Mudaraba Saving Deposit
Payroll Account

Mudaraba Payroll Account is a one-stop solution for salary/fringe benefit disbursement of the employee of a Corporate/ Financial Institutions/ Public Limited co /Private Limited co/ Educational Institutions/ Club/Associations/Trustee Body/Organizations & similar institution. It is a sub product of Mudaraba Savings deposit account. The accounts are mainly applicable for offered to customers with regular direct salary credits coming into this account. Profit sharing and loss bearing of this account is shared based on Mudaraba principle of Islamic Shariah.

Feature Of MSDP

  •   The Bank will utilize all such deposits as the Bank may deem appropriate in approved Shariah compliant modes of investments.
  •   The Bank pays profit/loss according to Mudaraba Principle on the account as per Bank policy and acts as the Mudarib as well as custodian of money.
  •   Minimum account opening and retention balance is Zero.
  •   Debit Card Issuance Charges- 1st year free.
  •   The account shall not be allowed for overdrawn.
  •   Inter-branch transaction.
  •   Concerned organization shall open an AWCD/MSND at any Branch of the Bank.

Eligibility

Following condition are required to comply to open Payroll Account:

  •   Any Bangladeshi citizen with a minimum age limit of 18 years or above.
  •   Works in an organization that maintains AWCD/MSND account in the bank.
  •   Minimum of 10 employees & average net monthly salary of an employee being Tk.10,000.00.

Mandatory Documents

  •   Account opening form duly fill up and signed by the Account holder
  •   Duly fill up and signed of Specimen Signature Card
  •   Two copies recent passport size photographs of applicant
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of applicant
  •   'Letter of Introduction'/ Appointment letter from the employer organization/Employee ID card
  •   Employer Organization Customer Identification (CIF) number (It shall be used as reference number during account opening to identify the organization wise payroll account)


Additional Documents

  •   One copy of nominee’s recent passport size photograph (signature attested by the applicant)
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of Nominee
  •   Utility copy for proof of address
  •   Tax Certificate (TIN)
  •   Document related to source of fund
  •   Introducer Information (if required)