MDB Interest First

MDB Interest First is a non-transactional account that a customer uses for interest earning in advance and savings purposes. The unique feature of this product is that interest is given upfront, at the time of opening the fixed deposit. Interest (after the adjustments of Government tax as per prevailing Bangladesh Bank Guideline on the interest amount) is immediately transferred to the link CASA account as per the bank prescribed Interest Rate Matrix.

Title Details
Product Description
  • Interest is determined upfront
  • It pays the interest instantly. Instant payment of interest to the agreed rate will be paid immediately upon opening the account.
  • Minimum deposit amount will be BDT 100000/- (Taka One Lac) only.
  • A CASA account is mandatory for this plan.
  • Any Resident Bangladeshi Citizen can open this account.
  • Legal guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
  • All sorts of Firms, Institution, Organization and Companies having approval from proper authority in Bangladesh are eligible to open the account.
  • All The Branches/ Sub Branches/Agent Banking Centres
  • 3/6/12/18/24 Months
Minimum initial deposit amount
  • BDT 1 Lac & Above
Account Opening Process and Required Document
  • Bank's prescribed AOF (signed by the applicant).
  • One Passport size photograph of applicant(s) attested by the introducer.
  • Copy of valid photo ID like; Passport, NID, Birth Certificate with any photo ID of account holder(s) and nominee(s) (and legal guardian-if any).
  • One Passport size photograph of nominee(s) (and legal guardian-if any) attested by account holder(s)
Joint Applicant Option
  • Customer can open the Deposit Account either in the single name or in the joint names.
Key Benefits
  • Interest paid in advance. can be further invested.
  • Customers can enjoy Secured Overdraft facility up to 80% of the Fixed Deposit Face value.
  • Credit facility is applicable for institutional customers and retail customers whose age is 18 years and above.
Interest Rate
Premature Encashment rule
  • As per premature encashment policy of the bank
Account Closure Process and Fee
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 Interest First is 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 MDB Interest First. 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.