trusts and Foundations or other associations, which award monthly scholarship/stipends to students etc.

TERMS & CONDITIONS:

• Deposit of TK.1, 00,000.00 (Taka One Lac) or multiples thereof shall be acceptable under the Scheme.
• The deposit shall be for a period of 5 (five) years. The principal amount is refundable on maturity.
• Profit shall be paid  on monthly basis @ Tk.900.00 and net off taxes @ Tk.810.00 per Tk.1,00,000.00
• Payment of monthly profit shall start from the subsequent month after a clear minimum gap of 30 days from the date of deposit.
• Normally, the deposit will not be en-cashable before 5 (Five) years. But  if any depositor intends to withdraw his deposit before maturity due to certain unavoidable reasons, he/she would be allowed to do so in the following manner:

• No benefit including interest shall be allowed for pre-mature encashment within three months

           • If the accounts/deposits are closed/encashed after three months of its opening, benefit       shall be allowed on the deposit at existing normal Savings Deposit Rate.

           • If the amount of monthly profit already paid exceeds the amount at normal Savings

              Rate, the difference shall be realized from the principal deposit amount, if and when

              necessary.

• In case of death of a depositor, the Amount shall cease to be operative and the amount deposited so far including interest as per SL. No. 5 shall be paid to the nominee, to the legal heirs of deceased as per rules in force.
• The depositor must have a separate Savings Bank Account with the Branch wherein the benefit on the amount so deposited shall be credited every month.
• The Receipt will not be transferable.
• Advance against lien on such Receipt can be allowed up to 80% of the deposit bearing normal rate of interest prevail at the time of allowing Overdraft/Loan.
• Income Tax @ Tk.10% will be deducted on the income received from the deposit and Excise Duty will be realized as per prevailing rules.

f. INTEREST FIRST FIXED DEPOSIT ( IFFD ) :         

This is a smart scheme in the sense; depositor gets the interest first and can reinvest it. Interest First Fixed Deposit works like normal FD except with one unique feature added to it. The customer receives interest in advance i.e. at the time of placing the deposit. The customer doesn’t have to wait for maturity of the fixed deposit; instead he/she can use the interest immediately and keep the investment intact till the maturity as per following arrangement.

TERMS & CONDITIONS:

• Minimum deposit of Tk.1, 00,000.00 (Taka one Lac) and multiples thereof.

A person can open more than one account for any amount ( but not less than         Tk.1,00,000.00) in any Branch of the Bank.

• Interest shall be paid ( after adjusting the income tax on the interest amount & excise duty as & when recovered on deposit) immediately transferred to the link account. ‘Link Account’ means the Savings or Current  Account of the applicant of IFFD.
• In case of premature encashment the Bank shall adjust the interest, income tax and other duties (as applicable) from the principal amount.
• An account holder may encash Interest First Fixed Deposit in advance at any time (prior to maturity) by a written application and the account holder will get back the principal amount as per the following manner:
  • If the account is closed within 3 (Three) months, the account holder(s) will get back the self deposited principal amount after adjusting the paid interest and tax amount. The account holder(s) will also receive interest at the prevailing rate of Savings Account only for the fraction period.
  • If the account is closed after 3 (Three) months but before 6 (Six) months, the account holder will be entitled to get back the deposited principal amount (after adjusting the paid interest and tax amount) along with the IFFD interest for the previous completed term (i.e. 3 months) and the savings interest rate for the rest fraction period.
  • If the account is closed after 6 (Six) months but before 12 (Twelve) months, the account holder(s) will be entitled to get back the deposited principal amount (after adjusting the paid interest and tax amount) along with the IFFD interest for the previous completed term (i. e. 6 months) and the savings interest rate for the rest fraction period.
  • In case of death of a depositor, the Account will cease to be operative and the amount deposited so far shall be paid to the nominee, and in absence of nominee to the legal heirs of deceased as per rules in force and subject to comply the condition of premature encashment as given above.
  • After completing the full term or at the maturity, the account holder(s) will be entitled to get back the principal amount only.

