Deposit Products
Al-Wadeeah Current Deposit Account
Nature of the Product:
Fund received by banks from the depositors/customers with clear permission to utilize/invest the same its own responsibility under obligation to return the entire money on demand by the customer as and when required. In this principle Islamic banks are treated as a keeper and trustee of funds as Al-Amana (on Trust). Islamic banks would not share any profit or loss earned/incurred out of using of this fund by the bank.
Key Features:
- Institution and individual are eligible to open this account.
- No withdrawal and deposit limit.
- No profit or loss is calculated.
- Depositor enjoys right to draw any amount on demand.
- The depositors have to pay govt. taxes and other charges, if any.
- Cheque book facility.
- Pay Order, e-statement facility, Standing Instruction, 24/7 Call Centre.
- Tax, VAT, Excise Duty and other levy will be deducted at source as per Government declaration.
- Fund transfer facility from Islami banking Branch to any other branches of the bank.
- Cost free half-yearly and yearly account statement and balance confirmation certificate.
- Locker service facility.
Mandatory documents:
- Duly filled up account opening form.
- Copy of valid Photo ID for Applicant & Nominee (such as Passport / National ID / Driving License etc).
- Photocopy of Trade License/ MOA
- Photograph of the applicant duly attested by the introducer.
- Photograph of the nominee duly attested by the applicant.
- Copy of e-TIN Certificate.
- Resident address verification document (eg. Utility Bill).
Mudarabah Savings Deposit (MSD)
Nature of the Product:
Mudarabah Savings Deposit (MSD) Account is operated under the Mudarabah principles. It is a partnership contact between the Bank and the Client. The client provides fund and the bank does business complying the Shari’ah Principles. Earned profit distributed among the partners as per pre-agreed ratio and loss (if any) goes to the account of the depositor.
Key Features:
- Individuals are preferred for this account.
- Age minimum 18 years old, below 18 years account will be opened with legal guardian as a authorized signatory; it will be treated as a Minor account.
- Profit bearing account.
- Provisional Profit will be distributed on half yearly basis. Final profit is credited to the account after finalization of the Balance Sheet of the Bank.
- Dual Currency Debit Card.
- Full access to ONE Bank APP
- Full access to Internet Banking.
- Full access to OK Wallet (MFS)
- Cheque book facility
- Pay Order, e-statement facility, Standing Instruction, 24/7 Call Centre
- Fund transfer facility through BEFTN, RTGS
- Locker service facility
- Tax, VAT, Excise Duty and other levy will be deducted at source as per Government declaration.
- Online Banking Facility available for easy and convenient banking.
Mandatory documents for all:
- Duly filled up account opening form.
- Copy of valid Photo ID for Applicant & Nominee (such as Passport / National ID / Driving License etc).
- Photograph of the applicant duly attested by the introducer.
- Photograph of the nominee duly attested by the applicant.
- Copy of e-TIN Certificate.
- Resident address verification document (Utility Bill).
Mudarabah Short Notice Deposit (MSND) Account
Nature of the Product:
Mudarabah Short Notice Deposit (MSND) Account bears the combined character of Al-Wadeeah Current Account and Al-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.
Key Features:
- Institution and individual are eligible to open this account.
- Profit is allowed.
- Depositor enjoys right to draw any amount on demand.
- Provisional Profit will be distributed on half yearly basis. Final profit is credited to the account after finalization of the Balance Sheet of the Bank.
- Dual Currency Debit Card.
- Full access to ONE Bank APP & Internet Banking.
- Cheque book facility.
- Pay Order, e-statement facility, Standing Instruction, 24/7 Call Centre.
- Fund transfer facility through BEFTN, RTGS.
- Locker service facility.
- Tax, VAT, Excise Duty and other levy will be deducted at source as per Government declaration.
- Online Banking Facility available for easy and convenient banking for Client’s.
