MDB Saalam Current Account
Any institution and Bangladeshi citizen can open Midland Bank Saalam Current account.
Title |
|
Details |
Eligibility |
|
- Any Bangladeshi citizen above 18 years can open this account
- All sorts of Firms, Institution, Organization and Companies are eligible to open this account.
- Locally incorporated foreign companies, permitted foreign national & institution.
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch/ABC.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- No profit is applied in this account.
|
Key Benefits |
|
- No limit in number and value of transactions
- Free Debit Card facility (1st year only)
- Free Internet Banking facility
- Free SMS Banking facility (1st year only)
- Free online transaction
- Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietor concern
|
Joint Applicant
Option |
|
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
|
Debit Card |
|
- Debit card is mandatory and 1st year free
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- Bank's prescribed AOF (signed by the applicant)
- Two PP size photographs of applicant(s) attested by the introducer.
- Copy of valid photo ID like; Passport, NID, Driving License etc.
- One PP size photograph of nominee attested by account holder
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
|
MDB SAALAM SAVINGS ACCOUNT
This is a Shariah based and daily profit bearing and half yearly profit paying savings account for any Bangladeshi citizen.
Title |
|
Details |
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.
- Non Resident Bangladeshi Citizen and Dual Citizen as well.
- Resident Foreign National.
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch/ABC.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- Profit will be calculated on daily day end balance of the account. If a customer does more than 5 transactions (including transaction over the counter, through internet banking, ATM or POS) in a week, the profit will be forfeited for that month.
|
Profit Accrual & Payment |
|
- Profit will be accrued on monthly basis and paid to on half yearly basis.
|
Key Benefits |
|
- Profit calculated on daily balance
- Profit is credited to account on half yearly basis
- No debit card Fee for 1st year
- Free internet Banking.
- Free SMS banking for 1st year
- Free online banking
|
Joint Applicant
Option |
|
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
|
Debit Card |
|
- Debit card is mandatory and 1st year free
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- Bank's prescribed AOF (signed by the applicant)
- Three PP size photographs of applicant(s) attested by the introducer
- Copy of valid photo ID like; Passport, NID, Driving License etc.
- One PP size photograph of nominee attested by account holder
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
|
MDB Saalam SND Account
MDB Saalam SND account is a profit bearing account for institutions.
Title |
|
Details |
Eligibility |
|
- All sorts of Firms, Institution, Organization and Companies including locally incorporated foreign companies are eligible to open this account.
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch/ABC.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- Profit will be calculated on daily day end balance, accrued monthly and applied (i.e. paid) to the account on half yearly basis.
- If fund is withdrawn without submitting 7 days’ notice, the profit will be forfeited for that particular month.
|
Key Benefits |
|
- Free Debit Card facility (1st year only) for Joint A/C Holders (with proper NOC of Account Holders) and Proprietorship concern
- Free Internet Banking facility
- Free monthly e-statement facility
- Free SMS Banking facility (1st year only)
- Free online transaction
- Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietorship concern
|
Joint Applicant
Option |
|
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
|
Debit Card |
|
- Debit card is mandatory and 1st year free
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- Bank's prescribed AOF (signed by the applicant)
- Two PP size photographs of applicant(s)/signatories attested by the introducer.
- Copy of valid photo ID like; Passport, NID, Driving License etc.
- One PP size photograph of nominee, if applicable attested by account holder.
- Valid Trade License and other Govt. Permission, if applicable.
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
- Socially known person acceptable to the Bank
|
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 |
|
|
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.
|
MDB SAALAM HAJJ SAVINGS SCHEME
Customer(s) can build up money gradually to perform Holy Hajj. Customer(s) will pay certain monthly installment for a definite period and after maturity he/she will 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 |
|
|
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.
|
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 |
|
Details |
Eligibility |
|
- 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.
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch/ABC.
|
Minimum initial deposit
amount |
|
|
Tenure |
|
|
Profit Calculation |
|
- Investment Income Sharing Method (IISR)/ Weightage Average Method ( As per decision of the Bank)
|
Profit Accrual & Payment |
|
- Profit will be accrued on monthly basis and applied to the account at maturity
|
Pre-mature Encashment* |
|
- As per premature encashment policy of the bank
|
Joint Applicant
Option |
|
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- 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.
|
MDB SAALAM HOME FINANCE
SAALAM Home Finance is Purchase/construction/renovation of House/Apartment.
