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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.
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.