Monthly Profit Withdrawal Term Deposit (MPWTD) is a mode of deposit under Mudaraba principles of Islamic Shariah. It is a profit / loss bearing product. These deposits are repayable subject to a period of notice and hence known as time deposits or time liabilities meaning thereby that these are withdraw able subject to a period of notice and not on demand. Deposits under MPWTD are accepted for different tenures as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management. A receipt is issued against each deposit under MPWTD.
Product Features
- Fully Shari’ah compliant
- Profit is calculated on daily closing balance.
- One time Deposit Account
- Can be opened for minimum 1(One) years or more tenor.
Other Features
- MPWTD Account can be opened in the name of the individually or jointly or institution.Underage or Minor Account may open.
- Any amount of Taka 50,000.00 or its multiple may be deposited in this Account.
- Provisional Profit rate will be applicable as per management decision and circular.
Basic Requirements
- Complete account opening form
- Personal Information of Account Holder
- 2 copies of passport size photograph of Account Holder duly attested by introducer
- 1 copy passport size photograph of nominee duly attested by Account Holder
- Identification proof like National ID Card/Passport/Driving License of Account Holder
- Signature of Introducer (if required)
- Updated TIN Certificate