Title |
|
Details |
Feature & Purpose |
|
- Apartment/House Purchase
- House Construction / Renovation / Extension / Completion
- Takeover of existing home finance from any Bank / Financial Institution Investment Amount ranges from BDT 500,000 to BDT 20,000,000.
- Repayment tenure of 3 years to 25 years
- Competitive profit rate
- No Processing fee for Take over amount of home finance from other Banks/ Financial Institutions.
- Early full settlement and partial settlement allowed without any fee.
- Quick processing
|
Eligibility |
|
Experience :
- Salaried Executives: Minimum 3 years experience with 6 months employment with present employer.
- Businessman: Customer must have 3 (Three) years continuous business experience in the same the same nature of business.
- Self Employed (Professional): Customer must have 3 (Three) years professional experience in the same segment.
- Landlord: Minimum 1 (One) year 30% rental income reflection in the Bank account statement is must
|
|
Age :
- Minimum : 21 years
- Maximum : 62 years (For Salaried) and 65 years (For Others) at the end of investment tenor.
|
|
Minimum Gross Monthly Income :
Category |
Minimum Requirement |
Salaried Executives (Govt.) |
Tk. 40,000/- per month |
Salaried Executives (other than Govt.) |
Tk. 50,000/- per month |
Self employed |
Tk. 50,000/- per month |
Businessman & landlord |
Tk. 50,000/- per month |
|
|
Joint Application :
- Joint application is mandatory but limited to family member viz. Spouse, Parents, Siblings (Brothers & Sisters), and Children only
|
Tenure |
|
- Minimum 3 years to Maximum 25 (Twenty Five) years
|
Partial/Early Settlement |
|
|
Taxes, Duty, Surcharges |
|
|
Highest Amount |
|
- Bank will finance maximum 70% of property value or BDT 2.00 crore whichever is lower as per Bangladesh Bank Guidelines (70:30 debt equity ratio)
|
MDB SAALAM AUTO FINANCE
Drive your own car with MDB Saalam Auto Finance.
Title |
|
Details |
Feature |
|
- Car Investment for purchase of brand new or reconditioned car (for private use only)
- Investment Amount ranges from BDT 200,000 to BDT 4,000,000
- Repayment tenure of 12 months to 60 months
- Competitive profit rate
- Early full settlement and partial settlement allowed
- Quick processing
|
Eligibility |
|
Experience :
- Salaried Executives : Minimum 2 years experience with 6 months employment with present employer
- Self Employed : (Doctors, Architects, Engineers, Chartered Accountant and Certified Consultant, IT Professionals etc.) with Minimum 2 years experience
- Business person : Minimum 2 years of involvement in business
- Landlord: Minimum 6 (Six) months 30% rental income reflection in the Bank account statement is must.
|
|
Age :
- Minimum : 21 years
- Maximum : For salaried segment 62 years or retirement date whichever is earlier at investment maturity for salaried segment. For other segment- 65 years
|
|
Minimum Gross Monthly Income :
Category |
Minimum Requirement |
Salaried Executives (Govt.) |
Tk. 20,000/- per month |
Salaried Executives (other than Govt.) |
Tk. 25,000/- per month |
Self employed |
Tk. 30,000/- per month |
Businessman & landlord |
Tk. 40,000/- per month |
|
|
Joint Application :
- Joint application allowed
|
Shariah Mode |
|
|
Tenure |
|
|
Purpose |
|
- For purchasing new or reconditioned car
|
Benefit |
|
|
Taxes, Duty, Surcharges |
|
|
Highest Amount |
|
- Bank will finance maximum 50% of car quotation price or BDT 40 lac whichever is lower
|
MDB SAALAM CONSUMER FINANCE
Title |
|
Details |
Feature |
|
- Investment Amount ranges from BDT 50,000 to BDT 1,000,000 (or 10 times of Gross Monthly Income, whichever is lower)
- Repayment tenure of 12 months to 60 months.
- Competitive profit rate
- Early full settlement and partial settlement allowed without any charge.
- Fully Shariah complied.
