Wage Earner's Development Bond (WEDB)


Introduction

Probashi Wage Earner Development Bond (WEDB) is a product offered by Bangladesh Central Bank for the Non Resident Bangladeshis (NRBs) to invest their hard earned money for earning a safe and tax free income with the assurance of a very steady and lucrative interest rate.

Features and Benefits

  • This bond can be purchased in the denomination of BDT 25000, 50000, 100000, 200000, 500000, 1000000, 5000000.

  • The purchaser can purchase Bond any amount in multiples of BDT. 25,000/- without any maximum limit.

  • The interest rate is 12% per annum payable on half-yearly basis.

  • The tenure is five years.

  • Tax exemption on the principal.

  • Can be used as security for any loan.

  • Death risk benefit up to 40% to 50% (Up to BDT 500,000) of investment.

  • Auto renewal option available.

  • Investors of BDT 80 Million and above shall be treated as CIP.

  • Purchaser of Wage Earner's Development Bond can repatriate the principal amount of the bond in foreign currency.

Applicable Interest Rate

The slabs of the interest rates to be applied are as follows:

Tenure

Applicable Interest Rate

Before 6 Months

No Interest

Above 6 Months to 1 Year

8.70%

Above 1 Year to 1.5 Years

9.45%

Above 1.5 Years to 2 Years

10.20%

Above 2 Years to 5 Years

11.20%

After 5 Years

12.00%


(Interest rate might be reset periodically upon review by Bangladesh Bank)

Required Documents for purchasing Bonds

  • The purchaser must have a photocopy of the relevant pages of the passport with the purchasers name, date of birth, date and place of issue; expiry date, photograph and signature appear (In case of foreign passport holders including the page where it appears “NO VISA REQUIRED TO TRAVEL TO BANGLADESH” )
  • 02 Copy passport sized photographs of the Bond Holder & 2 copy for the Nominee
  • Income source proof documents of the purchaser
  • 03 Copies of Mandate holder photographs, with A/c holder’s signature on the back
  • Duly filled out and signed Mandate holder application
  • Duly Filled out Application for Bonds
  • Duly filled out debit Instruction Form
  • The purchaser must have a FC account for any kind of bond
  • The purchaser of Wage Earner Development & US Dollar Investment Bond must have to maintain a MDB Probashi Savings along with FC account

Steps: Wage Earner's Development Bond (WEDB)

  • Step 1: Download the Wage Earner's Development Bond (WEDB) FORM from the website: www.midlandbankbd.net
  • Step 2: Please fill up the required information and put your sign on it.
  • Step 3: Attach the required documents.
  • Step 4: Please Send the Bond opening Form and required documents through international postal mail to the following address:

  • Midland Bank NRB Banking Services
    Head Office Annex
    Zahed Plaza (Level 10)
    30 Gulshan Avenue
    Gulshan 2, Dhaka 1212
    Bangladesh



    For any clarifications, please e-mail at nrb.banking@midlandbankbd.net

Frequently Asked Questions (FAQs)

Download

 

For details, please feel free to contact any of our MDB NRB Service, Head Office

Download Forms

Download

 

For details, please feel free to contact any of our MDB NRB Service, Head Office

Media Room

Midland Bank NRB Banking Services
Head Office Annex
Zahed Plaza (Level 10)
30 Gulshan Avenue
Gulshan 2, Dhaka 1212
Bangladesh

PBX: (+88) 096 66 410 999 Ext.999-216

nrb.banking@midlandbankbd.net