NOTE: The effective rate would be 11.11% since the bank will pay interest at the time of opening the account.

SAVINGS CERTIFICATES:

The following Savings Certificates of different denominations are available at the Branch:

 Bangladesh Sanchayapatra (5 years)

 3 months profit based Sanchayapatra (3 years)

 Pensioner Savings Certificate (5 years)

The interest rate allowed to each category is as follows-

Bangladesh Sanchaya Patra :

The detailed break-up of interest for encashment of Bangladesh Sanchayapatra (5 years) appears as follows:

From January 01, 2005 to July 16, 2005 :

 From July 17, 2005 to December 03, 2006 :

 From December 04, 2006 to till date :

 Pensioner Sanchaya Patra:

The detailed break-up of interest for encashment of Pensioner Sanchayapatra (5 years) appears as follows:

From December 04, 2006to till date:

 Schedule of interest for every 3 months

 3 Months Profit Base Sanchaya Patra(3MPBSP) :

The detail break –up of interest for encashment of 3MPBSP appears as follows:

From December 04, 2006 till date:

 Schedule of interest for every 3 months:

 NOTE : From 1st July, 2007, 10% tax on interest income (per fiscal year) above 1,50,000 will be deducted from Sanchaya Patra of individual’s and 10% tax above Tk.3,00,000 interest income (per fiscal year) from joint Sanchaya Patra holders will be deducted at source.

OTHER SERVICES:

The other services offered by the bank exclusively on distinguishable terms and conditions. The aforesaid services are-

a)   Local Remittance- DD, TT, PO etc. & Inter Branch Transactions

b)   Locker Service

c)   Credit/debit/ VISA Card/AT

d)   Trust Tele Banking

e)   Trust SMS Banking

f)    Trust Internet Banking

g)   Visa Electron Service

h)   Visa Credit Card

i)    Passport Service

a.  Local Remittance:

Money remitted from one place to another to the help of the customers for their safety/necessity is called remittance of fund. Local remittance means remittances in local currency that are received/payment in and made out within the country.

 There are two types of Remittances:

i)  Inward Remittance

ii) Outward Remittance

Generally fund may be remitted through a bank to another by issuance of Payment Order, Demand Draft, Telegraphic Transfer and Mail Transfer. What comes in are called inward remittance and what goes out are called outward remittance. Trust Bank Ltd. Offers/issues the following Instruments to remit fund.

Demand Draft (DD):

Demand Draft is an instrument issued by a Bank Drawn on their other branch (outside the local clearing zone) with an advice/ instruction to pay of certain amount to the beneficiary on demand.

Issuance of DD:

Trust Bank follows the following procedures while issuing DD :

1. DD Application from the customer or otherwise.
2. Checking of the DD application form, amount in figure and word, name & account number of the payee and name of the drawee branch.
3. Confirm about cash deposit or cheque payment against the DD.
4. Entry in the DD issuing register and put the serial number branch wise.
5. Preparation of DD in prescribed DD instrument which must be signed by two authorized officer and test number must be putted on the DD if the amount is more than Tk.25, 000.00.
6. An inter branch credit advice (IBCA) must be issued favoring the drawee branch towards payment against the DD.

 Payment of DD:

01. After receiving DD from the client or by otherwise the banker verify the               signatures of the authorized officer of the issuing branch.

02.  The banker checks the Test Number of the DD.

03.  DD may be payable before or after receiving inter branch credit advice (IBCA)       from the issuing branch.

 Entries for Issuance of DD:

Dr: Cash in Hand/ Customer’s Account

Cr:  Payable Account – Demand Draft

Dr:  Payable account – Demand Draft

Cr:  TBL General Account.

