MDB Saalam Digital Double Benefit Plus Scheme

MDB Saalam Digital Double Benefit Plus Scheme Account is a scheme account which will be opened by existing CASA holder through our internet banking platform, i.e. midland online.The scheme is a monthly profit bearing and yearly profit paying scheme account for any Bangladeshi Citizen.

Title Details
  • Any Bangladeshi citizen having Midland Bank CASA Account and that account is registered with MDB online facility, can open this scheme Deposit account.
  • In case of minor account, legal guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
Joint Application
  • This scheme can be opened in single name or in joint names. However, the title of the MDB Saalam Digital Double Benefit Plus Scheme Account will be same as respective MDB CASA Account Name.
  • The operating instruction of the account has to be “Either or survivor”.
  • In ‘midland online’ (under Internet banking).
Product Description
  • This account is in local currency (BDT).
  • This is a Non-Transactional savings scheme.
  • The primary deposited amount will be doubled after 3/4/5/6 years (as preferred by the customer).
  • Minimum primary deposit amount will be 25,000 and its multiples. However, at initial stage, following slabs will be included in ‘midland online’. 25,000/50,000/100,000/200,000/500,000/1,000,000/1,500,000/2,000,000. Later on, if required, more slabs can be included with prior consent of concern business head.
  • Customer can deposit monthly installments through CASA account only.
  • More than 01 (one) account can be opened by the same customer.
  • Free internet banking facility.
  • Free SMS banking facility.
Shariah Mode
  • Mudaraba -

    Mudaraba means a partnership regarding labor & capital, where one partner provides full capital and the other one manages the business. In Mudaraba accounts, depositor authorizes bank to invest the Mudaraba fund at the risk of the depositor. Profit, gained by utilizing the fund, is to be share between depositor & the Bank as per pre-agreed profit sharing ratio. Loss incurred, if any, is to be borne by the depositor. However, if the loss incurred is due to the fault, negligence or non-adherence of the bank then liability of loss is the banks sole responsibility. Customer and Bank must agree on a pre-agreed profit sharing ratio.

Profit Calculation method
  • Weighted average
Primary amount to be deposited
  • BDT 25,000.00 (twenty five thousand) and its multiples.
Monthly amount to be deposited

Monthly installment amount will be as per below table.

Primary Amount Monthly Installment Amount
3 Years 4 Years 5 Years 6 Years
25,000.00 499 326 223 162
50,000.00 997 652 446 323
100,000.00 1,993 1,304 891 645
200,000.00 3,986 2,607 1,782 1,290
500,000.00 9,965 6,517 4,453 3,240
1,000,000.00 19,930 13,034 8,906 6,480
1,500,000.00 29,895 19,550 13,359 9,674
2,000,000.00 39,860 26,067 17,812 12,899
Account Opening Process and Required Document
    Enrolled MDB online users will log in to Midland Online through secured web portal or mobile apps and place request by filling the digital template. Process to fill up digital template log in to ‘midland online’> Account Services>Schemes>fill up form and submit.
  • and agreeing with all terms and conditions therein.
  • No Account opening Form will be required.
  • No signature will be required.
  • No documentation is required.
  • Existing regular KYC will serve the requirement.
  • Before opening the scheme deposit account screening process will be run.
  • Before opening the scheme deposit account sufficient balance must be ensured by the client.
  • Multiple accounts can be opened by the customer.
Interest Accrual & Payment
  • Profit will be calculated at the end of month and applied to the account at the year-end or at maturity whichever is earlier.
Amount Payable
  • On maturity, initially deposited amount may be doubled and final payment will be made after deducting taxes & duties applicable as per rules of NBR. Depending on the business, the amount may be more or less than double of the initially deposited amount.
Account Nominee
  • Nominee will be as similar as existing MDB CASA account.
  • In case of minor nominee(s), a legal guardian is also required with Photo graph and photo ID.
Installment Failure & penalty
  • Late payment fees @ 2% of installment amount will be charged per month for failure to deposit the instalment in time.
  • If 6 (six) installments become overdue at any point of time, then the scheme will be halted. Customer will submit closure request through Midland Online or by visiting nearest bank outlet.
Maturity & Closing
  • 3/4/5/6 years from the date of A/C opening. However, if any installment is pending at the time of maturity then the scheme will be closed after 1 month from the date on which all installments has been realized.
  • Customer can close the scheme account any time before maturity. In case of premature encashment, ‘Premature Encashment’ rule will be applicable.
  • At maturity, if system allows then the account will be automatically closed and closing proceeds will be transferred to customers CASA account.
  • The Scheme can be closed at any time by providing online application through ‘midland online’. Process to submit online closing request log in to ‘midland online’> Account Services>Encashment Services> Select the concern Scheme>Submit
  • Or MDB online users can take any branch or other stake holder’s assistance to process the encashment application.
  • Matured amount will be paid to customer CASA A/C only.
  • Account closure Fee is NIL.
Taxes, Duties and Surcharges
  • 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 deposit account under this scheme.
Premature Encashment
  • If encashed before 1 (one) year then no profit will be paid. If encashed after 1 year and before the expiry, then profit will be paid as per savings a/c profit rate.
Maximum Limit
  • There is no highest limit under this product. But, at initial stage, maximum limit of primary deposit will be BDT 2,000,000.00 which can be enhanced with prior consent from respective business head.
Investment Facility
  • Investment facility can be taken up to 90% of the deposited amount under this scheme.