Mudaraba Special Notice Deposit Account

Mudaraba means an arrangement in which a party participates in a venture as provider of fund and another as a Fund Manager. In Mudaraba accounts the party providing the fund (i.e. the depositor) shall be termed as Rab-al-Mal / Saheb-al- Mal (Owner of the fund) and the Bank will be the Mudarib (Manager/ Organizer of the fund). The Bank is authorized to invest the Mudaraba fund in Shariah compliant mode at the risk of the depositor (Rab-al-Mal).

Mudaraba Special Notice Deposit (MSND) Account bears the combined character of Al-Wadiah Current Account and Mudaraba Savings Account. MSND account holder gets profit in this account and enjoys drawing facility. MSND account serves the purposes of those firms or individuals have handsome fund at the same time needs frequent deposit and withdrawal facility.

Eligibility for opening the account

Mudaraba Short Notice Deposit (MSND) Accounts are suitable for business transactions because of no restriction on withdrawal and deposit either in amount or in frequency. Branch may open a MSND Account in the name of:

  • Sole Proprietorship Concern         
  • Partnership Firm         
  • Banks/NBFIS/NGOs         
  • Govt. / Semi-Govt. Offices / Corporations / Autonomous bodies.
  • Limited Companies (Both Private and Public)
  • Societies / Clubs / Associations / Local Bodies
  • Others upon prior approval of Management

Features of Mudaraba Special Notice Deposit Account

  • Free Cheque Book (1st time only) and free online banking service all over the country.
  • The account holder in any time can close the operation of his account after surrendering his cheque book & submitting the application duly signed on realization of closing charge.
  • During banking hour multiple deposit & withdrawal by cheque is permitted and all clauses of Negotiable Instrument Act will be applicable.
  • Bank statement/ balance confirmation certificate is generally issued twice (half yearly and yearly) in a year without any cost. Account statement is also provided to clients demand on realization of specified charges.
  • Charges/Govt. levy/Tax/VAT is to be realized from the account as per government/Head Office instruction.
  • Minimum Balance Fee / Incidental charge / Ledger Fee / Service Charge is not applicable for MSND account.
  • Initial deposit for opening of a new MSND Account at any branch is BDT 50,000.00 (Fifty thousand) or as fixed by Head Office from time to time.
  • Provisional profit of MSND account will be calculated on daily basis. However, earned provisional profit is to be credited on half yearly basis.

Provisional Profit Rate  

The total profit is calculated and distributed as per yearly declared ratio, which is currently 65% (Depositor): 35% (Bank).The bank as the Mudarib, every year declares a provisional rate of profit to be given to the depositor, which will be adjusted with the actual profit work out on year ending.

Other Rules & Conditions

  • Bank, for opening of new MSND account may accept introduction from well transacted CD / SND / SB Account holder or by HOB/MOP/GB In-charge of the Branch.
  • Customers must be provided at least 7 (Seven) days prior notice to withdraw money from the MSND account.
  • A penalty will be charged to the customer at the discretion of the HOB, each time a cheque is returned unpaid for want of funds in the account.
  • The bank reserves the right to close any MSND account with prior notice.
  • More than one MSND account cannot be opened for same customer.
  • In case of closure of MSND account, schedule of charges will be applicable respectively for the account holder.
  • Provisional profit on MSND account will be calculated as per opening / starting date of the account for the respective month. But no provisional profit is payable in MSND A/C for the month when balance in the account falls below BDT 100,000.00 (one lac) on any day during the month. Provisional profit rate of MSND account may be varied with the volume of balance in the account as prescribed by Head Office from time to time.

Mudaraba Special Notice Deposit (MSND) Provisional Profit Rate

1 lac to less than 1 crore 1 crore to less than 25 crore 25 crore to less than 50 crore 50 crore to less than 100 crore 100 crore and above
2.00% 2.25% 3.00% 4.00% 4.50%
Weightage 0.50        

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