Entries for DD payment with Advice:

Dr:  TBL General Account

Cr:  Payable Account – Demand Draft

Dr:  Payable account – Demand draft

Cr:  Cash in hand/Customer’s account/ Clearing adjustment A/C

Entries for DD Payment without Advice:

Dr:  DD Paid without Advice

Cr:  Customer’s Account/ Clearing Adjustment A/C

After receiving Inter Branch Credit Advice (IBCA) from the issuing branch:

Dr:  TBL General Account

Cr:  Payable Account – Demand Draft

Dr:  Payable Account – Demand Draft

Cr:  DD Paid without Advice.

ISSUANCE OF DUPLICATE DD:

When a Draft issued by the bank is reported to have been lost and duplicate is asked for by the purchaser the issuing bank immediately notice the drawee bank by telegram/telex/phone and enquire it is not yet paid as if so, urgently instruct them to mark caution “Stop Payment”. The manager/ dealing officer of the paying bank will personally satisfy himself that the payment against draft is still unpaid before informing the drawing officer to this effect and will himself record the fact that the draft has been reported lost on the relative advice and in the Draft Payable Register in bold letters in red ink.

When a DD has to be issued against the lost draft, a letter of indemnity is taken, this should be appropriately stamped and signed by the buyer and two sign from two witnesses are required. After obtaining these terms from the buyer, permission is taken from the Head Office. Observing all the formalities Head Office will give permission to the issuing branch, then the issuing branch will issue the same in favor of the purchaser, using the same controlling number and date carefully clearly marked “DUPLICATE IS ISSUED IN LIEU OF ORIGINAL”.

CANCELLATION OF DD:

If the purchaser of the draft wants to refund the money by cancellation, the purchaser must apply in writing to the manager along-with the draft giving reason for cancellation. The manager should be satisfied about the genuineness of the application after verifying the signature of the application with that on the reason for cancellation, he will cancel the draft by writing the word “CANCELLED” in bold letter in red ink across the face of draft and attach the cancelled draft with application.

STOP PAYMENT OF A DRAFT:

Normally the payment of a draft cannot be stopped by the bank as it goes against its own commitment in favor of a third party. However stop payment instructions can only be issued by the issuing branch in special circumstances at the request of the purchaser or payee in case of a lost or stolen draft only. In such cases extreme caution is exercised both by the issuing and the drawee branch.

TELEGRAPHIC TRANSFER (TT):  

TT is an order from the issuing branch to the drawee branch for payment of a certain amount of money to the beneficiary. The payment instruction is sent by telephone/telex and funds are paid to the beneficiary on verification of the test number through beneficiary’s account maintained with the drawee branch. It is the quickest method of transferring fund from one place to another.

 ISSUANCE OF TT:

TT Issued from Y Branch to X Branch:

a)      Receive the TT Application Form from the party or otherwise.

b)      Checking the TT Application.

c)      Receive cash at Cash Counter or Debit the require amount from party’s account.

d)     Put the number in the TT application form as per TT register.

e)      Application of test number by the authorized officer.

f)       Passing of the TT message by Telex or over Phone which is to be marked on the TT application invariably with initial of the passing officer.

Entries for Issuance of TT:

Dr:  Party’s Account or Cash or Otherwise

Cr:  TBL General Account.

Procedure for Payment of TT:

The Following procedures will be observed in paying proceeds against TT:

a)      Telephonic message will be recorded direct into the TT Payable Register. The amount is being entered in word and figures and the entries authenticated under full signature of the official verifying the check signals.

Entries will be as follows:

1. Dr: TBL General Account

Cr:  TT Payable Account

1. Dr: TT Payable Account

Cr:  Customer’s Account

b)      Whenever possible, receipt of the TT payment is advised to the payee immediately over telephone.

c)  Separate voucher in respect of each TT Payment Order is prepared crediting the amount    to TT payments orders account, the particulars of which is entered in the            TT payment                 orders account register.

 d)   TT payment orders are sent to the beneficiaries immediately in case their addressed are      advised by the remitting officers or are known to the paying branch.

e)      When a TT payment order is paid it is marked off in the TT Payable Register.

