Product Name

Pension Saving Account

Description

  • ​Pension savings have been specially designed for your requirement

Benefits

  • Get paid a higher interest than another savings as same as the 6-month interest rate that the bank offers in each period
  • Being used as a gurarantee of your financial position
  • The interest can be checked via www.bcel.com.la 

Terms of Service

  • Opening a bank account: 50.000 LAK/ 10 USD/  500 THB/Account/time
  • Savings or current accounts must be opened (if don’t have any) as a pair of the pension savings in order to receive any interest being transferred from the pension saving accounts
  • ​ A pension saving account can be used until the account holder retired according to the current Lao labor law while a minimum period of deposits: 5 years.
  • The minimum period for any depositors aged 50 years old (women) and 55 years old (men): 5 years; otherwise, they will not get paid the interest
  • After the account holders legally retired, they are either able to renew or close their accounts
  • ​ Everytime depositing, depositors must bring their pension passbook to the bank to update the account balance
  • Can deposit regularly without any limitations of deposit transaction and amount.
  • The interest of pension savings could be changed, according to the last notification from the bank in which the account holders may not be informed in advance
  • The interest will be paid annually by December 31 to another supplementary account   
  • If the pension saving account does not have any transaction within a year, the account should be closed and funds would be transferred to their supplementary accounts immediately in which the account holder may not be informed in advance  
  • If closing the account before 3 months calculated from the opening date, the interest may not be paid
  • If closing the account after 3 months calculated from the opening date while not up to 5 years, the pension savings’ interest would be paid as same as the interest of normal saving accounts, based on each currency deposit and the last notification from the bank at the closing date. At the meantime, the bank may collect back any interest being paid before from the account holder.  
  • If closing the account after 5 years calculated from the opening date while before the agreed date, the interest should be paid contractually but a charge must be applied due to the account being closed before the due date: 100,000 LAK/ 13 USD/ 440 THB/Account/time 
Fees
  • Opening a bank account: 10,000 LAK/ 2 USD/ 50 THB/Account/time
Regulation
  • ​​ The account holder must keep his/her passbook safe, if loss/damage/dirt the holder must inform the bank immediately
  • If issuing a new passbook (loss/damage/dirt), a charge will be applied, according to the current regulations set forth by the bank
  • The passbook is allowed to use only for the account holder, cannot be traded/exchanged