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EBL Islamic DPS Account(s)

EBL Islamic Banking has introduced several types of Recurring Deposit (RD) or Deposit Pension Scheme (DPS) accounts under Mudarabah contract keeping in mind the diverse customer interests.
An RD or DPS natured Islamic account can be opened on any day of the month.
Customers will keep sufficient balance in his/her CASA with EBL Islamic Banking. The system will automatically realize the amount of monthly installment from the CASA. Installment amount of money cannot be deposited to the scheme account directly.
From the 1st working day of each month after opening, the system will search the available balance in the CASA and then it will transfer the installment amount to the respective RD/DPS account subject to availability of the fund, i.e., installment amount will be realized from 1st working day to last working day of each month.
If one or more installments become overdue, the system will automatically deduct the multiple/all installments on the day when sufficient balance is found in the related link account.
Single/Joint/Minor/Non-Individual account, from which the installments are deducted will revert to the same account on subsequent liquidation or maturity with profits, except for Mohor Deposit Scheme. For Mohor, on or before maturity the entire deposited amount along with the profit will be credited to the wife's link account.

EBL Islamic DPS – Confidence

Sometimes people want to build a fund targeting particular purpose depositing a fixed amount of money on monthly basis up to the maturity date hoping to earn some income also. Religious people want to earn this income in a Halal way. To cater the needs of this segment of people EBL Islamic Banking designed a Recurring Deposit Product complying Shariah. This is a recurring monthly savings scheme for any Bangladeshi citizen.

Tenor

1 Year / 3 Year / 5 Year / 8 Year / 10 Year / 12 Year / 15 Year

EBL Islamic Equity Builder

To cater the needs of SME or non-individual customers, EBL extends support by way of offering recurring deposits complying Shariah under Mudarabah Contract. This is a recurring monthly savings scheme like DPS for SME customer or non-individual institutions/entity.

The key benefit of the proposed product would be separate savings for SME and non-individual institutional customers. Besides, by offering this product, Bank can get repayment assurance especially against unsecured/secured financing from SME or non-individual customers, in case of delayed payment.

Tenor

1 Year / 2 Year / 3 Year/ 4 Year / 5 Year

EBL Kafelah (DPS for Hajj & Umrah)

To cater the needs of Islamic customers, EBL Islamic Banking developed EBL Kafelah, a recurring deposit scheme, like DPS account for the persons eager to perform Hajj or Umrah and may build up savings equivalent to estimated expenses for a particular year by payment of monthly installment.

Tenor

1 Year / 2 Year / 3 Year/ 4 Year / 5 Year / 6 Year / 7 Year / 8 Year / 9 Year / 10 Year / 11 Year / 12 Year / 13 Year/ 14 Year / 15 Year / 16 Year / 17 Year / 18 Year / 19 Year / 20 Year

EBL Mohor Deposit Scheme

This scheme is designed for married Muslim male persons to deposit a sum of money as Mohor in favor of his wife’s name. With this deposit scheme, a husband can be relieved of the obligation to pay Mohor to his wife. By depositing a small amount every month as per his ability with an intention to pay-off the amount due [as Obligatory] on him as MOHOR to his wife.

Tenor

1 Year / 2 Year / 3 Year/ 4 Year / 5 Year

EBL Bondhon (Marriage Savings Scheme)

The sole objective of this product is to help marriageable men and women in marriage. To cater the needs of this segment of people we extend support by way of offering recurring deposits complying Shariah. EBL Islamic Banking has designed this Recurring deposit product under Mudarabah Contract of Shariah to facilitate the needs of customers. This is a recurring monthly savings scheme like DPS for any adult Bangladeshi citizen of any religion. Parent can also open this account in the name of their minor child for savings purpose, keeping in mind the future expenses related to the child's marriage.

Tenor

3 Year / 4 Year / 5 Year (If opened by individual)
6 Year / 8 Year / 10 Year / 12 Year / 15 Year(If opened by Parent)

Policy for Pre-mature Encashment

For Islamic DPS Confidence, Islamic Equity Builder, Kafelah, Mohor and Bondhon

Normally, Recurring deposit /DPS Accounts will not be cashable before the maturity date. But, if any depositor intends to close his/her account before the maturity due to any reasons, this shall be considered as ‘Breach of Mudarabah Contract by the Customer’. In such cases, the customer cannot claim profit for the partial period. Nevertheless, on special consideration, profit would be allowed following the below mentioned Policy for Pre-mature Encashment:

Closed before one year: No profit will be provided.
Closed after one year but before three years: Profit at prevailing rate of normal Islamic savings account, i.e. EBL-PISA.
Closed after three years: Profit at prevailing rate of Islamic DPS Confidence of 3 year account.
For EBL-Islamic Equity Builder: Closed after three years, profit at prevailing rate of Islamic Equity Builder of 3 year account.
For EBL-Kafelah: Closed after 1 year for the purpose of performing Hajj or Umrah, entire deposited amount with profit shall be paid without any deduction. In case of OTHER THAN performing Haj or Umrah, clauses 2 and 3 above shall apply.
For EBL-Mohor: In case of death of the husband during the tenor before maturity, the account will be closed and deposited amount with entire provisioned amount of profit shall be credited to the beneficiary’s CASA without any deduction.

PSR, Weightage and Provisional rate

The Profit Sharing Ratio (PSR), weightage and provisional profit rate will be set by the Bank as per approved policy from time to time. For details click here.