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Islamic Mode
of Deposit |
Mudaraba Contributory
Savings Scheme (MCSS) |
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This is a Savings Scheme in which a person gets the opportunity to build up
savings by contributing monthly installments and receives an attractive fixed amount at
the end of a specified term. The Scheme is designed to help the fixed income group to save money and build
up a sizable funds with which they can go for some income generating venture to improve
the quality of their life and/or meet any future financial obligations.
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The salient features of the Scheme are given below: |
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01. |
Minimum size of
monthly installment shall be Tk. 500/- and multiplies of Tk.
1000/-. Maximum installment size shall be Tk. 25,000/- |
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02. |
The Deposit shall be for a period of 5 years. |
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03. |
Lump sum amount
shall be paid after maturity or monthly Pension shall be paid
for the next 5 years according to the size of deposit. A brief
chart of lump sum amount and monthly pension installment
payable are shown below: |
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(Amount in Taka) |
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Size of monthly
deposit |
After 5 years the estimated
terminal value according to the size of installment |
Estimated monthly
pension for next 5 years
according to the size of installment |
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500/- |
38,514/- |
813/- |
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1,000/- |
77,027/- |
1,624/- |
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2,000/- |
1,54,054/- |
3,248/- |
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3,000/- |
2,31,081/- |
4,872/- |
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4,000/- |
3,08,108/- |
6,496/- |
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5,000/- |
3,85,135/- |
8,120/- |
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6,000/- |
4,62,162/- |
9,744/- |
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7,000/- |
5,39,189/- |
11,368/- |
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8,000/- |
6,16,216/- |
12,992/- |
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9,000/- |
6,93,273/- |
14,616/- |
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10,000/- |
7,70,270/- |
16,240/- |
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11,000/- |
8,47,297/- |
17,864/- |
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12,000/- |
9,24,324/- |
19,488/- |
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13,000/- |
10,01,351/- |
21,112/- |
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14,000/- |
10,78,379/- |
22,736/- |
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15,000/- |
11,55,405/- |
24,360/- |
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16,000/- |
12,32,432/- |
25,984/- |
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17,000/- |
13,09,459/- |
27,608/- |
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18,000/- |
13,86,486/- |
29,232/- |
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19,000/- |
14,63,513/- |
30,856/- |
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20,000/- |
15,40,540/- |
32,480/- |
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21,000/- |
16,17,567/- |
34,104/- |
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22,000/- |
16,94,594/- |
35,728/- |
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23,000/- |
17,71,621/- |
37,352/- |
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24,000/- |
18,48,648/- |
38,976/- |
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25,000/- |
19,25,675/- |
40,600/- |
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04. |
Deposit under this scheme is
received on Mudaraba Principles of Islamic Shariah. Minimum 65%
of investment income of the deposited fund is distributed among
the Mudaraba depositors. |
| 05. |
Profit Weightage on deposit shall
not be less than 1 (one). |
| 06. |
At present Income Tax on profit will
not be applicable but in future for any change in Govt. rule of
taxation, the Bank reserves the right to deduct Income Tax at
source. |
| 07. |
The depositor will
have the option to choose any installment size at the time of
opening of the Account and will not be allowed to change the
size of installment afterwards. |
| 08. |
Account in the name
of minors can be opened too under the Scheme.
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| 09. |
A person can open more than one account for
different size of installments. |
| 10. |
The specified amount on maturity at any slab
shall be paid after one month from the date of deposit of the final installment.
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11. |
The installment
shall be payable by the 8th day (in case of holiday
the next working day) of every month. Advance payment of any
number of installments is acceptable.
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12. |
Normally no withdrawal shall be allowed before
maturity, if any depositor intends to withdraw his/her savings due to certain
unavoidable reasons before 5 years, he/she will not be allowed
any benefit if the premature encashment takes place before
completion of 1 year. But the depositor shall be allowed profit
on the prevailing Mudaraba Savings Deposit A/C rate after
completion of 1 year from the date of opening of the account. |
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13. |
When a depositor
fails to pay 3 (Three) consecutive installments at any point of
time before 5 years term, the customer will cease to remain
within the purview of the scheme and scheme will be treated as a
Mudaraba Savings Deposit and profit will be paid on the
deposited amount at prevailing Mudaraba Savings Deposit A/C
rate subject to completion of 1 (One) year of its opening. |
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14. |
In case of death of
a depositor, the account will cease to be operative and the
amount deposited so far shall be paid to the nominee, and in
absence of nominee, to the legal heirs of the deceased as per
rules in force. |
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15. |
The Bank at its
discretion may allow inter branch transfer of the A/C under the
Scheme. |
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16. |
The clients are
encouraged to give standing instructions to the Bank to deposit
the monthly installments, debiting their Mudaraba accounts
maintained with the concerned Branch. In that case, no charge
will be realized for such service. |
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17. |
Normally no
statement of account will be served to the depositor, in case of
need of any depositor, charge @ Tk. 10/- per year / per
statement shall be realized as cost of paper. |
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18. |
At the time of
opening account under MCSS customer shall refer his/her Mudaraba
Savings account number for transferring his/her pension amount
or may open Mudaraba Savings A/C at the time of maturity for
getting monthly pension amount. |
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