MDB Digital Probashi Savings

This is an online Savings Account developed to facilitate the Non-Resident Bangladeshi (NRB) customers to open this account from anywhere and anytime through internet via the Bank’s website (www.midlandbankbd.net). The NRB customers who are working abroad and would like to save their earnings in Bangladesh for their family and for future benefits can open this account through MDB Website and avail the benefits. The product is designed in such a way that the customers do not need to visit branches except to make cash or cheque deposits as per their choice and convenience.

Title Details
Product Description
  • The account can be opened through MDB website.
  • The account will be opened in local currency (BDT).
  • No initial deposit is required.
  • Free Debit Card facility (Lifetime).
  • Free Internet Banking facility.
  • Free SMS Banking facility (1st year only).
  • Free monthly e-statement facility.
  • Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer.
  • Daily Debit Card transaction limit (up to 10 transaction, ATM + POS).
Eligibility
  • Any Non Resident Bangladeshi (NRB) residing abroad/Returning NRB can open this account.
Availability
  • Through MDB website (www.midlandbankbd.net).
Minimum Initial Deposit Amount
  • There is no initial deposit required to open the account.
Account Opening Process and Required Document
  • Bank’s prescribed online Account Opening Form (AOF) that will be available in MDB website (www.midlandbankbd.net).
  • 2 copies of passport sized photographs of the Applicant
  • Applicant Identification documents:
  • In case of Bangladeshi Passport, photocopy of valid passport (first 2 pages) with identification information.
  • In case of foreign passport, photocopy of the pages containing identification information and picture of the Applicant and the page that have the NVR seal /“No Visa Required for Travel to Bangladesh” will be additionally required.
  • In case of Bangladeshi Passport, photocopy of valid passport (first 2 pages) with identification information.
  • Valid Residency Proof Documents:
  • In case of Bangladeshi Passport, photocopy of valid Visa / Work Permit / Green Card / Residence Permit (if it is in any other language other than English, no translation is required).
  • Address Proof documents : (Any of the following document will suffice)
  • Work ID.
  • Utility Bill.
  • Pay Slip / Job Contract Letter.
  • Driving License.
  • Government issued ID Card.
  • Credit Card Bills.
  • Rent Receipts / Contracts.
  • Health Card.
  • Overseas Bank Statement.
  • Source of Income Proof documents: (Any of the following document will suffice)
  • Pay Slip / Job Contract Letter.
  • Overseas Bank Statement.
  • Overseas TAX Certificate.
  • Any other valid document acceptable to the Bank.
  • Nominee Identification Document:
  • Any Valid Copy of Photo ID of the Nominee(s).
  • Nominee photo: 1 passport sized photograph for each Nominee(s) attested by account holder.
  • Note: The account opening procedure shall be strictly followed as per MDB Branch Operations Manual and Bangladesh Bank guidelines that may change from time to time.
Document Endorsement and Attestation Process
  • If the Applicant is requesting to open the account from overseas, then all the photocopied documents should be endorsed / attested and the documents must be sent directly to the Bank’s Head office International Division/Desired Branch address..
  • The attestation can be done from the below organization by taking sign with seal of the respective official of that organization on the above photocopied document (‘Original Seen’ marking):
  • Bangladesh High Commission.
  • Any MDBL affiliated Exchange House.
  • Any reputed Bank’s branch.
  • Notary public in his/her currently residing country*.
  • * Notarization should be in a verifiable format
Joint Applicant Option
  • Customer can open the MDB Digital Probashi Savings Account either in the single name or in joint names.If anyone wants to open a joint account, the mode of operation of the account will be “Either or Survivor”.
Joint Applicant’s Required Documents
    In case of the joint Applicant is a Non Resident Bangladeshi:
  • The similar documentations mentioned for the Applicant would need to be obtained.
  • In case of the Joint Applicant is a Resident Bangladeshi:
  • National ID/ Passport Copy.
  • Photocopy of valid Photo ID: Passport/National ID/ Birth Certificate (supported by valid Photo ID to be obtained as per BFIU, Bangladesh Bank guideline) .
  • Photo: 2 passport sized.
  • Address proof documents i.e. any utility bill, lease agreement.
Interest Accrual, Payment & Forfeiture Rules
  • Interest will be calculated on End of Day (EOD) balance of the account and applied to the account on a monthly basis.
  • The customers may withdraw fund any time without losing interest on the End of Day (EOD) balance. However, if a customer does more than 10 transactions (either through ATM or POS) in a day, the interest will be forfeited for the month.
Cheque Book Facility
  • No Cheque Book will be allowed/issued under this product.
Debit Card Facility
  • Debit Card is MANDATORY. If the customer requests for a Debit Card, the account must be activated first by fulfilling all the necessary criteria as per the Bank’s requirements and the customer must have an available balance of at least BDT 1,000.
  • The annual fees for the Debit Card is waived for LIFETIME. However, for any card replacement (lost/stolen/damaged), the customer needs to pay as per “Schedule of Charge” of the Bank.
  • The Debit Card and its PIN will be sent to the customers’ foreign address through 2 different couriers in different days through reputed insured courier services. However, the customer must bear the courier charge (at actual) if s/he wishes to get it delivered it to the desired foreign address.
  • The customer can also choose to avail the card while s/he will be available in Bangladesh to physically collect the Debit Card and it’s PIN.
Debit Card Transaction Limit
  • The Debit Card transaction limit is restricted to 10 transactions in a day. However, the customer may request to increase the number of transaction limit in a day based on his/her requirement. In that case, the interest will be forfeited (for more than 10 transaction in a day) for the month.
  • A customer can withdraw up to BDT 50,000 through ATM and up to BDT 50,000 through POS in a day. However, the customer may request to increase/decrease the limit as per their convenience.
  • The above transaction limits must be supported by the Transaction Profile (TP) declared by the customers.
Internet Banking Facility
  • Internet Banking Facility (midland online) is MANDATORY for all the accounts under this product.
Account Maintenance Fee
  • BDT 300 plus VAT applied to the account on half yearly basis.
Account Closure Fee
  • BDT 300 plus VAT.
Other Fees & Charges
  • Government Excise Duty is applicable.
  • Withholding Tax is applicable on the interest earned in the account which will be deducted at source. The operation of MDB Digital Probashi Savings 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.