Cancellation of TT:

Sometimes bankers are requested by the applicant for cancellation of TT in writing with some reason. In such cases if the banker satisfied about the genuineness of the request after verifying the signature with the TT application form, the banker send a message by phone for cancellation of the TT urgently to protect the payment. Subsequently the banker will send a message for cancellation of TT along with IBDA for the said amount. But if the payment has been made by the drawee branch against the TT before receiving cancellation message then the banker has no liability from their part.

NOTE: Introduction of On-Line Banking in Trust Bank Ltd has reduces the use of TT in remitting/transferring fund remarkably.

PAY ORDER (PO):

Payment Order/Pay Order is an instrument in writing issued by a remitting bank to make payment of certain amount to the specific beneficiary or person. It is like as bank cheque or Manager’s cheque i.e. money guaranteed for payment. All local payment (within the same clearing zone) whether on behalf of the Bank or Bank’s constitution, will be made by means of pay orders which will be signed by two authorized bankers.

Issuance of Pay Order:

When the customers request for issuance of Pay Order, They normally apply for the same on the prescribed form mentioning name, address, telephone/mobile number of the applicant, reason of the Pay Order, name of the payee along with required money  (with commission Tk.20/= & VAT Tk.3/=) or cheques (in case of account holders) against the same. It is to be noted that Trust Bank Ltd. takes no charge from their account holders for issuance of Pay Order.

Payment of Pay Order:

The bank’s pay orders are in the form of receipt and are, therefore, not transferable. They may be paid to:

1. The payee on identification
2. The payee’s banker who should certify that the amount has been or will be placed to the payee’s credit, or
3. A person holding a letter of authority from the payee whose signature must be attested by the payee and, if the letter direct the bank to pay the money to a certain named person that person must be identified to the bank, then the payment can be made.

Entries for Issuance and Payment of Pay Order:

For Issuance of Pay Order:

Dr: cash in Hand / Customer’s Account

Cr: Bills Payable Account – Pay order

For Payment of Pay Order:

Dr: Bills Payable Account – Pay Order

Cr: TBL General A/C /Cash in Hand/Customer’s A/C / Clearing Adjustment A/C.

Cash Payment is done on the basis of:

1. Pay Order is duly released by the beneficiary.
2. Crossing stamp on the Pay Order is cancelled by two authorized officers.
3. Affixing of Revenue Stamp on the Pay Order and signed by the purchaser.
4. Verification of purchaser’s signature with the original PO issue application form.

INTER BRANCH TRANSACTIONS:

Inter Branch Transaction is made through issuance of an advice issued by a Branch to another specified Branch of the bank for debiting or crediting of specified amount from one branch to another branch. It is not handed over to the customer rather it is sent to the drawee branch through messenger/post office/courier service. The Advice is called IBCA or IBDA.

IBCA: Inter Branch Credit Advice

IBDA: Inter Branch Debit Advice

 Issuance of IBCA & IBDA:

Every branch of Trust Bank Ltd. has a branch code number through which it maintains account relationship with the Head Office, which is called TBL General Account of the branch. When a branch makes transaction with another branch, the transaction is done through Inter Branch Credit or Debit Advice (IBCA or IBDA), wherein the followings are clearly specified for effecting the inter branch transaction perfectly:-

• Name of the Originating Branch with branch Code No.
• Name of the Responding Branch with Branch Code No.
• Originating Date
• Transaction Code No.
• Reference No. (related to the transaction)
• Narration of the transaction (brief description)
• Amount of the transaction
• Signature of the Originating Officer along with another two authorizes signatures.

Responding of IBCA & IBDA:

Upon getting the IBCA or IBDA from the Originating branch, the receiving branch responds the Advice through filling-up the lower position of the advice as follows:-

Dr: TBL General A/C (of the originating branch, in case of responding an IBCA)

Cr:  Client’s A/C or the Appropriate Head of Account.

                                           Or

Cr:  TBL General A/C (of the originating branch, in case of responding an IBDA)

Dr:  Client’s A/C or the Appropriate Head of Account.

