MDB DIGITAL FAMILY SUPPORT SCHEME

Midland Bank Ltd. has always been in the forefront of implementing technology based solutions. The Bank offers multiple customized solution to its valued customers to meet their varied demands. MDB DIGITAL FAMILY SUPPORT SCHEME DEPOSIT ACCOUNT is one of the innovative additions to the technological advancement of the Bank which is an online based Family Support Scheme Deposit Account that is made to facilitate the customers to open this account from anywhere and anytime through internet. The product is designed in such a way that the customers do not need to visit branches or other stake holders and the customer who is very keen to adopt e-banking technology to cater their various needs. This product is designed for existing internet banking users only.

Title	Details
Product Description	The Digital Family Support Scheme Deposit can be opened by existing MDB online user ONLY CASA Account is mandatory for this This is a non-transactional Family Support Scheme deposit account The accounts will be in local currency (BDT) Free SMS Banking facility Self-generated E-statement facility Minimum 50,000 BDT and No Maximum limit for Family Support Scheme Deposit No Account –opening Form and No wet Signature are required. Virtual banking facility. No traditional Family Support Scheme Receipt.
Eligibility	Any Resident Bangladeshi citizen having registered with MDB online facility can open this Digital Family Support Scheme Deposit account. In case of minor account. Legal Guardian having registered with MDB online facility can open and operate the account on behalf of the minor until the minor reaches the age of 18. ONLY proprietorship concern having registered with MDB online facility can open this Digital Family Support Scheme deposit. Restriction: Any mandate holder, Partnership concern and any limited or unlimited liability institutions are NOT eligible for this product.
Availability	Through MDB online portal of the account holders using their personal computer and mobile applications.
Minimum Initial Deposit Amount	BDT 50,000.00 (Fifty Thousand) only and its multiples
Maximum Limit of Deposit	Any amount multiply with 50,000 BDT. No booking in fractional amount.
Account Opening Process and Required Document	Enrolled MDB online users will log in to their secured web portal and place request through that by filling the digital template and agreeing all the related Digital Family Support Scheme Deposit and conditions therein. No Account opening Form will be required No wet signature will be required. No documentation is required. Existing regular or digital Account’s KYC will serve the requirement. Before opening the Digital Family Support Scheme deposit account screening process will be run. Before opening the Digital Family Support Scheme deposit account sufficient balance must be ensured by the client.
Joint Applicant Option	Customer can open the MDB Digital Family Support Scheme Deposit Account in the single name. Family Support Scheme Deposit Account name will be as similar as CASA Account Name. In this Joint Account Case, Account operating instruction must be EITHER or SURVIVOR and Number of applicants cannot be more than two (02).
Tenure	3 months, 6 months, 12 months, 18 months, 24 months and 36 Months.
Interest	Deposit rates
Interest Accrual & Payment	Interest will be accrued monthly and also paid monthly.
Cheque Book Facility	No Cheque Book will be allowed/issued under this product.
Account Closure Process and Fee	Digital Family Support Scheme Deposit Account holder can be closed at any time by providing online application by their MDB web-portal directly. Or apply through already registered e-mail of MDB online users. Encashment request will duly signed and attached in that email. They will sent e-mail to cos.mdb@midlandbankbd.net Or MDB online users can take their any branch or other stakeholders assistance to process the encashment application. No Digital Family Support Scheme Deposit Receipt or advice will be required for encashment. Account closure Fee is NIL
Closing proceeds Payment Method	Closing proceeds will be credited to the source MDB CASA Account only.
Other Fees & Charges	Government Excise Duty is applicable. Withholding Tax is applicable on the profit earned in the account which will be deducted at source. The operation of MDB Digital Family Support Scheme Deposit Accounts are subject to the laws, banking regulations or banking practices that may change from time to time. All Taxes / Duty / levy and/or any other surcharges presently in force or that may be imposed by the Government of Bangladesh from time to time will be deducted / recovered from the account. As per Schedule of Charges

MDB GIFT CHEQUE

MDB Gift Cheque as a unique instrument replacing traditional gift items or cash, and the recipient will have his/her liberty for encashment, and hence the hassle as well as saves time, for the purchaser.

Title		Details
En-cashibility		En-cashable at any branch using either of the two modes: (a) cash or (b) Fund Transfer
Availability		All MDB branches
Interest Applicable		Interest is applicable only if the instrument is en-cashed after three months from the date of issuance in the following manner: 1. No Interest if en-cashed within three months from the date of purchase. 2. Attractive Interest if en-cashed after three months and within six months from the date of purchase 3. Attractive Interest if en-cashed after six months and within one year from the date of purchase 4. Attractive Interest if en-cashed after one year or more, subject to a maximum period of 02 (Two) years(Interest rate will be reset periodically upon review by Midland Bank Ltd.' s Asset Liability Committee and will be subject to change as per deposit rate sheet)
Encashment		Encashrnent of gift cheque will not be allowed over clearing (BATCH / BEFTN).
Gift Cheque denomination		To be issued in the denomination of Tk.500/-, Tk. 1000/-, Tk. 5000/- (Printed value).
Required document		No documents require for purchase of gift cheque up-to Tk. 10,000/- and any higher value would require KYC.
Service Charge		No service charge is applicable.
Tax, Excise Duty & VAT		Will be applicable as per NBR rules

MDB DOUBLE BENEFIT

  The deposit amount will be doubled after 10 Years 03 months.

Title	Details
Short Description	The deposit amount will be doubled after 10 Years 03 months
Amount to be deposited	BDT 10,000.00 and its multiples.
Taxes	All taxes/duty/levy and /or any other surcharges presently in force or that may be imposed by the Government of Bangladesh from time to time will be deducted/ recovered from the deposit account under this scheme.
Date of Maturity	10 Years 03 months
Age	Any citizen of Bangladesh aged 18-55 years can open this account.
Maturity	On maturity he/she will get double on initial deposited after 9 Years 4 months from the date of opening.
Loan facility	Loan may be granted up to maximum 80% of the deposited amount.
Premature Encashment	In case of premature encashment interest will be paid as per table mentioned in terms & conditions.
Highest amount	BDT 50.00 lakh for Individuals & BDT 5.00 crore for Corporate.
* Product on Hold, no fresh booking is allowed.