• 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.

• This scheme can be opened in single name or in joint names.

• All MDB branches, Sub-branches and Agent Banking Centers.

• 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.

• 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.

• Weighted average

• BDT 25,000.00 (twenty five thousand) and its multiples.

Monthly installment amount will be as per below table.

• 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 will be calculated at the end of month and applied to the account at the year-end or at maturity whichever is earlier.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• There is no maximum limit under this product. But amount has to be BDT 25,000.00 or its multiples.

• 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.