- Quick processing
|
Eligibility |
|
Experience :
- Salaried Executives : Minimum 2 years experience with 6 months employment with present employer
- Self Employed : (Doctors, Architects, Engineers, Chartered Accountant and Certified Consultant, IT Professionals etc.) with Minimum 2 years experience
- Business person : Minimum 2 years of involvement in business
- Landlord: Minimum 6 (Six) months 30% rental income reflection in the Bank account statement is must.
|
|
Age :
- Minimum : 21 years
- Maximum : For salaried segment 62 years or retirement date whichever is earlier at investment maturity for salaried segment. For other segment- 65 years
|
|
Minimum Net Monthly Income :
Category |
Minimum Requirement |
Salaried Executives (Govt.) |
Tk. 20,000/- per month |
Salaried Executives (other than Govt.) |
Tk. 25,000/- per month |
Self employed |
Tk. 30,000/- per month |
Businessman & landlord |
Tk. 40,000/- per month |
|
|
Joint Application :
- Joint application allowed
|
Tenure |
|
|
Purpose |
|
- To purchase any Shariah permissible products and consumer durables.
|
Benefit |
|
- No early/partial settlement fee.
|
Taxes, Duty, Surcharges |
|
|
Highest Amount |
|
|
MDB SAALAM BIKE FINANCE
Drive your own bike with MDB Saalam Bike Finance. Only for Female customers.
Title |
|
Details |
Feature |
|
- Investment for purchase of brand new Motor Bike (Motor Cycle).
- Investment Amount ranges from BDT 50,000 to BDT 2,50,000
- Repayment tenure of 06 months to 36 months.
- Competitive Profit rate.
- Early full settlement and partial settlement allowed without any fee.
- Quick processing
|
Eligibility |
|
Experience :
- Permanent Salaried Executives: Minimum 1 year of continuous experience (including probation period) with 6 months employment with present employer.
- Contractual Salaried Executives: Only Medical Representative Officer of reputed pharmaceutical company having 2 years of experience with at least 12 months in current organization
- Self Employed: Minimum 2 years of practice in the profession as per BMDC/Professional Certification.
- Business person: Minimum 2 years of continuous business experience as per Trade License copy
|
|
Age :
- Primary applicant / borrower’s minimum age should be 21 years
|
|
Minimum Net Monthly Income :
Category |
Minimum Requirement |
Salaried |
Tk. 30,000/- per month |
Self Employed/ Businessman |
Tk. 30,000/- per month |
|
|
Joint Application :
- Spouse only
- Total gross monthly income of Principal and Joint applicant should be minimum BDT 30,000 per month.
|
Shariah Mode |
|
|
Tenure |
|
- Minimum 6 months to Maximum 36 (thirty six) months.
|
Purpose |
|
- For purchasing Motor Bike (Motor Cycle)
|
Age of The Vehicle |
|
- Maximum 2 years old model at the time of financing. Electric/ Battery driven Motor Bike is excluded.
|
Benefit |
|
|
Taxes, Duty, Surcharges |
|
|
Highest Amount |
|
- Bank will finance maximum 250,000.00 or 70% of Motor Cycle Price
|
MDB SAALAM ABIRAM ACCOUNT
MDB Saalam Abiram Account is a regular Shariah Based current account & also a non-profit bearing account which can be opened by any SME entrepreneurs, as well as locally incorporated foreign companies.
The benefits of MDB Saalam Abiram Account are highlighted below:
- Shariah Based current account with withdrawal facility
- Free Internet Banking facility
- Free SMS Banking facility (for 1st year)
- Cheque Book facility
- Free Online Transaction
KEY FEATURES ON “MDB SAALAM ABIRAM ACCOUNT”
Title |
|
Details |
Product Description |
|
- This is a transactional current account
- The accounts will be in local currency (BDT)
- Minimum initial deposit of BDT 1000 is required to open the account
- No limit in number and value of transactions
|
Eligibility |
|
- Any SME Entrepreneur, Firm, Institution, Organization, locally incorporated foreign companies, can open this account in the name of business.
|
Profit and its Application |
|
- No profit is applied to this account.
|
Mode Of Shariah |
|
|
MDB Saalam SME Bai Muajjal
Economy and business atmosphere of our country is growing and changing rapidly. To cater the growing demand of Shariah compliant investment opportunity, MDB Saalam has come up with faster & affordable financing solution for Small & Medium Enterprise customers. The ‘MDB Saalam SME Bai Muajjal’ shall fulfill the demand of working capital to its existing & potential customers.
