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  • Agenda: Other Particulars: Complexity in Double Benefit Scheme's Tenor

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    Shah Rashid
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    According to meeting minutes from May 18, 2014, a decision was made to change the tenor of the Double Benefit scheme from 5 years 5 months to 5 years 4 months. As a result, the profit rate needed to be recalculated from 13.66% to 13.85% based on the new tenor. Confirmation was requested to ensure the new profit rate of 13.85% was correct for the adjusted tenor of 5 years 4 months for the Double Benefit scheme.

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    According to meeting minutes from May 18, 2014, a decision was made to change the tenor of the Double Benefit scheme from 5 years 5 months to 5 years 4 months. As a result, the profit rate needed to be recalculated from 13.66% to 13.85% based on the new tenor. Confirmation was requested to ensure the new profit rate of 13.85% was correct for the adjusted tenor of 5 years 4 months for the Double Benefit scheme.

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    10 views1 page

    Agenda: Other Particulars: Complexity in Double Benefit Scheme's Tenor

    Uploaded by

    Shah Rashid
    According to meeting minutes from May 18, 2014, a decision was made to change the tenor of the Double Benefit scheme from 5 years 5 months to 5 years 4 months. As a result, the profit rate needed to be recalculated from 13.66% to 13.85% based on the new tenor. Confirmation was requested to ensure the new profit rate of 13.85% was correct for the adjusted tenor of 5 years 4 months for the Double Benefit scheme.

    Copyright:

    © All Rights Reserved
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    of 1

    Mutharam

    Assalmu Alaikum.

    According to meeting minutes of 10th ALCO meeting held on May 18, 2014, there has been taken a
    decision against Double Benefit schemes tenor.
    Agenda: Other
    Particulars: Complexity in Double Benefit Schemes tenor.
    In this connection, the decision has been taken that the product tenor will be 5 Years 4 Months. But
    from the beginning in our ABABIL software the product is declared as 5 years 5 months and the
    specified profit rate regarding this is 13.66. But for changing the product to 5 years 4 months the profit
    rate will be changed according to method.
    In this regard, IAD has recalculated and guided us to set profit rate as 13.85.
    So please confirm us, the said profit rate is correct. A product parameter has been attached for your
    concern; if necessary to change any field please inform us.

    Ma-Assalam
    ICT Division,
    Union Bank Limited

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