MDB Saalam Double Benefit Plus Scheme

MDB Saalam Double Benefit Plus Scheme Account is a scheme account, which comprises of primary deposit and monthly installment till maturity period. It is a monthly profit bearing and yearly profit paying scheme account for any Bangladeshi Citizen.

Title Details
  • Any Bangladeshi citizen can open this 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.
  • All MDB branches, Sub-branches and Agent Banking Centers.
Product Description
  • This account is in local currency (BDT).
  • This is a Non-Transactional savings scheme.
  • This product is for existing Midland CASA account holders only. They have to get registered in ‘midland online’ or Internet banking facility.
  • The primary deposited amount will be doubled after 3/4/5/6 years approx. (as preferred by the customer) Minimum primary deposit amount will be 25,000 and its multiples. Equal monthly installment to be paid till maturity.
  • Customer will deposit monthly installments through linked individual CASA.
  • 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
  • Bank’s prescribed Saalam Scheme Account Opening Form (AOF).
  • The documents required to open this account and account opening procedure shall strictly follow MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines that may change from time to time.
Profit 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, primary 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 primary deposited amount.
Account Nominee
  • Multiple nominees are allowed as decided by the account holder(s) for each account.
  • In case of minor nominee(s), a legal guardian is also required with Photo graph and photo ID.
Installment Failure & penalty
  • Late payment fee @ 2% of installment amount will be charged per month for failure to deposit the installment in time.
  • If 6 (six) installments become overdue at any point of time, then the scheme will be halted. Customer will visit branch and submit closure request for closing of the scheme.
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 have 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. However, customer can withdraw the maturity amount through Payment Order/Wire Transfer/account transfer also.
  • 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 interest will be paid. If encashed after 1 year and before the expiry, then interest will be paid as per savings a/c interest rate.
Maximum Limit
  • There is no maximum limit under this product. But amount has to be BDT 25,000.00 or its multiples.
Investment Facility
  • Investment facility can be taken up to 90% of the deposited amount under this scheme.Investment facility can be taken up to 90% of the deposited amount under this scheme.