Different Deposit Products of SIBL
1. Al-Wadiah Current Account:
AL-WADIAH Deposit is accepted on AL-WADIAH principles which mean al Amanah with permission to use. The Bank commits to refund money deposited in these Accounts on the demand of customers. On the other hand the Bank takes permission from customers that the Bank may utilize their money.
Key Features:This account is suitable for Proprietorship Business, Public & Private Limited Company, Partnership Company and Institutions.
No profit is disbursed in these Accounts and depositors do not bear any loss.
2. Mudaraba Notice Deposit A/c.
Mudaraba Short Notice Deposit (MND) is a profit bearing Mudaraba deposit intended for business organizations or individuals whose transactions are frequent but does follow a pattern.
It enables to operate a kind of Current Account which incurs profit.
7 to 30 days advance notice required for withdrawal
Like in other Mudaraba deposit products, depositor act as the capital supplier of the investment and the Bank acts as the investor/mudarib.
3.Mudaraba Savings Deposit Account:
Mudaraba savings account is opened under the Mudaraba principal of Islami Shariah. Under the above principal the clients is the Shaheb-Al Mal and the Bank is Mudarib. Mudaraba Saving’s accounts are mainly meant for Non-Trading customers who have some potential saving with small no. of transactions taking place.
SIBL Super Savings Account:
Social Islami Bank Limited has introduced a special savings account named “SIBL Super Savings Account “for women and Senior Citizens of the country aged 55 years & above.
Profit will be paid on daily balance basis.
01% more Profit than Mudaraba Savings account.
18 years & above women, doctors and teachers also can open this account.
4. Mudaraba Term Deposit Receipt (MTDR)
Mudaraba Term Deposit Receipt (MTDR) is a profit bearing account which offers returns by depositing money for fixed period of time based on Mudaraba concept.
It is a profit / loss bearing account.
It generally opened for-
5.Mudaraba Monthly Profit Scheme(MMPDR)
Mudaraba Monthly Profit Deposit Scheme offers profit to the customers who intend to meet the monthly budget of their families from the income out of their deposit.
Customers can lead a tension free life as their monthly expenses can now easily be met by this scheme as they shall be entitled to a fixed amount of profit per month by depositing a fixed amount.
SIBL Astha is the most popular MMPDR of SIBL. Which motto is count your profit in every month end, meet your expenditure more comfortably.
Tenure -01 year.
Other MMPDR :
Shuborno Lata- Specially for women
Shobuj Chaya-Specially for Senior Citizens
Mudaraba Monthly Profit Deposit Scheme (01 year, 3 years).
6.Mudaraba monthly deposit Scheme
Mudaraba monthly deposit scheme A/c. opened on monthly installments basis.
After maturity of the account, the account holder will be paid his deposited amount with profit earned at a time or on installment basis.
The parents or legal guardians shall be allowed to open this account jointly with a minor.
Different types of Mudaraba monthly deposit scheme of SIBL:
SIBL Super DPS- (Mudaraba deposit Pension Scheme)
Sabuj Chhaya – Special Savings Scheme for Senior Citizens.
Sonali Din- Mudaraba deposit Pension Scheme
Shukher Thikana- Special Savings Scheme for lower-income group workers
Suborno Rekha-Special Savings Scheme for Women
Mudaraba Bashsthan Savings Scheme- This scheme is designed specially for the person who had a dream to be the owner of a house or apartment.
7. Other special types of Deposit A/C :
Cash Waqf A/c.
Mudaraba Zakat Savings Scheme (Proshanti)
Mudaraba Hajj Savings ( Kafela)
Mudaraba Mohorana Savings A/c.
SIBL Student Account.
Cash Waqf A/c.
SIBL has introduced Cash Waqf Certificate, a new product for the first time in the Banking history so that a new beginning can be made for a participatory economy.
This scheme has been well received by the public in general for its unique features.
SIBL as a pioneer of this innovative Cash Waqf product of social capital mobilization has received both local & international accreditation.
By opening a Cash Waqf Deposit A/C someone can get an opportunity to do welfare to the mankind through Sadaka-e-Jariah.
Two types of Cash-Waqf A/Cs are:
Mudaraba Cash Waqf Account (MCWA)
Mudaraba Cash Waqf Savings Account (MCWSA)
2.Proshanti – Mudaraba Zakat Savings Account
Zakat is the third pillar out of five basic pillars of islam. SIBL has introduced this scheme to encourage the client to pay Zakat in due time.
