INSURED EDUCATION SUPPORT SCHEME (IESS)

It is a monthly savings scheme which gives the opportunity to depositors toward building deposit overtime. The depositors will get the money back a period for future expenses like college or university education.

This scheme also assures that in case of sudden demise of the depositor his/her children or family member gets the money for meeting the desired educational expenses. IESS is a product that ensures both savings and security for a depositor.

Benefits of Insured Education Support Scheme (IESS):

- Safe investment with high high return
- Flexible and diversified products tailored for your need
- Premature encashment allowed after completion of minimum duration (3 months)
- Best consumer service
- No incidental costs

Eligibility Criteria:

- Insured Education Support Scheme is allowed only for individuals
- Any Bangladeshi citizen can apply
- Age range between 18 to 56 years

Features of Insured Education Support Scheme (IESS):

- The scheme is designed with the tenure starting from 66 months to 108 months
- A depositor can save from Tk. 2,000 (minimum) up to Tk. 25,000 (maximum) per month
- Tenure is 3 years (36 months), 4 years (48 months) and 5 years (60 months)
- Upon maturity repayable in 10 quarters (30 months), 13 quarters (39 months) and 16 quarters (48 months) accordingly in equal instalments
- Built-in life insurance coverage assures the maturity value of the deposit in case of first depositor’s demise due to any cause (details will be available in the original Group Insurance Policy Contract)
- A leading Insurance Company will provide the life insurance coverage for United Finance’s IESS

Terms & Conditions:

- The depositor is liable to ensure timely payment of instalments as per the terms & conditions of the scheme
- If the monthly instalments are not paid for three consecutive months, the scheme will become dormant and will stand closed
- Payment against any dormant account will not be accepted
- The scheme cannot be encashed within 3 months from its opening date
- Any benefit from United Finance's IESS may come under purview of income tax, excise duty or any other levy as decided by the Government of Bangladesh
- In the event of any drastic change in the interest rate or imposition of any tax or levy by the Government, the redemption rate will be adjusted
- Instalments must be deposited through cheque/cash/BEFTN within 15th day of each month at the bank nominated by United Finance
- There can be more than one beneficiary for a single IESS Scheme, if the shares of multiple beneficiaries are not specified, all beneficiaries will get equal share
- In the event underwriter insurance company pays the due on premature demise of the accountholder, United Finance will keep the entire amount in its custody and shall disburse the amount as per the original schedule
- The depositor shall be bound by the terms and conditions stated in the master group insurance policy and United Finance shall not be liable for any claim declined by underwriter insurance company

Required Documents:

- United Finance Deposit Account Opening Form duly filled in and signed
- A cheque or Pay Order in favor of 'United Finance Limited'
- Copy of Passport or National ID of the applicant, co-applicant and nominee
- One recent color photograph of the applicant
- One recent color photograph of nominee, attested by the applicant
- Copy of E-TIN certificate (if any)

Account Opening Procedure:

- Drop the application form along with the cheque and necessary documents to your nearest and convenient branch location of United Finance
- Account will be opened as soon as the cheque is cleared, and account certificate will be available within the next day
- You can also contact our customer service, we will attach an associate with you
- Your account will be opened and duly delivered to you by the deposit associate