Key features on MDB Saalam SME Bai Muajjal are as follows:
Title |
|
Details |
Name of product |
|
- MDB Saalam SME Bai Muajjal
|
Nature of product |
|
- To finance working capital requirement of Bank’s SME Clients.
|
Mode of investment |
|
|
Target Customers |
|
- MSME entrepreneurs, Organizations any business organization, in need of shariah compliant working facility financing for valid business reason.
|
Amount |
|
- Any amount as per sanction letter.
|
Profit rate |
|
- Profit rate should be as per sanction letter of the client.
|
Tenor |
|
- Depending on cash cycle of the client, the tenor of this facility may vary from 30 days to 360 days.
|
MDB Saalam - SME Shirkatul Melk
Economy and business atmosphere of our country is growing and changing rapidly. To cater the growing demand of Shariah compliant investment opportunity, MDB Saalam has come up with faster & affordable financing solution for Small & Medium Enterprise customers. The ‘MDB Saalam - SME Shirkatul Melk’ shall fulfill the demand of terminating term financing facility to its existing & potential customers for financing projects, fixed assets, machinery, vehicle/ transport for own/ commercial use, take over liability against fixed asset from other banks, etc.
Key features on MDB Saalam- SME Shirkatul Melk are as below:
Title |
|
Details |
Name of product |
|
- MDB Saalam-SME Shirkatul Melk
|
Purpose of the product |
|
- To financing projects, fixed assets, machinery, vehicle/ transport for own/ commercial use, take over liability against fixed asset from other banks, etc.
|
Target Customers |
|
- MSME entrepreneurs, Organizations, any business organization, in need of shariah compliant term financing for valid business reason.
|
Mode of investment |
|
- Hire purchase under Shirkatul Melk
|
Amount of equity financing from Bank’s part |
|
- Maximum Up to BDT. 5.00 Crore
|
Tenor of Investment |
|
- More than 01 year to maximum 8 years.
|
MDB Saalam Current Account - Corporate
Any institution can open Midland Bank Saalam Current account - Corporate.
Title |
|
Details |
Eligibility |
|
- All Private and Public Limited Companies registered under RJSC
- All Government/Semi-Government Organizations
- NGOs
- Company Provident Fund Account, Company Gratuity Fund Account
- Association/Club/Charity account
- Sole proprietorship and Partnership
- Workers Prettifications Fund (WPF)
- Non Individual Customer Segment etc
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- No profit is applied in this account.
|
Key Benefits |
|
- This is a transactional current account
- The accounts will be in local currency (BDT)
- Minimum initial deposit of BDT 1,000.00 is required to open the account
- No limit in number and value of transactions
- Free Debit Card facility (1st year only)
- Free Cheque book (1st year only)
- Free Internet Banking facility
- Free SMS Banking facility (1st year only)
- Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietor concern
|
Mode of Shariah |
|
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
- Socially known person acceptable to the Bank
|
MDB Saalam Term Deposit-Corporate
MDB Saalam Term Deposit-Corporate is a Shariah compliant non-checking term deposit product to be governed by Shariah (Islamic Law) in Mudaraba mode.
Title |
|
Details |
Eligibility |
|
- All Private and Public Limited Companies registered under RJSC.
- All Government/Semi-Government Organizations.
- NGOs
- Company Provident Fund Account, Company Gratuity Fund Account.
- Association/Club/Charity account.
- Sole proprietorship and Partnership
- Workers Prettifications Fund (WPF)
- Non Individual Customer Segment etc
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branch.
|
Minimum initial deposit
amount |
|
|
Tenure |
|
|
Profit Calculation |
|
|
Profit Accrual & Payment |
|
- Profit will be accrued on monthly basis and applied to the account at maturity
|
Mode of Shariah |
|
|
Account Maintenance Fee |
|
|
Account Closure Fee |
|
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
|
Introducer's Eligibility |
|
Introducer is not required for existing customer. For new customers, introducer is required. Following persons can act as introducer:
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
- Socially known person acceptable to the Bank
|
Pre-mature Encashment* |
|
- As per premature encashment policy of the bank
|
MDB Saalam SND Account - Corporate
MDB Saalam SND Account - Corporate is a profit bearing account for institutions.
Title |
|
Details |
Eligibility |
|
- All Private and Public Limited Companies registered under RJSC.
- All Government/Semi-Government Organizations.
- NGOs
- Company Provident Fund Account, Company Gratuity Fund Account.
- Association/Club/Charity account.