The necessary statement of General Account Transaction is forwarded to Trust Bank Ltd., Head Office on everyday basis along with the copies of the supporting advices (of Originating and Responding) for necessary reconciliation at the Head Office.

B. LOCKER SERVICE :

There are some more than 500 lockers at the Dhanmondi Branch of TBL. Of course locker services are also available in the other branches of TBL. The lockers are now rented on Security Deposit Basis instead of yearly or monthly rental Basis. The lockers are allotted on most flexible term and meager Security Deposit refundable at the time of closing the locker.

Size of Locker

Security Deposit of Locker

C ATM CARD :

The bank offers its clients “Free of Cost” ATM (Q- Cash) card. To be a holder of the Card the person needs nothing but to be a client or account holder of the bank. The bank charges no initial card processing cost or no yearly or monthly service charge. It seems to be a value added service to the clients. The card holder of the card can use it in the following banks and locations in Dhaka.

D. TRUST TELE BANKING :

Trust Bank Ltd. has introduced recently “Tele Banking” service for their account holders. To get the service customers have to fill up a prescribed application form. Bank supply a secret PIN (Personal Identification Number) Number to individual customer separately. The customers don’t need to visit the branch. Customer with a secured Personal Identification Number (PIN) & account number can retrieve account information from any phone (T&T or Mobile).The customers have the convenience of requesting the services mentioned below.

• Balance Enquiry
• Exchange Rate Enquiry
• Request for Account Statements
• Enquiry on our Products & Services
• Change of Account Address
• Renewal of Fixed Deposit
• Account Opening Assistance

           At present the service is free of charge.

E. TRUST SMS BANKING :

Trust Bank Ltd. has recently introduced SMS Banking service for the account holders of the bank. The service is available 24 hours & 7 days a week. Account holders may request their account balance & mini statement over SMS. Bank’s automated SMS service will return the result of their query over SMS. A small charge is applicable for this service.

How to Subscribe for the Service:

1. Interested customer shall fill out a service request form available at the branches.
2. Customer shall provide a valid mobile phone number of local service provider.

Customer will send the SMS to #01713244905

How to Send SMS:

• Ø For Balance Query :

        “bal<space>PIN” and send it to 01713244905 (Bank will assign a PIN)

              For Example:

        If PIN is 1499, customer will write “bal<space>1499” and send it to 1713244905

• For Mini Statement :

      “sta<space>PIN” and send it to 01713244905

             For Example:

             If PIN is 1499, customer will write “sta<space>1499” and send it to 01713244905.

A small charge is applicable for this service.

F. TRUST INTERNET BANKING :

Customer with a user ID and password can login to our secured Internet Banking site and access account information. The service is free of charge at present.

G. VISA ELECTRON SERVICE :

It is a debit card. This will replace all Q-cash card previously issued. The new card can be used at all ATMs & POS terminals that honor VISA. ATM Cash withdrawal limit per day is Taka 40,000. This is a card for TBL account holders only. Free for customers for the first year. No card fee for employees. The fee will be imposed for all for replacement of lost, stolen or damaged cards. This is not a Credit Card.

H. VISA CREDIT CARD :

Visa Credit Cards are four types:

                  a)   Visa Classic local (Silver color) – can be used only in Bangladesh

b)   Visa Gold local (Gold color) – can be used only in Bangladesh

c)   Visa Classic International (Silver color) – can be used only outside Bangladesh.

d)   Visa Gold International (Gold color) – can be used only outside Bangladesh.

         e)   Visa Gold Dual (Gold color) – Can be used both in & out of Bangladesh.

