MDB School Saver

DESCRIPTION

MDB School Saver Account is a daily interest bearing and half yearly interest paying sayings account for school/college students.

Title Details
Eligibility :
  • Any Bangladeshi school/college student with photo ID document as applicable for savings account
  • Age bellow 18 years
Availability :
  • All MDB branches
Minimum initial deposit amount
:
  • Tk 2,000/
Interest Calculation
:
  • Interest will be calculated on daily balance of the account. If average balance of the accounts falls below Tk. 2000/-, client will lose the interest for the day.
Interest Accrual &
Payment
:
  • Interest will be accrued on monthly basis and paid half yearly basis.
Key Benefits
:
  • Interest calculated on daily balance
  • Interest is credited to account on half yearly basis
  • No debit card Fee
  • Waiver of account maintenance fee
Joint Applicant Option
:
  • Kids can open account either in the single name or in the joint names.
  • Both applicants must be school/college students, under age 18 year.
Debit Card
:
  • Debit card is mandatory. Card will be issued in the name of the guardian.
Cheque Book
 
  • No cheque book will be issued against the account
Account Maintenance Fee  
  • Waiver of account maintenance fee
Account Closure Fee
 
  • Tk.200 + VAT
Maximum allowed debit transaction per month

 
  • Maximum 4 (four) debit transaction are allowed in a month to qualify interest for the month
Tax, Excise Duty & VAT
 
  • Will be deducted as per NBR rules
Required document
 
  • Bank's prescribed AOF (signed by the applicant)
  • ID card of the school/college
  • Three PP size photographs of applicant(s) attested by bank official/any person acceptable to MDB
  • Intimation of Guardian as per bank's prescribed AOF (Individual information form duly signed by guardian).
  • 2 copies PP size photographs of the guardian.
  • Copy of valid photo ID like: Passport, NID, Driving License etc. of guarding and one copy PP size photograph
  • One PP size photograph of nominee attested by guardian.
Introducer's Eligibility  
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)
Termination or account conversion time  
  • Whenever the account holder become major (become 18 years) the account will be terminated or account will be converted to normal savings account followed by customer request (as per bank discretion)

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