Mudarabah Term Deposit
Nature of the Product:
Mudarabah Mudaraba Term Deposit (MTD) is a profit sharing product. The bank receives deposit on Mudarabah principle and invests it in Halal (permissible in Isalmic Shariah) business. Profit is shared as per pre-agreed ratio and loss if any, goes to the account of the depositor.
Key Features:
- Deposit tenor is 1, 3, 6, 12, and 24 months.
- Premature encashment is allowed with due profit reduction.
- Quard & Murabaha Investment facility against MTD is available.
- Profit Sharing & Loss Bearing.
- Auto- Renewal Facility.
Mudaraba Deposit Pension Scheme (MDPS)
Nature of the Product:
Planed savings in the job life brings financial security and peace of mind in the retired life. Many of those presently engaged in job, trade and business, other professions and earn limited perquisite, suffer financial constraint in the retired life. For bringing smile in the life of these peoples AL NOOR ONE Bank Islami Banking Branches has introduced Mudaraba Pension Deposit (MPD) Scheme. Deposit is received here on monthly basis and profit is paid on yearly basis.
Key Features:
- Any adult Bangladeshi citizen can open this account.
- Account may also be opened in the name of minors.
- One or more account may be opened in a single name.
- Non-resident Bangladeshies also can open this account.
- Tenor of the deposit is 3, 5, 8, 10, 12 and 15 years.
- Profit is applied considering weightage at higher side.
- After maturity total amount with profit can be drawn at a time or on installment basis in pension for a certain period.
- No Closing fee/No Early Closing fee
Mudaraba School Banking Account
Nature of the Product:
Mudaraba School Banking Account is a Savings Deposit Account opened under the Mudaraba principle of Islamic Shari’ah. Mudaraba School Banking Deposit accounts are mainly meant for school going children who have some potential savings with small number of transactions asking place. This account is to be treated as “Minor Account”.
Key Features:
- Minimum opening balance is BDT 100.00
- Account Maintenance Fee is Free
- Cheque Book will not be applicable for this account.
- VISA Embedded Debit Card will be issued in the name of Student/ Children.
- Withdrawal limit is ATM & POS – BDT 2,000.00 (Daily) May be extended to BDT 5,000.00 upon guardian’s written request
- Debit Card Issuance/Replacement/Pin reissue/ Renewal Charges is Free
Requirements for opening:
- Passport size photograph (Student – 2 copies & Nominee – 1 copy)
- Account holder’s birth certificate.
- ID card of the educational institute.
- Reference letter from the institute.
- Attested copy of the last month tuition fee.
- Photocopy of Parents National ID/Passport.
- Duly filled KYC form for both student and guardians individually.
- Both the student and guardian must be Bangladeshi citizen.
Mudarabah Monthly Income Deposit Scheme
Nature of the Product:
Depositors who need monthly return on deposit such as Retired Service Holders, Idle Fund Holders who have no scope to invest in business are entertained in this scheme. Different organization/firms can also open MMIDS account. The depositor avail profit at the end of month at the provisional rate. Provisional profit is adjusted after declaring final rate to depositors account.
Key Features:
- The client has to open a link account to transfer profit.
- Tenor of deposit is 1, 3 & 5 years.
- Premature encashment is allowed with due reduction of profit.
- Auto- Renewal Facility
AL NOOR Mudaraba Ratib Payroll Account
Nature of the Product:
AL NOOR Mudaraba Ratib Payroll Account is a benefit-rich Mudaraba Savings Account in Taka for a salaried employee. This is a salary account in which the employer will credit / remit the salary of their employees on pay day at regular basis during the service period with the employer.
Key Features:
- A standard Mudaraba Savings Account with debit card and cheque book.
- Free Internet Banking & SMS Banking.
- Reduced Maintenance Fee.
- First Cheque Book Free.
