Ibbl Mudaraba Nrb Savings Bond (mnsb) Scheme


Mudaraba NRB Savings Bond (MNSB) Scheme

It is an undergoing fact that foreign remittances have been contributing a key role in the country's GDP & Foreign Currency reserve, but it is also true that major portion of the earnings of expatriates are utilized in unproductive sectors, consequent upon which the nation as a whole is not getting expected benefit therefrom. In case, we allow special privilege/incentive to the expatriates, they may be encouraged to send their remittances through banking channel and save their hard earned money with us in their deposit accounts. Their savings may help formation of capital which may be invested in the trade, commerce and industrial sectors and thereby it may contribute towards the growth and development of the country. With this objective in view, the Management has approved a new deposit product in the name of 'Mudaraba NRB Savings Bond'.

Objectives

The aim of the scheme is to provide special benefit to the NRBs to save their hard earned foreign currencies

  • To encourage the NRBs to remit their money to the country through banking/ proper channel
  • TTo provide better benefit to the NRBs than that of other deposit products.

Eligibility

  • Only the Non-Resident Bangladeshis (NRBs) aged 18 years & above who have been serving abroad will be eligible to purchase this Mudaraba NRB Savings Bond.
  • Family members of NRBs will also be allowed to purchase Mudaraba NRB Savings Bond with the fund remitted by their relatives serving/residing abroad.
  • An expatriate may purchase Mudaraba NRB Savings Bond in the name of his minor children also as per usual terms and conditions applicable to other deposit products.
  • the time of purchasing of such Bonds Branch incumbent should satisfy himself as to the genuineness of the Foreign Remittance.
  • No Company/ Society/ Educational institution/Club/Govt., Semi Govt., Organization/autonomous bodies/NGOs etc. is/are eligible to purchase such Bond.
  • Every bond holder will maintain an MSA or a link account with the branch from where the bond will be purchased.

 

Denominations

  • : The Mudaraba NRB Savings Bond shall be of 6(six) denominations in Bangladeshi Currency i. e. i) Tk. 25,000.00 ii) Tk. 50,000.00 iii) Tk. 1,00,000.00 iv) Tk. 2,00,000.00 v) Tk. 5,00,000.00 and (vi) Tk. 10,00,000.00

Term

Term of the "Mudaraba NRB Savings Bond" are as under:

  • 5 Years Mudaraba NRB Savings Bond.
  • 10 Years Mudaraba NRB Savings Bond.

Opening of Account

An expatriate having Bangladeshi citizenship of 18(eighteen) years or above who can enter into contract may open account under this scheme in his/her name through application in Bank's prescribed Application Form. The applicant shall have to be introduced by a bonafide account holder/an expatriate account holder of any Branch of IBBL or by the Bangladesh Embassy or any respectable person known and acceptable to the Bank. Introduction by any Officer/Representative of IBBL in abroad is also acceptable.

  • The NRBs shall have to submit two passport size photographs, Photocopies of the Passport, VISA, Work Permit, etc. at the time of opening of the account.
  • The NRBs may open this account in the name of their father/mother/wife/minor children as per existing norms.
  • The Account shall not be allowed to be transferred from one branch to another branch of the Bank.
  • Only one account number shall be allotted for more than one Bonds (if any) of the same term purchased at a time. Separate account number(s) shall be allotted for Bond (s) of separate terms.

Acceptance of Deposit

The account may be opened by depositing actual value of the Bond in cash or through Account Payee Cheque/DD/PO. In such case proceeds against the cheque/DD/PO must be collected within the reasonable time. If the cheque/DD/ PO is dishonoured then the instrument shall be returned to the depositor observing due formalities and the Bond shall not be issued thereagainst. b) After opening of the account the respective branch will send an e-mail to the account holder residing abroad with particulars of the Bond observing necessary formalities.

Dealing Branch

  • All the branches of IBBL will deal with such Bond after procurement of the same from the E&CSD, Head Office, Dhaka.

Ceiling

  • An expatriate Bangladeshi may purchase such Bond for minimum Tk. 25,000/-& upto the capacity of the applicant/investor/purchaser maintaining above mentioned denomination/ criteria.

Nomination

  • The Bond holder(s) may nominate one or more persons as his/her nominee(s) to receive the proceeds of the Bond(s) in case of his/her death during the currency of the term. In case of more than one nominee, respective share in the nomination shall be fixed at the time of opening of the account.
  • Minors also may be named as nominee. In such case he may also give written instruction as to who is to receive the amount in the event of his death before attaining majority of the nominee(s). Otherwise, payment will be made to the legal guardian of the nominee(s) approved by the court.
  • The Bond holder may at any time nominate a new nominee(s) canceling the previous nominee in black and white.
  • In the event of death of the nominee during the life time of the depositor and before the withdrawal of the balance of the account, the nomination shall be treated as automatically cancelled.
  • e) The nominee(s) shall be entitled to receive the money of the account according to apportionment only after the death of the depositor. In such case there shall be no need for Succession Certificate issued by the Court and the matter shall be settled at the branch level.