I. PASSPORT SERVICE :

Most recently Trust Bank Ltd. has introduced Passport Issue & Renewal service in the Bank for the general public. People don’t need to go to the Passport Office to get new Passport or for Renewal of Passport. The Bank will work as an agent of the Passport Office. The Bank will receive necessary papers & documents directly from the public for Renewal and Issuance of New Passport, and will charge Tk.200.00 as service charge in addition to the prescribed fee of the govt. for issuance of passport. The Bank will forward the papers and documents (received from the applicant) to the Passport Office. Passport Office will issue the passport after scrutinizing the papers and documents within the prescribed time and will forward the Passport to the respective Bank. The applicant will come to the bank after a certain (prescribed) period to receive the Passport.

Who Can Apply for Passport?

1. Any Bangladeshi citizen residing permanently in Bangladesh.

The Applicant will have to do:

1. Properly filling-up of 2 copies prescribed form issued by the Passport Office  in English or Bengali by ink.

1. 2 copies of attested passport size photo should be attached with the two application form by gum/adhesive.

1. The following persons can attest the photo and the application form of Passport:

a)      Member of Parliament

b)      The Mayor, Deputy Mayor or the Commissioner of City Corporation

c)      Gazetted Officer

d)     University’s Teacher

e)      Chairman of the City Corporation, Upo-zilla Council and Union Council

f)       Principal of non-govt. College.

g)      Headmaster of non-govt. high school

h)      Editor of Daily News Paper

i)        Municipal Commissioners

j)        The Officers of the State Owned Bank and Self Oriented Organization or Corporation, who are at least in the 7^th grade or above 7^th grade in the New National Salary Scale.

1. The applicant has to pay Tk.200.00 (Two Hundred) excess as service charge of Bank along with prescribed fee of the Govt. (which are as follows) for the issuance of Passport.

     Cash deposit receipt (counterfoil/carbon copy) of passport issue fee deposited to the Bank, must be attached with the application form.

Documents to be submitted with the Application Form:

1. 3 copies of Passport size and 1 copy of stamp size attested photo.
2. In case of amendment of name, certificate of S.S.C. or same graded examination or affidavit from the first class magistrate court and advertisement published in the news paper have to submit.
3. In case of amendment of age, S. S. C. or same graded examination certificate or birth certificate or birth registration certificate have to submit.
4. In case of change of occupation, certificate in favor of changed occupation have to submit.
5. In case of change of the permanent address, voter list, voter identity card or certificate issued by the persons mentioned in clause no.3 or any dependable evidence of the changed address must be submitted with the application.
6. To include the name of the children the birth certificate of the children has to be submitted with the application form. But in case of adopted child legal certificate have to be submitted.
7. If the passport is reported to be lost, in that case to apply for a new one, copy of GD entry of the lost passport from the nearest Police Station and advertisement published in the news paper should be submitted with the application form.
8. If any one wants to surrender his/her passport for any reason, he/she has to submit Passport Book along with the application form. In that case the rule of new passport will be applicable.
9. In case of service holders of the govt. /semi govt. /self-oriented concern, NOC/occupational certificate in the prescribed form have to be attached.
10. To receive the Passport Book, the applicant has to Show the deposit slip.

NOTE:    i)     The applicant must have to come physically to submit the application form.

                ii)    Passport Book will be issued 64 pages for 10 years term for the people of 18 years & above 18 years aged and 48 pages for 05                                    years term for the children / dependant of less than 18 years old.

List of Passport Service Available Branches of TBL:

Followings are the list of passport service available (new issue & renewal) Branches of Trust Bank Ltd:

LENDING SCHEMES:

The bank lends the deposited money on different sectors and at different rates. A summary of sector wise lending and lending rate is as follows:

a TRUST HOUSEHOLD DURABLES LOAN  :

Confirmed Service holders, Businessman, Professionals have supportive cash flow to repay the loan, are eligible to avail the loan. The purpose of the loan is for purchasing household items for personal use. The rate of interest is 16% and the duration of the loan is 3 years. The loan limit is up to Tk.5.00 Lac.

b TRUST MARRIAGE LOAN  SCHEME :

Bank Provides loan up to Tk.3, 00,000.00 to meet the money for marriage purpose. Easy monthly installment for a maximum period of 36 months. The rate of interest is 17% and the down payment/equity is 20%. Age limit is 25-60 years for guardian and 25-40 years for the potential bride/ bridegroom.

