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 staff 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.

Target Customer

• Corporate/Institutions contributing fund on the monthly interval.
• Provident Fund of its staff.
• Individuals having monthly saving for retirement plan.

Minimum Balance:

Zero

Features:

• The corporate/ institutions may approach the bank to open a single account where the contribution of each staff 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 authorized signatories designated by the employer.
• The payment will be made only after retirement/resignation/termination of the staff on the recommendation from the concerned employer and after deducting applicable TDS.
• Such Deposits are being considered for deduction at the time of statutory tax assessment as guided by prevailing law.
• Beneficiary may borrow up to 90% of their total deposit only after having proper recommendation from the employer.