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
  • BDT 10,000
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.
Joint Applicant Option
  • Customer can open the MDB Digital FDR Account in the single name. Term Deposit Account name will be as similar as CASA Account Name.
Tenure
  • 1 Month, 3 months, 6 months, 12 months, 18 months & 24 months.
Interest Rate
  • As per Bank prescribed deposit rates or for details click here https://www.midlandbankbd.net/deposit-rates/
Interest Accrual & Payment
  • Interest will be accrued monthly and paid at maturity.
Premature Encashment rule
  • As per premature encashment policy of the bank
Account Closure Process and Fee
  • As per schedule of charges of the bank
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.