Requirements for opening:
- Photograph of Account Holder – 02 (Two) copies
- Photocopy of Valid NID / Passport / Driving License
- Photograph of Nominee – 1 copy
- Photocopy of Valid NID/Passport/Driving License of Nominee
- Copy of Utility Bill
- Photocopy of Employee ID
- Salary Certificate / Pay Slip
Mudarabah Hajj Deposit
Hajj is one of the five pillars of Islam. It is compulsory for capable Muslim men and women to perform the Holly Hajj at least once in lifetime. It needs big amount of money to perform the job. It is too hard for the limited earning peoples to manage so big amount at a time. Our Mudaraba Hajj Deposit (MHD) Scheme has opened a close door for them. In this scheme the depositor may open an account for a period between 1-15 years. Installment size is fixed forecasting the amount may be needed at the end of the tenor.
Key Features:
- Any adult Bangladeshi citizen can open this account.
- Account may also be opened in the name of minors.
- One or more account may be opened in a single name.
- Non-resident Bangladeshis also can open this account.
- Profit is applied considering Income Sharing Ratio (ISR) at higher side.
- After maturity total amount with profit can be drawn at a time for performing Hajj. If closing amount does not serve Hajj expenditure, the client will manage the deficit amount.
Mudaraba Imraah Monthly Savings Scheme
Nature of the Product:
“Mudaraba Imarrah Monthly Savings Scheme” is a designed by ONE Bank (Islamic Banking Operations) for help the female employees of all races & communities maximization their wealth by providing remarkable return of their savings.
Key Features:
- No cheque book will be issued under the scheme.
- The savings period is for 3,5,8,10 & 12 years.
- Monthly installment is Tk. 200.00 and multiple of Tk. 500.00.
- The savings amount is to be deposited within the 10th of every month. In case of holidays the deposit amount is to be made on the following day.
- The deposits may also be made in advance.
- The depositor can have a separate account in the bank from which a standing instruction can be given to transfer the monthly deposit to the scheme account.
Mudaraba Waqf Cash Account
Nature of the Product:
Waqf Cash provides a unique opportunity for making investment in different charity activities related to religious, educational and social services. Savings made from earning by the well off and the rich people of the society can be utilized in our organized manner. Income earned from these funds will be spent for different charitable purposes mostly administered under the waqf estate/properties authority itself.
By opening a Mudaraba Waqf Cash Deposit Account someone can get an opportunity to do welfare to the mankind through Sadaqa-e-Jariah ((صَدَقَةُ جَارِيَةُ ONE Bank Limited urges to all religious & affluent persons of the society to come forward to mobilize Waqf Cash Deposit so that the profit may be utilized for the wellbeing of mankind
Product Type:
- Mudaraba Term Deposit (Auto Renewal) &
- Mudaraba Savings Account
Account Types:
- Specific Account (MTD/MSA) i.e. Account in the name of individual(s) or organization(s)
- General Account (MSA) i.e. A Single Account multiple depositors
Key Features:
- Both individual and organizations. In case of individual the account can be opened for deceased person by his/her heirs, In the following manner,
Mudaraba Waqf Cash Deposit Account:
- A person or organization can open this account with an initial deposit of Tk.5000.00 with a declaring of total Waqf amount.
- Account can be opened in joint name and can be operated Singly/Jointly/Either or Survivor.
- Title of the account can be different from Account holder/ Waqif/ Fund Provider. This account can be opened in the name of a deceased person also. In that case Account holder/ Waqif/ Fund Provider will sign the AOF and operate the account. Organization can also open this account.
Mudaraba Waqf Cash General Account:
- This is a collection account opened by the Bank in Islami Banking Branches to collect waqf deposits from various customer segments (persons / organizations).
- Income Sharing Ration between Client and Bank is 62:38, provisional profit rate will set by the bank at the time of booking.
- Profit will be calculated on Day End Balance, Profit will be liquidated at Monthly in MWCA product. But beneficiaries' accounts will be credited as per instruction of Waqif (Account Holder) i.e. Monthly, Quarterly, Half-yearly or Yearly basis.
