MDB Probashi Savings is a savings account in local currency for the NRBs who are residing abroad and want to save their hard-earned money to utilize in Bangladesh. This is an interest bearing Taka account in which interest is paid twice a year.
No physical presence is required; Can be opened from abroad by sending duly completed AOF and all the required documents to Midland Bank NRB Banking Services.
This is an interest bearing taka account in which interest is paid twice in year.
No initial deposit required for opening this account.
Interest calculated on the daily average balance.
Higher interest rate on maintaining a certain balance in the account.
Free VISA Debit card facility.
24X 7 access to largest network of VISA ATM and POS.
No ledger fees/relationship charge (For the First year).
Free Internet banking facility with fund transfer facility.
E-commerce transactions can be also done through Internet Banking.
Free SMS or Alert Banking (For the First year).
Free Cheque Book Facility (For First Order).
Account can be operated through mandate agreement.
Dedicated email ID for any account related queries.
Many lucrative investment and savings products can be linked with this account.
Note: If the Applicant is requesting to open the account from overseas, then all the photocopied documents should be attested. The attestation can be done from the below organizations by taking sign and seal of the respective official of that organization on the photocopied documents (‘Original Seen’ marking):
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Q 1: What is MDB Probashi Savings?
Answer: It is an exclusive savings Account for the NRB’s that adds interest on daily basis and pays out on half yearly basis.
Q 2: What is the eligibility of a Client to open this account?
Q 4: What are the Slabs of Interest Rates?
Answer: The slabs of the interest rates to be applied.(Interest rate will be reset periodically upon review by Midland Bank Ltd.' s Asset Liability Committee and will be subject to change as per deposit rate sheet)
Q 5: What are the unique features of this product?
Q 6: What about Interest Accrual & Payment Procedure?
Answer: Interest will be calculated on daily average balance of the account and paid on half yearly basis. *
*If the End of Day balance of the accounts falls below BDT 5,000.00, then for that particular day there will be no accrual of interest.
Q 7: What is the maximum allowed debit transaction per month to qualify for interest?
Answer: Maximum number of debit transactions allowed to qualify interest for the month is 10 (Ten).
Q 8: What about Tax Deduction on Interest?
Answer: Interest is tax deductible as per NBR rules.
Q 9: What about Excise Duty & VAT?
Answer: Excise Duty and VAT will be deducted as per NBR rules.
Q 10: As it is a NRB Account, then should not be the TAX, Excise Duty & VAT waived?
Answer: No, only income TAX is waived for NRBs. The tax on interest and excise duty and VAT for the deposited would be applicable as per NBR rules.
Q 11: Is there any option for repatriating the amount deposited in the MDB Probashi Savings to the overseas account directly?
Answer: Yes. Direct repatriation is possible with required regulatory approval.
Q 12: What are the points of Account opening?
Q 13: What would be the sending address if the customer is sending the account opening request from abroad?
Midland Bank NRB Banking Services
Head Office Annex
Zahed Plaza (Level 10)
30 Gulshan Avenue
Gulshan 2, Dhaka 1212
Q 14: What are the documents required for opening the account?
Answer: Bank prescribed account opening form duly filled up
Note: If the Applicant is requesting to open the account from overseas, then all the photocopied documents should be attested. The attestation can be done from the below organization by taking sign with seal of the respective official of that organization on the above photocopied document (‘Original Seen’ marking):
* Notarization should be in a verifiable format
Q 15: Does the MDB Probashi Savings have joint application option?
Answer: Yes, Can be done.
Q 16: Who can be Joint Account Holder?
Answer: Any NRB/ Resident can be Joint Account Holder.
Q 17: What are the documents required for the Joint Account Holder?
Q 18: Who will fill up Transaction Profile Portion?
Answer: Client will fill up Transaction Profile (TP) at the time of opening of accounts mentioned in the account opening form.
Q 19: What about Nomination & deceased Account?
Q 20: Can Mandate be assigned for MDB Probashi Savings?
Answer: Yes, one mandate holder can be assigned by the account holder/s for each account.
Q 21: Who can be assigned as a Mandate Holder?
Answer: Any Resident can be authorized as a Mandate Holder by the Account Holder/s to do the legitimate transactions into his/her account in absence of him/her in the country.
Q 22: If the MDB Probashi Savings is a Joint Account, then can any of the accountholder assign a Mandate Holder to the account?
Answer: All Joint-accountholders are required to sign regardless of mode of operation.
Q 23: What will be the authority for the Mandate holder to operate the account?
Answer: The Mandate holder can only do the legitimate debit and credit transactions. Any other account related operational issues i.e. any static data change request, Term deposit issuance/closure request, account closure, Internet banking /sms banking subscription request, Dormant/Inactive account activation request, Debit card issuance/renewal, cheque book renewal, statement request cannot be done through Mandate Holder or on the request of Mandate Holder.
Q 24: What are the documents required for assigning a Mandate Holder to MDB Probashi Savings?
Answer: The following Documents should be collected:
Q 25: Can the Mandate Holder be authorized for using cheque book & Debit Card?
Answer: The Mandate holder can be authorized to use Account Holder’s cheque book only.