MDB Saalam Monthly Scheme

Customer(s) will pay certain monthly installment for a definite period and after maturity he/she will be get the entire amount along with profit.
Title Details
Key Benefits
  • This account is in local currency (BDT).
  • This is a Non-Transactional savings scheme account.
  • The profit will be calculated and accrued on a monthly basis and applied to the account on a yearly basis.
  • Customer may deposit monthly instalments through all the available mode of payment.
  • More than 01 (one) account can be opened by the customers.
  • Free SMS banking facility.
Eligibility
  • Any Bangladeshi citizen above 18 years 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.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • BDT 250, BDT 500 or multiple of 500 upto BDT 25,000.
Tenure
  • 3 years / 5 years / 8 years / 10 years
Profit Calculation
  • Profit will be calculated on monthly basis and applied to the account on a yearly basis.
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudarabah
Account Closing / Maturity
  • At maturity, the scheme account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer after deduction of necessary charges.
  • If the customer fails to pay 03 (three) consecutive instalments, the account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer as per “Method & Forfeiture of Earning Profit” criteria and after deduction of necessary charges.
Method & Forfeiture of Earning Profit
  • As per premature encashment policy of the bank
Fees & Charges
  • Government excise duty is applicable.
  • 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.
  • Late fees @ 2% of instalment amount or BDT 200 whichever is higher will be charged per month for failure to deposit the instalment in time.