Mudaraba Millionaire Scheme
Nature of the Product:
Mudaraba Millionaire Scheme is an installment based deposit scheme for deposit purpose to build up a sizable fund equivalent to a Million of Taka after the contracted period including Principle plus Profit before deduction of tax on Profit.
Key Features:
- Halal way or without Riba (profit or usury) transaction
- Attractive provisional rate of profit.
- No cheque book will be issued under the scheme.
- The savings period is for 3, 5, 8, 10 & 12 years.
- Bank reserves the right to change the weight age of deposit and percentage of distribution of Investment Income.
- The savings amount is to be deposited within the 10th of every month. In case of holidays the deposit amount is to be made on the following day.
- Advance payment for any number of installments will be received by the bank but profit will be allowed there-against considering the installment deposited for each succeeding month.
- The depositor can have a separate account in the bank from which a standing instruction can be given to transfer the monthly deposit to the scheme account.
- The depositor (except minor) can avail investment facility upto 90% of deposited amount after completion of 01 (one) year subject to application of normal terms & conditions of investment the Bank.
Product Specific Rules & Regulations:
- Profit shall be calculated on daily balance of deposit but applied once in a year i.e. at the end of the year.
- If a depositor fails to deposit any installment in time, he/she will be penalized with 2.00% per month on outstanding installment amount and must pay the installment(s) due as well as penalized amount with the subsequent installment.
- If the depositor fails to deposit 03 (three) consecutive installments at any point of time, it will cease the right of depositor to remain within the purview of the account and profit against balance of deposited amount will be allowed as per terms & conditions for premature encashment.
- In case of death of account holder(s), the account will be in-operative and the entire deposited amount with profit (if applicable) shall be paid to the nominee or the legal guardian of minor nominee(s) as mentioned in the account opening form. If the nominee is minor, the same shall be paid to the legal guardian of the minor. In other cases, the amount shall be released as per rules in force.
- Bank reserves right to change/amend/alter/modify the Income Sharing Ratio (ISR), profit distribution principles or any of the rules of the scheme from time to time as per Bank's standard & policy.
General Conditions for Mudaraba Deposit Accounts:
- The law, rules and regulations of Bangladesh, usual customs and procedures common to Banks in Bangladesh will apply to and govern the conducts of the account opened with the Bank.
- Any person opening an account will be deemed to have read, understood and accepted the rules governing the account.
- Commissions/service or maintenance of account charges will be levied by the Bank as determined by the Bank from time to time and as per Bangladesh Bank regulation.
- The Bank reserves the right to close any account without giving prior notice if the conduct of the account is unsatisfactory in the opinion of the Bank or for any other reason(s) whatsoever.
- As required by law, while opening this account we will satisfy ourselves about the identity, including verification of address, of person(s) or entity seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of the banking system.
- The manner of calculation of profit is based on Income Sharing Ratio (ISR) principle though a Provisional Profit rate will be declared at the time of booking. At the end of the year final rates shall be declared & necessary adjustment shall be done.
- At the time of booking a deposit, explicit maturity instructions are sought from the customer i.e. Credit to linked account or auto renewal on maturity.
- In the absence of specific instructions from the customer, a Mudaraba Term Deposit on maturity is automatically renewed for the same period at the rate of profit prevailing on the date of maturity. As a measure of good customer service, the Bank may intimate the depositor in advance regarding date of maturity.
- Profit on overdue deposit is paid at a rate equivalent to the profit applicable on Savings account deposits prevailing from time to time during the period from the date when deposit has become overdue till the date of payment. This is, decided by the Bank from time to time.
- Govt.income tax, Excise duty etc. will be deducted as per regulations.
- Comprehensive Terms and Conditions, for all relevant Current, Savings guidelines & local regulations, are available with our branches as the website.