Profit will be given half yearly on daily balance. Under this scheme Depositors can deposit any amount in any working day .
3. Kafela – Mudaraba Hajj savings Deposit Scheme
Persons eager to perform hajj within the period of 1 to 15 years may build up savings equivalent to approximate expenses of hajj for a particular year by monthly installment.
Any Muslim intending to perform Hajj by building-up deposit in Hajj Saving Account required for meeting Hajj expenses.
4. Sonali Kabin – Mudaraba Mohorana Savings Scheme
“Denmohor” is considered one of rights of the wives which are enforceable by Islami Sariah. This product is aimed to create consciousness for paying ‘Denmohor’ among married as well as unmarried men of Bangladesh.
It also reduces the burden of men in paying a lump sum amount of ‘Denmohar’.
SIBL Young star account
SIBL student account
4.1 SIBL Young star Account:
SIBL Youngstar Account is designed exclusively for school going children aged below 18 years.
This account create opportunities to the student to save money which they get from parents for Tiffin, Eid Salami, scholarship or getting money as gift from relatives.
The account will be managed by the parents or guardians of the students.
- Savings Account (Joint Account with Operating Parents)
- There haven’t any service charge/fees of Bank except govt. fees against the account.
- No Account Maintenance Fee.
- No Minimum Balance requirement.
4.2 SIBL Student Account:
Students are one of the largest part of our country’s population who are studying in different school, college, university and other educational institution.
These students are going to be the future leader of our country. That’s why SIBL Student Account has been introduced with a view to raising savings tendency among college and university going student.
Student’s whose age is more than 18 years and studying at college, university or other educational institution.
It’s a Savings account
No Account Maintenance Fee.
No Minimum Balance requirement.
8.7 No-Frill Account:
SIBL’s initiated a new type of bank account targeting underprivileged and unbanked segment of societies to create equal opportunities for all.
People can open this account by depositing Tk.10/ only.
Who can open the account:
Businessman of Small enterprise
Rickshaw puller, Van puller, Peon, Bus, CNG Driver, security guard, Different products floating businessman etc.
Fruit seller, Fish seller , Vegetable seller Grocery seller and different products seller on Footpaths,
It’s a Savings account.
No Service charge.
No Maintenance fees.
Free ATM Debit card.
Procedure of opening different types of Account:
Account opened in the name of an individual is known as Individual Account
The term ‘individual’ has a few senses:
1: When an individual person open an account singly;
2: Meant for a single person or thing;
3: a human being;
5: concerning one person exclusively
When two or more individual persons open an account jointly
The Account is opened in personal capacity, not in the name of any firm or organisation
Common Information & Documents required for opening Individual & Joint Account:
- Bank’s prescribed Account opening application form (to be signed by the applicant in front of respective bank personnel),
- Two Passport Size Photographs of the Account holder(s) attested by the introducer,
- Specimen Signature Card (To be signed by the applicant in front of respective bank personnel),
- Estimated Transaction Profile,
- TIN Number (If any).
- One Passport Size Photographs of the Nominee(s) attested by the Account holder.
- All photocopies should be verified with the original and attested by an authorized officer of the Bank.
- Valid Photo ID card (NID, Passport, driving license, Birth registration Certificate) etc.
- Source of fund:
- Sending Thanks letters
A/C operation instructions for Joint A/C.
A/C will be operated jointly
A/C. will be operated by either or Survivors.
Any one can operate the A/c.
Common Information & Documents required for opening Individual & Joint Account Sole Proprietorship:
- A sole proprietorship is owned, managed and controlled by a single individual
- Is the most common type of business organization in Bangladesh.
- Sole proprietorship are best suited for businesses that have small capital requirements and do not involve too much risk.
- No legal agreements are necessary to set up a sole proprietorship
- it is not necessary to register the organization though the owner may need to obtain a license specific to the type of business he wants to run.
Common Information & Documents required for opening Sole Proprietorship Account:
- Bank’s prescribed Account Opening application form. (to be signed by the applicant in front of respective bank personnel),
- Two Passport Size Photograph of the Proprietor attested by the introducer,
- Specimen Signature Card (To be signed by the applicant in front of respective bank personnel),
- Copy of valid Trade License issued by Local Government authority (City Corporation, Pourashava, Union Parishad etc.),
- Permission from Bangladesh Bank (For Buying House, Indenting or other specific businesses),
- TIN issued by Income Tax Authority, and
- Valid photo ID of the Proprietor
- Seal to be used with Signatures as Proprietor
- Nominee not required
“Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any a group of them acting for all.