    The nominee has to submit the under-mentioned papers to receive the balance of the account:

  • Application of the nominee / nominees / nominated guardian.
  • Death Certificate regarding the deceased Bond holder. If the Bond/account holder dies abroad then the death certificate must be countersigned by the respective High Commissioner / Ambassador /authorized officer of Bangladesh High Commission/Embassy and that should duly be attested by the authorized officer of the Ministry of Foreign Affairs, Bangladesh.
  • Identification Certificate in favour of the nominee, nominees by two valued clients or two officers of the Bank or from the Chairman or Counselor of local U.P/Municipality.
  • Passport size photograph of the nominee/nominees or nominated guardian duly attested by the Gazetted Officer/local U.P/Municipality Chairman/ Counselor.
  • Indemnity bond jointly executed by the nominee/nominees/ nominated guardian along with 2(two) sureties/ valued clients acceptable to the branch.
  • Closure of the account

    • The client may, at any time close the account by written application without any Account closing charge and Account maintenance fee.

    Quard against MNSB

    • Quard of maximum 90% of the total outstanding amount against MNSB may be allowed as per existing norms applicable for QTDR.

    Maintenance and operation of Mudaraba NRB Savings Bond Scheme: Some guide lines thereof.

    For the Accounting and operational purposes the following relevant points are to be followed in the respective Books & Registers of the Bank:

    • Reporting Code in the Clean Cash Book and General Ledger (B-6) as well as in the Statement of Affairs (F-63) to be "10150000"
    • Rb) Reporting Code in the Monthly statement of provisional Income and Expenditure (F-l 99) in the Expenditure side to be "1100026" Profit paid on MNSB.
    • Reporting Code of MNSB deposit in the 'Weekly Scheduled Telegram' (F-64-Revised) to be "LAG", "LAO" & "LAP" of the liability side (i. e. this deposit to be reported alongwith MSS, MTDR, MHSA, MMSA, MSNA and MSB) and Profit Payable Amount of MNSB deposit to be reported in the weekly Scheduled Telegram under SI. No. 'C of the liability side i.e. alongwith the profit payable amount of MSS, MTDR, MHSA, MMSA, MSNA and MSB.
    • Reporting Code in the 'SBS-1' to be "12911" & SBS-2 to be "151
    • Rate of Monthly Profit Provision for 5 years term to be "8.40%" and for 10 years term to be "9.00%".
    • The Account under the Scheme shall be maintained in the existing Mudaraba Savings Accounts Ledger separately for 5 year term and 10 year term until computer program is provided.
    • Account Opening Register (B-l 7) to be used for opening MNSB accounts term wise separately or separate folio may be allotted in one Register and number of the account will be provided chronologically as per term, i.e. in case of 5 year term Account number will be as MNSB 5/1, 5/2, 5/3 etc. and in case of 10 year term, as MNSB 10/1, 10/2, 10/3, etc.

    Procedure for maintenance of provision of the Scheme will be as under

    • 2 (two) separate folio, one for MNSB-5 year and other for MNSB-10 year term shall be allocated in Mudaraba Term Deposit Register (B-23) which is being used by the Branches as TDR Profit Provision Register. Daily consolidated Credit/Debit (if any) shall be recorded in respective folio. Grand total of balances of both the terms must agree with the total balance of Mudaraba NRB Savings Bond Scheme (MNSB) reported in the Clean Cash Book & General Ledger (Code No. "10150000").
    • Reporting Code in the Monthly statement of provisional Income and Expenditure (F-l 99) in the Expenditure side to be "1100026" Profit paid on MNSB.
    • In order to make provision of profit, daily products of the balance of each term shall be added separately at the end of each month and profit at the above provisional rate shall be calculated on the product so arrived at. Then total amount of profit for both the terms so worked out shall be debited to "Expenditure Account: Profit paid on Mudaraba NRB Savings Bond Scheme (MNSB)" (Code No. "1100026") in the Income & Expenditure Register (B-7) and be credited to "Profit Payable Account-MNSB" by passing voucher.
    • Similarly, Term-wise consolidated position of MNSB profit payable shall be maintained in a separate section & folio of the above Register (B-23) to record the amount of provision made at the end of each month and payment made, if any, therefrom from time to time. Grand total of balance of profit payable for both the terms shall always be equal to the balance of "MNSB Profit payable Account" in the subsidiary Register.
    • The profit will be credited to the respective MNSB account on the date of anniversary and 10% Advance Income Tax on profit shall be realized for ultimate transfer to the Financial Administration Division, Head Office, Dhaka as usual.
    • The Account under the Scheme shall be maintained in the existing Mudaraba Savings Accounts Ledger separately for 5 year term and 10 year term until computer program is provided.
    • Account Opening Register (B-l 7) to be used for opening MNSB accounts term wise separately or separate folio may be allotted in one Register and number of the account will be provided chronologically as per term, i.e. in case of 5 year term Account number will be as MNSB 5/1, 5/2, 5/3 etc. and in case of 10 year term, as MNSB 10/1, 10/2, 10/3, etc.
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