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EBL Islamic Term Deposit Account
EBL Islamic Term Deposit (EBL-ITD) Account is based on Shariah contract ‘Mudarabah’ which offers returns by depositing money for fixed period of time. These deposits are repayable subject to a period of notice and hence known as time deposits or time liabilities meaning thereby that these are withdraw able subject to a period of notice and not on demand.
Tenor
- 1 Month/ 3 Month / 6 Month / 1 Year / 2 Year / 3 Year
Features and Benefits
- Minimum amount to open BDT.50,000 or above
- Can be opened in any day of the month
- Profit shall be calculated on daily balance
- Profit applied at the maturity/ renewal/ closure
- Multiple accounts can be opened
- Financing facility allowable against this term deposit
- Auto renew option available
Auto renewal option
- Auto Renewable with principal and profit.
- Auto Renewable principal only & profit to be transferred to linked CASA.
- Not renewable, after maturity amount to be transferred to linked CASA with profit.
Eligibility
- Any Bangladeshi Individuals have CASA account with EBL Islamic Banking.
- Parent can open in the name of Minor/child.
- Any permitted non-individual entity registered in Bangladesh.
- If non-individual customer has no CASA, complete set of documents which are applicable to open CASA need to be submitted including signed copy of Contract and Terms & Conditions for Islamic CASA.
Pre-mature Encashment
Normally, Islamic Term Deposit 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:
- No profit will be provided for 1 Month and 3 Month EBL-ITD account.
- No profit will be provided for 6 Month and above tenor EBL-ITD account before 90 days.
- After 90 days, for 6 Month and above tenor EBL-ITD account: Profit will be paid at prevailing Rate of normal Islamic savings account, i.e. EBL-PISA.
The same policy will be applied in case of encashment before the next expiry of the automatically renewed EBL-ITD account.
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.