Objective

• Automated Transferring of fund to MSS Account;
• Introducing Maintenance Fee free Account;
• Build up habit of savings

Benefits

• Customers will get relief from waiting in queue to deposit MSS installment;
• Free from overdue burden and risk of 03(Three) consecutive installments failure which may lead to force encashment to the MSS;
• Customers will be entitled for a significant amount through forced savings without any change in the living style;
• It is convenient for remote living customer to continue MSS account by making payment through EFTN or Exchange house.

Interest Rate

• 1.00% (1.00% less than the regular SB rate)

Features

• Interest shall be calculated and accrued monthly and credited to the account in half-yearly basis.
• If account balance falls below BDT 10,000.00 on or after 5th day of the month, then no interest will be paid.
• If withdrawal in account is more than twice in a week or amount withdrawn in a single Payment Order/EFTN exceeds 25% of balance of the account, then no interest will be paid.
• Interest will be calculated on the minimum balance from 5th day to last day of the month on monthly basis.
• Govt. Tax/VAT is to be realized from the account holder as per government instruction.
• No Cheque Book or Debit Card will be issued for this account. Payment will be made through Payment Order (PO) or EFTN;
• The Savings Account will be closed after the maturity or encashment of MSS Account. But as per customer’s request, the Savings Account can be migrated to conventional SB account.