MDB Traveller's Savings

MDB Traveller’s Savings Scheme is a short term deposit scheme product designed to facilitate the customers to accumulate fund and plan for a family vacation with the maturity amount of the scheme. The matured amount ranges from BDT 100,000 (One Lac Taka) to 500,000 (Five Lac Taka) (before Tax) and shall be transferred to a complimentary MDB Prepaid Card which shall additionally carry various benefits to make it an attractive package for the customer. The scheme is offered with a wide range of tenor flexibility to meet varied customer needs. This scheme will be very much helpful to implement a future plan successfully by small savings by the depositors.

Title Details
Product Description
  • More than 01 (one) account can be opened by the customers either in the single name or in the joint names.
  • Free internet banking & SMS Alert Service facility.
  • Automatic Fund Transfer (AFT) facility to scheme account from your Current/Savings Account.
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.
Tenure
  • 1 year / 1 year 6 months / 2 years
Maximum Amount at Maturity
  • Up to BDT 500,000 (Five Lac Taka) Only before tax and other charges.
Interest
Account Closing / Method & Forfeiture of Earning Interest
    If the customer intends to withdraw his/her deposit before maturity (i.e. premature encashment) or if the customer fails to pay 03 (three) consecutive installments, the following rules will apply:
  • The account will remain on halt (i.e. no further interest shall be accrued and no further deposits to the account will be allowed) until the customer visits the branch and claims for the amount payable to the customer.
  • If the deposit scheme is en-cashed before 12 (twelve) instalments; No benefit including interest will be given to the depositor and any accrued interest will be reversed in this case.
  • If the deposit scheme is en-cashed after 12 (twelve) instalments (& before maturity of the scheme); the depositor shall receive interest at the prevailing savings account rate.
Fees & Charges
  • The operation of savings scheme accounts are subject to the laws, banking regulations or banking practices that may change from time to time.
  • All taxes / Government Excise Duty 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 will be charged per month for failure to deposit the instalment in time as per MDB rules.
Credit Facility
  • Credit facility can be availed against the facility as per policy.
More MDB Retail Deposit Products