MDB DIGITAL FAMILY SUPPORT SCHEME DEPOSIT ACCOUNT

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 100,000 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
  • 100,000 BDT (One Lac Taka). No booking in fractional amount.
Maximum Limit of Deposit
  • Any amount multiply with 100,000 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 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.