MDB Saalam Term Deposit
This is an Islami Shariah based term deposit account designed for those individuals/institutions who intends to save their earning under Islami principles
| Title |
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Details |
| Eligibility |
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- Any Resident Bangladeshi citizen having registered with MDB online facility can open this term Deposit account.
- In case of minor account. Legal Guardian having registered with MDB online facility can open and operate the account on behalf of the minor until the minor reaches the age of 18.
- Proprietorship concern having registered with midland online facility can open this Term deposit.
- A CASA account is mandatory to avail the facility.
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| Availability |
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- All MDB branches/Uposhakha or Sub Branch/ABC.
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| Minimum initial deposit
amount |
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| Tenure |
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| Profit Calculation |
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- Investment Income Sharing Method (IISR)/ Weightage Average Method ( As per decision of the Bank)
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| Profit Accrual & Payment |
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- Profit will be accrued on monthly basis and applied to the account at maturity
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| Pre-mature Encashment* |
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- As per premature encashment policy of the bank
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| Joint Applicant
Option |
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- Applicant can open account either in the single name or in the joint names.
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| Mode of Shariah |
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| Tax, Excise Duty & VAT |
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- Will be deducted as per NBR rules
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| Required document |
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- Bank’s prescribed MDB Saalam Term Deposit Account Opening Form (AOF).
- The documents required to open this account shall be governed by the MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
- The account opening procedure shall be strictly followed as per MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines that may change from time to time.
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