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DPS – An investment scheme for future savings| Finager.com

Deposit Pension Scheme

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DPS

DEPOSIT DISPUTES REACH RECORD HIGH

According to the Deposit Protection Scheme (DPS) quarterly statistics, the national average of a tenancy deposit in Q2 when renting a home in England and Wales was £970.48 – an increase of 4.47% on Q1 2016.


The costs of moving into a rental property are increasingly on the rise despite campaigns from charity organisations such as Shelter in a bid to cut agent fees to tenants – some charging over £1000 in administrations fees.

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DPS

What is different about the tenancy deposit schemes?

There are several answers to this question.

The first is that there are going, from 1 April 2016, to be two new custodial tenancy deposit schemes. One from TDS and one from My Deposits.

Another is, from 1 April 2016, very little.


In the beginning

When the tenancy deposit schemes first launched in 2007 it was fairly easy.

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DPS

The DPS Insured Scheme

From 1st April 2013, The DPS will be your one-stop shop for tenancy deposit protection, offering a choice of custodial or insurance-based protection. Whether you’re a landlord or an agent, you’ll have peace of mind that your tenant’s deposit will be protected by the largest supplier of deposit protection in the UK.

Computershare are pleased to announce that they have received approval from the Department of Communities and Local Government (DCLG) to operate an ‘insured’ Tenancy Deposit Protection (TDP) scheme and that, subject to the

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DPS

Where do we stand currently with tenancy deposits?

Deposit protection was introduced eight years ago, but some confusion still remains about a landlord’s obligations. In this month’s column, Alex Byard brings us up to date…

As we have discussed many times before, it has been mandatory for residential landlords to protect deposits taken against a new assured shorthold tenancy since April 2007.

It is important to note that the law does not apply to any other types of tenancy, but you cannot contract out of the obligation.

The Basics


For how long a user can deposit his money?

A user can deposit his money 20 year.


Does any loan available against deposited money?

Yes, 80% of the deposited amount can be available as loan amount.


How will the maturity amount be paid to user?

The maturity amount will be paid through user’s account which is linked with deposit scheme.


What is the minimum eligibility for opening DPS scheme?

Applicant must be a Bangladeshi citizen aged between 21 years to 60 years.