- Sole proprietorship and Partnership
- Workers Prettifications Fund (WPF)
- Non Individual Customer Segment etc
|
Availability |
|
- All MDB branches/Uposhakha or Sub Branches.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- Profit will be calculated on daily day end balance, accrued monthly and applied (i.e. paid) to the account on half yearly basis.
|
Key Benefits |
|
- This is a Transactional account
- The account will be in local currency (BDT)
- Minimum initial deposit of 5,000.00 is required to open the account
- Free Cheque Book (1st year only)
- Free Debit Card facility (1st year only) for Sole Proprietorship Account Holder
- Free Internet Banking facility
- Free SMS Banking facility (1st year only)
- Free monthly e-statement facility
- Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000 and it is also applicable for Individual, Joint A/C Holder & Proprietorship concern. However, it can be increased at the request of the customer
|
Mode of Shariah |
|
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
- Socially known person acceptable to the Bank
|
MDB Saalam e-Saver ACCOUNT
This is a paperless savings account made to facilitate the individual customers to engage in banking network using his or her NID (National Identity Card) only. Deposit accounts constitute a significant portion in the Deposit Portfolio of a Bank and therefore it will help the Bank to slowly acquire deposit from the depositors and convert it into a considerable portfolio after a certain point in time.
Title |
|
Details |
Eligibility |
|
- Any Resident Bangladeshi citizen aged minimum 18 years & above can open the account.
- Minor can open this account along with legal guardian having NID card only.
|
Availability |
|
- All branches, sub-branches & ABC of MDB.
|
Minimum deposit
amount |
|
|
Joint Applicant Option |
|
- Customer can open the MDB Saalam e-Saver Account either in the single name or in joint names but every applicant must have NID as a proof of identity./
|
Profit Calculation |
|
|
Key Benefits |
|
- This is a shariah based transnational savings account
- Account opening through thumb impression & face recognition technology,Paper less Instant Account opening with National ID card only.
- Free VISA Debit Card facility (1st year only)
- First Cheque book issuance is free
- Free Internet Banking facility
- Free SMS Banking facility (1st year only)
- Free monthly e-statement facility
- Monthly profit on daily deposit
|
Mode of Shariah |
|
|
Account Maintenance Fee |
|
- As per schedule of charges of the bank.( Same as MDB Saalam Savings Account)
|
Account Closure Fee |
|
- As per schedule of charges of the bank.( Same as MDB Saalam Savings Account)
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Introducer's Eligibility |
|
- No Introducer Required for MDB Saalam e-Saver account as per Bangladesh Bank e-KYC guideline.
|
MDB Saalam Probashi Savings Account
Midland Bank Saalam Probashi Savings Account is a savings account in local currency for the NRBs who are residing abroad and want to save their hard-earned money. This is a monthly profit bearing and half yearly profit sharing savings account.
Title |
|
Details |
Eligibility |
|
- For any Non Resident Bangladeshi Citizen
|
Availability |
|
- All MDB branches/Uposhaka or Sub Branch/ABC/ PBS Contact points.
|
Minimum initial deposit
amount |
|
|
Profit Calculation |
|
- Profit will be calculated on daily balance of the account. If EOD balance of the accounts falls below Tk 5,000/-, client will lose the profit for the day.
|
Profit Accrual & Payment |
|
- Profit will be accrued on monthly basis and paid on half yearly basis.
|
Key Benefits |
|
- Profit calculated on daily balance
- Profit is credited to account on half yearly basis
- No debit card Fee for 1st year
- Free internet Banking.
- Free SMS banking
- Free online banking.
- 1st cheque book is free
|
Joint Applicant
Option |
|
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
|
Debit Card |
|
- Debit card is available and 1st year free.
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- 2 copies Passport size photographs of applicant (s)
- Photocopy of the relevant pages of the passport where the customer(s) name, date of birth, date and place of issue, expiry date, photograph and signature appear
- Photocopy of valid Visa/work permit.
- In case of foreign passport attested photocopy of “no visa required for travel to Bangladesh’ page required.
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
|
MDB Saalam Corporate Payroll Package
This is a Shariah based salary account for employees of different institution.
Title |
|
Details |
Eligibility |
|
- Only employees of concerned organization (organization having agreement for salary disbursement) having monthly earning over BDT 10,000/- can open the account.
|
Availability |
|
- All MDB branches/Uposhaka or Sub Branch/ABC.
|
Minimum initial deposit
amount |
|
- No minimum balance required/
|
Profit Calculation |
|
- Profit will be calculated on daily day end balance and will be credited to monthly.
|
Key Benefits |
|
- Profit calculated on daily balance
- Profit is credited to account at the end of each month.
