MDB Digital Fixed Deposit Account
This is an online based Term Deposit Account that is made to facilitate the customers to open this account from anywhere and anytime through internet through their computer and mobile. The product is designed in such a way that the customers do not need to visit branches or other stakeholders. There would be no traditional FDR receipt for this. Receipt has replaced by FDR acknowledgement/advice.
Title |
Details |
Product Description |
- The Fixed Deposit can be opened through existing MDB online user only;
- This is a non-transactional term deposit account;
- The accounts will be in local currency (BDT);
- Free SMS Banking facility
- Minimum 10,000 BDT and no maximum limit for fixed deposit.
- No Account –opening Form and No Wet Signature are required.
- Virtual banking facility.
|
Eligibility |
- Any Resident Bangladeshi citizen having registered with MDB online facility can open this term 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.
- Proprietorship concern having registered with MDB online facility can open this Term deposit
- Any mandate holder, Partnership concern and any limited or unlimited liability institutions are NOT eligible for this product.
- A CASA account is mandatory to avail the facility.
|
Availability |
- Through MDB online portal of the account holders using their personal computer and mobile applications.
|
Minimum initial deposit 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 terms 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 Term deposit account screening process will be run.
- Before opening the Term deposit account sufficient balance must be ensured by the client.
- Term Deposit Account name will be as similar as CASA Account Name.
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Tenure |
- 1 Month, 3 months, 6 months, 12 months, 18 months & 24 months.
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Interest Rate |
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Interest Accrual & Payment |
- Interest will be accrued monthly and paid at maturity.
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Premature Encashment rule |
- As per premature encashment policy of the bank
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Account Closure Process and Fee |
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Closing proceeds Payment Method |
- 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 Term 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.
|
Bank’s Terms & Conditions |
- Details terms and conditions will be displayed to their MDB online user’s panel before opening the term deposit. It will be required to read and accept before establishing the relationship.
- The Bank reserves the right to change the rules/procedures of the product if deemed necessary.
- Any compliance issue to be ensured as per circulars of the bank as well as Bangladesh Bank from time to time.
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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 |
|
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
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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 |
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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 |
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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).
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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
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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. |