Persons who have entered into partnership with one another are called individually “partners” and collectively a “firm”, and the name under which their business is carried on is called the “firm name”.
Common Information & Documents required for opening of Partnership Account :
- Bank’s prescribed Account Opening application form signed by the partners in front of respective bank personnel (by all partners or by managing partners)
- Certified copy of Registered Partnership Deed/ Agreement,
List of the Partners with Address,
- Extract of resolution of the partners Meeting for Bank A/C. opening
- Copy of valid Trade License,
- Photograph of the signatories/ Partners
- Valid Photo ID of each Partners
- Specimen signature card (To be signed by the signatories in front of respective bank personnel,
- Introduction’s signature in the A/C opening form and at the back of the photograph(s) of Account holder(s),
- An explanation of the nature of the business or partnership should be ascertained (but not necessarily verified from a partnership deed) to ensure that it has a legitimate purpose.
A company can be defined as an “artificial person”, invisible, intangible, created by or under Law, with a discrete legal entity, perpetual succession and a common seal.
It is not affected by the death, insanity or insolvency of an individual member.
Common Information & Documents required for opening of Company Account
- Bank’s prescribed Account Opening application form,
- Certified copy of the Memorandum & Articles of Association of the Company,
- Certificate of incorporation,
- Certificate of commencement of Business (For Public Limited Companies only),
- Extract of the Board resolution for the account opening and signing authority,
- List of the Directors with address in specified from,
- Photograph of the signatories,
- Copy of valid Trade License,
- Introducer’s signature in the A/C opening form and at the back of the photograph(s) of Account holder(s)/ Signatories
- List of names with Appointment letter and Specimen Signature of the Persons authorized to operate the Account, and
- Valid photo ID of the A/C holders / Signatories
- Nominee not applicable.
- Bank operation clause must be checked in the Memorandum & Association of Articles
About Association/ Society/ Club:
A group of people formed as a separate organization and which has as a stated purpose some charitable or benevolent purpose either in regards to the public at-large or in regards to the common interests of the members
“The three words “society, club or association” are words in frequent use in our community and societies, clubs and associations are well-known entities.
Common Information & Documents required for opening of Account of Association/Club/Charity/Trust/Society etc :
- A copy of the Registration Certificate
- Certified copy of the constitution/By-Laws/Trust Deed/Memorandum and Articles of Association etc.
- Certified True Copy of The Resolution for opening the account specifically mentioning the mode of operation of the account with limits (if any)
- List of Members of the Governing Body/Executive Committee of the Association/ Club/Chsarity/ Trust/ Society with their address.
- Names & Addresses of all the Managing Committee members of the Club/Society/Association on its letterhead,
- signed by at least 2 members.
- Photograph of the signatories
- Valid photo ID of the Signatories
- Filled in Account opening form
- Specimen Signature Card (SS Card)
Common Information & Documents required for opening of Account of Educational Institutions (School, College, Madrasha & University):
- Copy of By-laws/ constitution
- Permission from Education Board/ Ministry/UGC
- List of members of the Governing Body/ Executive Committee with the full information
- Resolution of opening of account and its operation instruction
PRIVATE FOREIGN CURRENCY ACCOUNTS:
ADs may open FC Accounts in the name of:
a) Bangladesh Nationals residing abroad,
b) Foreign Nationals residing abroad or in Bangladesh,
c) Foreign Mission and their expatriate employees,
d) Bangladesh Nationals working and earning abroad,
e) Self-employed Bangladeshi migrants proceeding abroad on employment.
FC Accounts may be opened in:
a) Pound Sterling,
b) US Dollar,
C) Euro or
d) Japanese Yen
Deposits in FC Accounts:
a) Inward Remittance of foreign exchange in any form or transfer from another FC Account,
b) Remittance by account holder or by other wage earners,
c) Proceeds of convertible foreign exchange brought into Bangladesh by the account holder while on temporary visit to Bangladesh
Payments from FC Accounts:
a) May be made freely abroad to the extent of balance lying in FC Account,
b) Bills of local contractors of Foreign Missions,
c) For the purpose of import of merchandise by the bonded warehouse