- Debit card fee is waived but re-issuance fee will be as per Schedule of Charges (SOC) of MDB.
- Free internet Banking.
- Free SMS banking
- Free online banking.
- 1st cheque book is free
|
Mode of Shariah |
|
|
Debit Card |
|
- Debit Card is available at the request of the customer and fee is waived but re-issuance fee will be as per Schedule of Charges (SOC) of MDB.
|
Cheque Book |
|
- Branch will issue cheque book against the account.
|
Account Maintenance Fee |
|
- As per schedule of charges of MDB
|
Account Closure Fee |
|
- As per schedule of charges of MDB
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
Required document |
|
- Bank's prescribed AOF (signed by the applicant)
- Three PP size photographs of applicant(s) attested by the introducer.
- Copy of valid photo ID like; Passport, NID, Driving License etc.
- One PP size photograph of nominee attested by account holder.
- Letter/certificate from concerned organization.
|
Introducer's Eligibility |
|
- Any existing MDB Bank account holder or
- Any MDB officials (including Direct Sales Officer)
|
MDB SAALAM ABIRAM PLUS ACCOUNT
MDB Saalam Abiram Plus Account is a regular Shariah Based profit bearing current account which can be opened by any SME, Firm, Institution, Organization as well as locally incorporated foreign companies.
The benefits of MDB Saalam Abiram Plus Account are highlighted below:
- Shariah Based profit bearing current account with withdrawal facility
- Free Internet Banking facility
- Free SMS Banking facility (for 1st year)
- Cheque Book facility
- Free Online Transaction
KEY FEATURES ON “MDB SAALAM ABIRAM PLUS ACCOUNT”
Title |
|
Details |
Product Description |
|
- This is a Shariah compliant profit bearing transactional current account
- The accounts will be in local currency (BDT);
- Minimum initial deposit of BDT 1000 is required to open the account;
- No limit in number and value of transactions
- Free Internet Banking facility;
- Free SMS Banking facility (1st year only);
|
Eligibility |
|
- Any SME Entrepreneur, Firm, Institution, Organization, locally incorporated foreign companies, can open this account in the name of business.
|
Profit and its Application |
|
- Profit to be calculated on day end balance and will be credited to depositor’s account on half yearly basis.
|
Mode Of Shariah |
|
|
MDB SAALAM STHAEE
MDB Saalam Sthaee is a Shariah compliant non-checking term deposit product to be governed by Shariah (Islamic Law) in Mudaraba mode. MSME, different organizations, institutions and non-corporates bodies as specified in customer segment are the target customers of this product
Title |
|
Details |
Availability |
|
- All MDB branches, Uposhakha and Agent Banking Centers
|
Minimum initial deposit amount |
|
|
Tenure |
|
|
Profit calculation |
|
|
Profit Accrual & Payment |
|
- Profit will be accrued on monthly basis and applied to the account at maturity
|
Mode of Shariah |
|
|
Tax, Excise Duty & VAT |
|
- Will be deducted as per NBR rules
|
MDB Saalam Digital Hajj Savings
This is an online and Shariah based monthly savings scheme that is made to facilitate the customers to open this account from anywhere and anytime through internet by using computer or mobile app.
Title |
Details |
Key Benefits |
- The Hajj Savings Scheme Deposit can be opened through existing MDB online user only
- This is a non-transactional deposit account
- The accounts will be in local currency (BDT)
- E-statement facility
- EMI starting from minimum 250 BDT, 500 BDT & its multiple (But limited up to 25000 BDT)
- No account opening form and no signature are required.
|
Eligibility |
- Any Bangladeshi citizen having registered with MDB online facility can open this account
- A MDB Saalam CASA account is mandatory to avail this facility
|
Availability |
- Through MDB online portal of the account holders using their personal computer and mobile apps.
|
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 yearly basis by using Weightage Average Method.
|
Joint Applicant Option |
- The title of the MDB Saalam Digital Hajj Savings Scheme Account will be same as respective MDB Saalam CASA account name.
|
Mode of Shariah |
|
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.
|
MDB Saalam Digital Monthly Savings
This is an online and Shariah based monthly savings scheme that is made to facilitate the customers to open this account from anywhere and anytime through internet by using computer or mobile app.
