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IFIL is authorized to take deposits from General Public, Corporate Bodies, Governments and Semi-Governments Institutions.
IFIL maintains Cash Requirement Reserve(CRR) with Bangladesh Bank and Statutory Liquidity Reserve(SLR) with other Banks in the form of fixed deposits as a part of regulatory requirement. As required by Bangladesh Bank regulation IFIL maintains CRR and SLR @ 5% on its total deposits otherthan deposits taken from Banks and Financial Institutions.
Profit rate is determined on actual profit and distributed on weightage basis after year end calculation. At the begining of the year provisional profit rate is declared and subsequently adjusted on actual profit.
Current provisional profit rate w.e.f. February 01,2012 :
| Product Name |
Nature of Deposits |
Provisional Rate
|
|
Mudaraba Term Deposits (MTD)
Cumulative
|
MTD for 6 Months |
12.50 % |
| MTD for 1 year |
13.00 % |
| MTD for 2 years |
13.00 % |
MTD for 3 years
|
13.25 % |
MTD for 5 years & above
|
13.50 % |
| MTD double money (likely) |
12.00 % |
| MTD triple money (likely) |
12.75 % |
|
Mudaraba Term Deposit -
Monthly Profit Paying (MTD-MP)
|
MTD for 6 Months |
11.00 % |
| MTD for 1 year |
12.25 % |
| MTD for 2 years |
12.50 % |
MTD for 3 years
|
12.75 % |
| MTD for 5 years & above |
13.00 % |
Basic rules for MTD ----------------------------------------------------------------------------------
# Mudaraba Term Deposit accounts can be opened by cheque,pay order or bank draft from individuals (single and joint),firms(propietorship/partnership),limited companies,autonomous bodies,charitable institutions,association,educational institution,local bodies, trusts, etc.
# Deposits can not be encashed before 6(six) months.
# If the profit amount is not withdrawn it (profit) earns annual profit like principal amount.
# From MTD-MP the depositors can withdraw profit in every month.
# Matured deposits if not encashed within one month of maturity, the deposit shall automatically be renewed for further 6 months.
# Depositors can avail Quard up to 75% of their deposits amount only on Mudaraba Term deposits(cumulative).
# IFIL retains the right of refusing to accept any deposit from any person/body without assigning any reason.
# IFIL reserves the right to add or alter any or all the rules.
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Schemes
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Provisional Rate |
| Mudaraba Pension Deposits Scheme |
12.50% |
Mudaraba House Owning Deposits Scheme
|
12.50% |
| Mudaraba Hajj Deposits Scheme |
13.00% |
| Mudaraba Higher Education & Marriage Deposits Scheme |
12.50%
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Other attractive Schemes
|
Provisional Rate |
| Mudaraba Special Deposits Scheme |
12.50% |
Mudaraba Marriage Saving Scheme
|
12.50% |
| Mudaraba Mohor Deposits Scheme |
12.50% |
Mudaraba Education Saving Scheme
|
12.50%
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Basic rules for Schemes --------------------------------------------------------------------------
# Any desirous person may open the A/C on monthly basis.
# Monthly installments have to be deposited by 15th of each month.
# Any depositor may open one or more accounts in the same name in the same branch.
# TAX, VAT, Excise duty as applicable by Government will have to be borne by the depositor.
# IFIL has the authority to change/amend the rules and regulations regarding the scheme as and when required and the depositor must abide by the rules.
# In case of death of the depositor the amount payable will be paid to the nominee. If there is no nominee by submitting Succession Certificate the amount will be paid to legal successors of the depositor
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