c TRUST CAR LOAN  SCHEME :

Loan up to Tk.20, 00,000.00 available for purchase of new & recondition car. Maximum period for repayment is 60 months. For Minibus & Trucks the loan limit is Tk.50.00 Lac. The rate of interest is 16% and the Down Payment is 20%.

d. APON NIBASH LOAN (ANL) :

Any Bangladeshi (single or jointly with other co-borrowers e.g. spouse/son), more specifically Salaried People (employees of Govt./Autonomous body/Financial Institution/Public Ltd./Private Ltd. Co. having corporate structure, Teachers of any school/college/university), Professionals (Doctor/Engineer/Accountants. IT Professionals & Management Consultant) and Self-Employed Businessman (in business at least for five years) are eligible for the loan. The purpose of the loan is for purchasing apartment, constructing new house and taking over of House Building Loans from other Banks/Non- Bank Financial Institutions. The loan limit is Tk.50.00 Lac and the rate of interest is14.50%-15.00% for up to 15 years term. Down Payment/Equity of the loan is 40% for construction of house and 30% for purchasing of new apartment/house.

e TRUST MICRO CREDIT FOR RENOVATION & RECONSTRUCTION OF DWELLING HOUSE (RRDH) :

Small loans of Tk. 20,000.00 Tk. 30,000.00 and Tk. 40,000.00 are given to the low-income group for improving standard and quality of living. This Loan facility is only for the defense personal (army/navy/air force) for 3 years duration @12.00% p. a.

f. ANY PURPOSE LOAN :

This loan is available for the fixed income people i.e.  employee of the Govt. Organizations/Semi-Government Organizations/Autonomous Bodies/ Multinational Companies/ Banks/ Insurance Companies/ Educational Institutions/Corporate Bodies to meet instant financial requirements. The loan limit is Tk.5.00 Lac for 3 years and the rate of interest is 17%.

The Retail Banking Unit of Trust Bank Ltd. is also lends the following loans for the Retail Consumers:

a)      Doctors’ Loan

b)      Advance Against Salary

c)      Hospitalization Loan

d)     Education Loan

e)      Travel Loan

f)       CNG Conversion Loan etc.

 LENDING RATE:

The bank lends the deposited money on different sectors and at different rates. A summary of sector wise lending rate is as follows:

 INTERNATIONAL BANKING:

The Trust Bank Limited, with its wide correspondent relationship with major banks in the world is totally capable to meet your needs of foreign currency transactions and foreign trade services. You can open and maintain Accounts in foreign currencies like US Dollar, Pound Sterling, and Japanese Yen and even in Euro with us. With its own Dealing Room, TBL is able to offer competitive Exchange Rate for all major currencies of the world.

• FA Account (Foreign Nationals)
• FC Account (Bangladeshi Nationals)
• NFCD A/C
• RFCD A/C
• FC Account (Foreign Nationals)
• Completed Account opening Form signed by the account holder/s and introduced by an existing customer who has a relationship with us at least for 6 months.
• Copy of 1^st six pages of passport and relevant page with more than 6 months visa of staying in Bangladesh. (Photocopy of document must be certified as “Original seen/sighted”) Photograph/s of the signatory/signatories/account holders duly attested by the introducer. Form QA- 22 (in duplicate) Copy of work permit from Ministry of Industries (where applicable) Documented proof of address verification to be retained with the mandate. This is also applicable for;
• To open an account when the person not being present personally i.e. in a non-face to face scenario is to obtain at least one additional form of evidence (e.g. copy of utility bills/bank statements/tax clearance certificate/ employer letter/home visit) over and above what would have been obtained in the corresponding face to face situation.
• Local Legal & Compliance should be consulted, in case of doubt on the acceptable identification evidence for a particular customer type.
• Welcome & follow-up letter’ as part of additional address verification.
• Completed KYC template.