Midland Bank Double Benefit Plus Scheme of 2022.

Midland Bank Limited introduces a lucrative deposit scheme namely MDB DOUBLE BENEFIT PLUS SCHEME on their ninth anniversary on 20th June 2022. Anyone can open the scheme from the branches and agent banking outlets as well as through internet banking application of Midland Bank Limited. MDB Double Benefit Plus Scheme Account is a scheme account, which comprises of a primary deposit and monthly installment till the maturity period. It is a monthly interest bearing and yearly interest paying scheme account for any Bangladeshi Citizen.

Remarkable Feature of MDB DOUBLE BENEFIT PLUS SCHEME:

1. DOUBLE BENEFIT PLUS SCHEME must be opened in local currency (BDT).
2. This is not a regular Transactional savings scheme.
3. This scheme can be opened in a single name or in joint names.
4. The primary deposited amount will be doubled after 3/4/5/6 years (as preferred by the
   customer).
5. Minimum primary deposit amount will be 25,000 and its multiples. Equal monthly
   installment to be paid till maturity.
6. Customers will deposit monthly installments by linking with their existing individual Savings account or Current Account.
7. More than 01 (one) account can be opened by the same customer.
8. Free internet banking facility.
9. Free SMS banking facility.
10. Loan may be granted up to 90% of the deposited amount.

Read Also: Dwigun Sanchaya Prokalpa – Pubali Bank Limited.

Customers Eligibility:

1. Any Bangladeshi citizen can open this account.
2. In the case of a minor account, legal guardian will operate the account on behalf of the minor until the minor age turned to 18.
3. Account holder(s) may select Multiple nominees for each account.
4. if nominee(s) dies before the maturity of the account and within the lifetime of
   account holder(s) nomination will be canceled. In that case, account holder(s) have to reappoint new nominee(s) by consulting the bank.
5. In the case of minor nominee(s), a legal guardian is also required with a valid photo
   ID and recent photograph.

Monthly installment amount to be deposited:

The monthly installment amount will be fixed in accordance with your initial deposit amount. The monthly installment will be as per the below table.

Required Document

1. Bank’s prescribed Scheme Account Opening Form duly signed by the applicant.
2. Three Passport size photographs of the applicant(s) attested by the introducer
3. Copy of valid photo ID like; Passport, NID, Driving License etc.
4. One PP size photograph of nominee attested by the account holder.
5. Other documents like utility bills may be required by the bank as per the bank’s discretion.

Loan Facility offered:

Loan facility may be granted up to 90% of the deposited amount and loan tenure will be within the maturity period of the account.

Other Instructions/restrictions:

1. 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.
2. If 6 (six) installments become overdue at any point of time, then the scheme will be halted. Customers have to close the account by submitting an application for the closing of the scheme.
3. Maturity time will be 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 have been realized.
4. Customers can close the scheme account any time before maturity. In case of premature
   encashment, Premature Encashment rule will be applicable.
5. 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 rate.
6. Account closure is free of charge.
7. 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/

FAQs: