Mudaraba Term Deposit (MTD) is a mode of deposit under Mudaraba principles of Islamic Sharia. It is a profit / loss bearing account.
Key Features:
- Mudaraba Term Deposit (MTD) is a profit/loss bearing account.
- Deposits are withdraw able subject to a period of notice but not on demand.
- A receipt is issued against each deposit under MTD.
- Tenure: 1 month, 3 months, 100 days, 6 months & 12 months & above as approved by the bank.
- Actual profit on the MTD will be calculated at the year-end on the basis of weightage fixed by the bank.
- Matured deposit if not encashed after maturity, the deposit shall automatically be renewed for the period it kept before.
- Investment Facility can be availed.
- Bank accepts and supports Standing Instructions
Profit Rates |
|
Tenure |
Provisional Rates of Profit |
|
01 month |
6.00% |
|
03 months |
8.00% |
|
100 days |
10.50% |
|
06 months |
10.75% |
|
12 months and above |
11.00% |
Required Documents:
- 2 copies photograph of Client.
- 1 copy photograph of nominee duly attested by Client.
- Identification proof like NID/Passport/Birth Certificate of Client.
- Identification proof like NID/Passport/Birth Certificate of Nominee.
- TIN Certificate of Client (if any).
- Documents/Information related with sources of fund (if any).
