Bonds
Do you know what a Wage Earners Development Bond (WEDB) is?
WEDBs are issued by the Bangladesh Government and are not Sonali Bank (UK) Ltd products. The Government of the People's Republic of Bangladesh pioneered WEDB in Bangladeshi Taka, U.S Dollar Bonds and U.S. Dollar Premium Bonds with a view to providing the highest profit or interest to non-resident Bangladeshi nationals and also nationals having their origin in Bangladesh.
WEDBs are issued in a certificate format in Bangladeshi Taka and are for a five year period with an option for the Bond holder to surrender the Bond before maturity. Currently profit is earned at 12% per annum. Both the amount put in the Bond and the interest accrued /earned on the Bond is eligible for income-tax rebate in Bangladesh.
The Bond includes a Death-Risk-Benefit that is payable only in Bangladeshi currency and the amount varies. The Bond holder is entitled to draw interest on a half-yearly basis, at present 12% per annum. Any interest not drawn will be paid with the principal amount on maturity, with the benefit of annual compound interest at 12% on a half-yearly basis.
For the U.S. Dollar Bond, profit/interest is in U.S. Dollars or Bangladeshi Taka, whilst for U.S. Dollar Premium Bonds profit/interest is payable only in Taka. At the option of the Bond holder, repayment of the principal for either type of U.S. Dollar Bond may be obtained in either Taka or U.S. Dollars. Both types of Bond mature after a three-year term.
U.S. Dollar Bond also has Death-Risk-Benefit for purchases of $10,000 and above. The entitlement is to have Death-Risk-Benefit payable only Bangladeshi Taka converted at rates applicable at time of payment.
Customers may purchase U.S. Dollar Bond and the U.S. Dollar Premium Bond only from Sonali Bank (UK) Ltd. Osborn Street Office while WEDB may be purchased from any of our branches.
We are giving you a fantastic opportunity to buy WEDB also both types of US Dollar Bonds, and the more you buy the more return you will receive!