MDB Digital Monthly Savings Scheme

Midland Bank Ltd. has always been in the upfront of implementing technology based solutions. The Bank offers multiple customized solution to its valued customers to meet their varied demands. MDB DIGITAL MONTHLY SAVINGS SCHEME is one of the lucrative additions to the technological advancement of the Bank which is an online based monthly scheme Deposit Account that is made to facilitate the customers to open this account from anywhere and anytime through internet.


Title Details
Product Description
  • The Monthly Scheme 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 (1st year only);
  • E-statement facility;
  • EMI starting from Minimum 250 BDT, 500 BDT & its Multiple (But limited up to 25000 BDT)
  • 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 this facility.
Availability
  • Through MDB online portal of the account holders using their personal computer and mobile applications.
Minimum Initial Deposit Amount
  • The first instalment amount will be the initial deposit. Initial amount will be minimum BDT 250,BDT 500 & it multiplies up to BDT 25,000.
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 monthly scheme deposit account screening process will be run.
  • Before opening the monthly scheme deposit account sufficient balance must be ensured by the client.
Tenure
  • 3 years / 5 years / 8 years / 10 years