The "MBL Nari Sanchaya Prokolpo" is a monthly installment-based savings deposit product exclusively designed for women to empower them in their journey towards financial independence. It offers flexibility in terms of tenure and installment sizes, making it accessible to women from all walks of life. This product is tailored to meet diverse financial needs, including education, entrepreneurship, marriage, travel, asset acquisition, and social support. Furthermore, it offers attractive benefits with a focus on fostering saving habits and providing women with a reliable financial avenue.
Objectives
- Encouraging women customers to save regularly through offering a dedicated savings product exclusively designed for them.
- Strengthening the bank's commitment to social responsibility by empowering women and supporting their financial independence.
- Develop long-term relationships with women customers by providing personalized financial solutions and nurturing their trust in the bank.
- Drive financial inclusion by providing accessible and inclusive financial services to women from all walks of life.
- Leverage the positive impact of women's financial empowerment on the overall economy and society.
Eligibility Criteria
- Gender: The product is exclusively available for women.
- Age: Women between the ages of 5 to 65 years are eligible to apply.
- In the case of minors (aged bellow 18 years), either the father or mother or a legal guardian will be responsible for opening and managing the account.
- Identification: Valid identification documents such as national ID card, passport, or driver's license are required.
- Residential Status: Both residents and non-resident Bangladeshis are eligible to open the account.
- Compliance: The applicant should meet the necessary regulatory and compliance requirements.
Availability (Location)
The "MBL Nari Sanchaya Prokolpo" product will be available to eligible women customers across all branches, sub-branches, and agent banking outlets of Mercantile Bank Limited throughout Bangladesh.
Modes of the Product
- Monthly Installments: Customers can choose from a range of monthly installment sizes. The available options are 500, 1000, 1500, 2000, 2500, 5000, and in multiples of 10000 up to BDT 50000. This allows customers to select an installment amount that suits their financial capacity and savings goals.
Tenure
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Simple Interest Rate
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5 Years
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8.50%
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10 Years
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15 Years
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20 Years
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Main Features:
- Individual customers are entitled to open multiple accounts under the "MBL NariSanchayaProkolpo" and can hold several accounts individually. Joint account options are not available.
- Tenure options include 5 years, 10 years, 15 years, and 20 years.
- Monthly installment options are as follows: BDT 500, 1000, 1500, 2000, 2500, 5000, and in multiples of 10000 up to BDT 50000.
- The monthly installment is to be paid within the 15th day of each month.
- In case of delay in payment, a Late Payment Interest Adjustment (LPIA) of 5% of the installment amount will be charged for each month of default.
- If consecutive three months of default occur, the account will be closed.
- The account will mature upon completing the specified number of years (5/10/15/20) on the same date it was opened.
- In case of premature encashment:
- The account holder will not receive any interest before completing 1 year.
- After completing one year, the account holder will receive the regular Savings Bank Account's interest rate for each subsequent complete year.
- In the case of premature encashment of accounts opened for longer tenures (10 years, 15 years, or 20 years), the account holder will receive the benefits for any completed in-between tenure and the regular Savings Bank Account's interest rate for each subsequent complete year.
- No interest will be paid for a fractional year if the account is prematurely encashed.
- Tax, excise duties, and any other levies will be deducted from the account balance as per the prevailing government rules and regulations.
- The account offers SOD (Secured Overdraft) facilities, allowing customers to borrow up to a maximum of 80% of the deposited amount. The lending rate for SOD will be 3% higher than the deposit rate.
Currency Exchange Rate