Banks across the country are offering various schemes to help customers double their savings. These double-money plans usually follow two models. One requires an initial lump-sum deposit along with fixed monthly contributions. In another model, the deposited amount alone grows to double over a set period.

However, depositing a large amount upfront is not feasible for everyone, as financial capacity varies from person to person. To address this, NCC Bank has introduced a blended savings option that combines an initial deposit with a monthly installment plan. Under this scheme, customers deposit a one-time amount at the beginning and then pay a fixed monthly installment. At maturity, the initial deposit is doubled.

NCC Bank is offering this “Double Benefit Scheme” with tenures ranging from two to six years at an interest rate of 10 percent. According to the bank’s website, customers can start with an initial deposit ranging from Tk 25,000 up to Tk 20 lakh.

For example, if a customer deposits Tk 25,000 initially and chooses a two-year term, a monthly installment of Tk 731 is required to double the amount. For a three-year term, the monthly installment is Tk 387; for four years, Tk 216; for five years, Tk 114; and for six years, Tk 47.

With an initial deposit of Tk 50,000, the required monthly installment is Tk 1,462 for two years, Tk 774 for three years, Tk 432 for four years, Tk 228 for five years, and Tk 93 for six years.

If the initial deposit is Tk 100,000, the monthly installment needed to double the amount is Tk 2,924 for two years, Tk 1,548 for three years, Tk 863 for four years, Tk 455 for five years, and Tk 185 for six years.

For an initial deposit of Tk 200,000, the monthly installment amounts are Tk 5,847 for two years, Tk 3,096 for three years, Tk 1,725 for four years, Tk 909 for five years, and Tk 369 for six years.

In the case of a Tk 500,000 initial deposit, the monthly installment is Tk 14,618 for two years, Tk 7,736 for three years, Tk 4,313 for four years, Tk 2,272 for five years, and Tk 922 for six years.

If a customer deposits Tk 1 million initially, the required monthly installment is Tk 29,236 for two years, Tk 15,472 for three years, Tk 8,625 for four years, Tk 4,543 for five years, and Tk 1,844 for six years.

For a Tk 2 million initial deposit, the monthly installment is Tk 58,470 for a two-year term, Tk 30,944 for three years, Tk 17,249 for four years, and Tk 3,688 for five years.

Additional features

Customers are allowed to open multiple accounts under this scheme. Monthly installments do not need to be paid in person and can be transferred from a linked savings account. Account balances can also be monitored through internet banking.

Requirements to open an account

The documentation required is similar to that of a standard bank account. Applicants need their photograph and national ID card, along with the nominee’s photograph and ID. A reference from an existing account holder of the bank is required, and all designated signatures must be provided on the application form. Contact details of an emergency contact person must also be submitted.

Life is full of uncertainty, especially in developing countries like ours. Serious illness or unexpected accidents can cause severe financial hardship. Those who plan ahead and manage their finances responsibly are generally better prepared to handle future obligations and emergencies. Structured and disciplined savings can significantly strengthen long-term financial security.