Recently in June 20, 2022 at the event of celebration of Midland Bank Limited (MDB) Managing Director & CEO, Mr. Md. Ahsan-uz Zaman announces two very great products named; 01. Digital Double Benefit Plus Scheme and 02. Double Benefit Plus Scheme for the customer who wants to deposit their savings for the long term with lucrative interest rate.
Here, I want to focus on the pros and cons of Digital Double Benefit Plus Scheme. Midland Bank Digital Double Benefit Plus Scheme is a scheme account which is specially designed for their existing Current Account or Savings Account holder through their internet banking platform, i.e. midland online. The scheme is a monthly interest bearing and yearly interest paying scheme account for any Bangladeshi Citizen.
Remarkable features of MIDLAND BANK DIGITAL DOUBLE BENEFIT PLUS SCHEME:
- Digital Double Benefit Plus Scheme is a scheme account which is specially designed for existing Current Account or Savings Account holders. They have to get registered in ‘midland online’ or Internet banking facility.
- Digital Double Benefit Plus Scheme account will be operated 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). - Minimum primary deposit amount will be 25,000 and multiples.
- Customers can deposit monthly installments through their existing Current Account or Savings Account only.
- More than 01 (one) account can be opened by the same customer.
- Free internet banking facility.
- Free SMS banking facility.
- A loan may be granted up to 90% of the deposited amount.
Read Also: Midland Bank Double Benefit Plus Scheme.
Monthly installment amount:
The monthly installment amount will be fixed in accordance with the customer’s initial deposit amount. Monthly installment will be as per the 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 procedure of DIGITAL DOUBLE BENEFIT PLUS SCHEME:
- 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.
- This scheme can be opened in single name or in joint names. However, the title of the MDB 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”.
- 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 and agreeing with all terms and conditions
Process to fill up digital template first log in to ‘midland online’> Account Services>Schemes>fill up form and submit. - 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.
- Nominee will be as similar as existing MDB CASA account.
- Multiple nominees are allowed as decided by the account holder(s) for each account.
Account Closing procedure:
- At maturity, if system allows then the account will be automatically closed and closing proceeds will be transferred to customers CASA account.
- 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 stakeholder’s assistance to process the encashment application.
- Customers can close the scheme account any time before maturity. In case of premature encashment, ‘Premature Encashment’ rule will be applicable.
- 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
- Matured amount will be paid to customer CASA A/C only.
- On maturity, primarily deposited amount will be doubled and final payment will be made after
deducting taxes & duties applicable as per rules of NBR. - After 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.
- Account closing charge is NIL.
Other rules:
- For any installment failure, late payment fees @ 2% of the 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. Customers will visit the branch and submit closure requests for the closing of the scheme.
- 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.
For further details, you can visit your nearby MIDLAND BANK branch or visit their official website: https://www.midlandbankbd.net/