Title |
Details |
Key Benefits |
- The Monthly Scheme Deposit can be opened through existing MDB online user only
- This is a non-transactional deposit account
- The accounts will be in local currency (BDT)
- E-statement facility
- EMI starting from minimum 250 BDT, 500 BDT & its multiple (But limited up to 25000 BDT)
- No account opening form and no signature are required.
|
Eligibility |
- Any Bangladeshi citizen having registered with MDB online facility can open this account
- A MDB Saalam CASA account is mandatory to avail this facility
|
Availability |
- Through MDB online portal of the account holders using their personal computer and mobile apps.
|
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 yearly basis by using Weightage Average Method.
|
Joint Applicant Option |
- The title of the MDB Saalam Digital Monthly Savings Scheme Account will be same as respective MDB Saalam CASA account name
|
Mode of Shariah |
|
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.
|
MDB Saalam Digital Savings
This is an online and Shariah complied Savings Account designed in such a way that the customers can open this account from anywhere and anytime through internet via the Bank’s website (www.midlandbankbd.net). Customers do not need to visit branches except to make cash or cheque deposits as per their choice and convenience.
Title |
Details |
Key Benefits |
- The account can be opened through MDB website
- This is a Transactional savings account
- The accounts will be in local currency (BDT)
- No initial deposit is required
- Free Debit Card facility (Lifetime)
- Free Internet Banking facility
- Free SMS Banking facility (1st year only);
- Free monthly e-statement facility
- Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer
- Daily Debit Card transaction limit (up to 10 transactions, ATM + POS)
- 50% waiver on Foreign Currency endorsement
- A one time in person meeting is needed for introduction and obtaining original ID documents as per BANGLADESH BANK regulation. If within 35 KM of any of our Branches, Banking Booths or Agent Banking Centres, one of our staff will visit you. If outside 35 KM, the one time visit to any of our offices is needed for introduction and submission of original ID documents.
|
Eligibility |
- Any Resident Bangladeshi citizen can open this account.
|
Joint Applicant Option |
- Customer can open the MDB Saalam Digital Savings Account either in the single name or in joint names.
|
Availability |
- Through MDB website (www.midlandbankbd.net)
|
Minimum Initial Deposit Amount |
- There is no initial deposit required to open the account. However, to request/issue a debit card, the customer needs to maintain a minimum deposit of BDT 1,000.
|
Account Opening Process and Required Document |
- Bank’s prescribed online Account Opening Form (AOF) that will be available in MDB website (www.midlandbankbd.net).
- 02 (Two) passport size photographs of account holder(s) attested by the introducer
- 02 (Two) passport size photographs of Legal Guardian attested by the introducer (applicable for minor account)
- Photocopy of valid Photo ID: Passport/National ID/ Birth Certificate (supported by valid Photo ID to be obtained as per BFIU, Bangladesh Bank guideline) of the account holder(s)/Legal Guardian attested by the introducer.
- 01 (one) passport size photograph of nominee(s) attested by account holder(s).
- Photocopy of valid Photo ID: Passport/National ID/ Birth Certificate (supported by valid Photo ID to be obtained as per BFIU, Bangladesh Bank guideline) of the nominee(s)/legal guardian (if any) attested by the account holder(s).
- The account opening procedure shall be strictly followed as per MDB Branch Operations Manual and Bangladesh Bank guidelines that may change from time to time.
|
Mode of Shariah |
|
Profit Rate and Profit Sharing Ratio |
- The provisional profit rate and profit sharing ratio will be reset periodically upon review by MDB’s Asset Liability Committee (ALCO) and will be subject to change as per deposit rate sheet. However the original profit rate will be determined at the end of the year
|
Profit Accrual, Payment & Forfeiture Rules |
- Profit will be calculated on End of Day (EOD) balance of the account and applied to the account on a monthly basis.
- The customers may withdraw fund any time without losing profit on the End of Day (EOD) balance. However, if a customer does more than 10 transactions (either through ATM or POS) in a day, the profit will be forfeited for the month.
|
Debit Card |
- Debit Card is MANDATORY. However, to request/issue a debit card, the customer needs to make an initial deposit of minimum BDT 1,000. The annual fees for the debit card is waived for LIFETIME. However, for any card replacement (lost/stolen/damaged), the customer needs to pay as per “Schedule of Charge” of the Bank.
|
Cheque Book |
- No Cheque Book will be allowed/issued under this product
|
Internet Banking Facility |
- Internet Banking Facility (midland online) is MANDATORY for all the accounts under this product.
|
Account Maintenance Fee |
- As per schedule of charges of MDB
|
Account Closure Fee |
- As per schedule of charges of MDB.
|
Tax, Excise Duty & VAT |
- Will be deducted as per NBR rules
|
MDB Saalam Digital term deposit
This is an online and Shariah based term deposit (FDR) that is designed in such way that customers can open this account from anywhere and anytime through internet.
Title |
Details |
Eligibility |
- Any Resident 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.
- All sorts of Firms, Institution, Organization and Companies having approval from proper authority in Bangladesh are eligible to open the account.
|
Availability |
- Through MDB online portal of the account holders using their personal computer and mobile apps.
|
Minimum initial deposit amount |
|
Tenure |
|
Mode of Shariah |
|
Profit calculation |
|
Profit Accrual & Payment |
- Profit will be accrued on monthly basis and applied to the account at maturity.
|
Pre-mature Encashment* |
- As per premature encashment policy of the bank
|
Joint Applicant Option |
- Applicant can open account either in the single name or in the joint names.
|
Tax, Excise Duty & VAT |
- Will be deducted as per NBR rules
|
MDB Saalam Digital Family Support
This scheme is designed in such a way that customers do not need to visit any branch or outlet of the bank but can open it from anywhere, anytime throughout the world. Customers just need to login midland online (internet banking) to open the scheme and start earning monthly profit from the next month.
Title |
Details |
Eligibility |
- Any Resident 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.
|
Availability |
- Through MDB online portal. Existing account holders can open these scheme by using their personal computer/mobile application.
|
Amount |
- BDT 50,000.00 (Fifty Thousand) only and its multiples
|
Tenure |
- 3/6/12/18/24 & 36 months.
|
Profit calculation |
|
Profit Accrual & Payment |
- Profit will be calculated at the end of month and applied to the account on the specific date (on which the account was opened) of each month until the scheme becomes matured.
|
Pre-mature Encashment* |
- As per premature encashment policy of the bank.
|
Joint Applicant Option |
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
Tax, Excise Duty & VAT |
- Will be deducted as per NBR rules.
|
Required document |
- Bank’s prescribed MDB Saalam Family Support Opening Form (AOF).
- The account opening procedure and required documents to open this account shall be governed by the MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
|
MDB Saalam Family Support
This is an Islami Shariah based term deposit product designed for those individuals who likes get monthly return for their invested money under Islami principles.
Title |
Details |
Eligibility |
- Any Resident 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.
|
Availability |
- All MDB branches/Uposhaka or Sub Branch/ABC.
|
Amount |
- BDT 50,000.00 (Fifty Thousand) only and its multiples
|
Tenure |
- 3/6/12/18/24 & 36 months.
|
Profit calculation |
|
Profit Accrual & Payment |
- Profit will be calculated at the end of month and applied to the account on the specific date (on which the account was opened) of each month until the scheme becomes matured.
|
Pre-mature Encashment* |
- As per premature encashment policy of the bank.
|
Joint Applicant Option |
- Applicant can open account either in the single name or in the joint names.
|
Mode of Shariah |
|
Tax, Excise Duty & VAT |
- Will be deducted as per NBR rules.
|
Required document |
- Bank’s prescribed MDB Saalam Family Support Opening Form (AOF).
- The account opening procedure and required documents to open this account shall be governed by the MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
|
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.
>
Eligibility |
|
- 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.
|
Availability |
|
- 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 preferredby 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 |
|
|
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.
|
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.
Eligibility |
|
-
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”.
|
Availability |
|
- 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).
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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.
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Shariah Mode |
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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.
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Profit Calculation method |
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Monthly amount to be deposited
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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 |
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Account Opening Process and Required Document
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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.
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Interest Accrual & Payment |
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Profit will be calculated at the end of month and applied to the account at the year-end or at
maturity whichever is earlier.
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Amount Payable
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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.
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Account Nominee |
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- 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.
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Installment Failure & penalty |
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Late payment fees @ 2% of installment amount will be charged per month for failure to deposit
the instalment in time.
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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.
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Maturity & Closing |
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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.
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Customer can close the scheme account any time before maturity. In case of premature
encashment, ‘Premature Encashment’ rule will be applicable.
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At maturity, if system allows then the account will be automatically closed and closing proceeds
will be transferred to customers CASA account.
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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.
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Taxes, Duties and Surcharges |
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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.
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Premature Encashment |
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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.
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Maximum Limit |
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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.
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Investment Facility |
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- Investment facility can be taken up to 90% of the deposited amount under this scheme.
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