Cautionary Notice (Regarding Online Forex Trading / Dealing) Disclosures on Risk Based Capital (Basel-III) Code of Conduct for EXIM Bank
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Basel –III Market Disclosure
EXIM Probashi Monthly Savings Scheme
Any Non Resident Bangladeshi (NRB) residing abroad & having sound mind can open one or more account(s) in his/her single name at any branch of the bank which will be operated on Mudaraba Principle with monthly installment of Tk. 500.00 and its multiple.
Savings Period and Monthly Installment Rate
The tenure of EXIM Probashi Monthly Savings Scheme will be 03, 05, 08, 10 and 12 years.
Monthly installment is Tk. 500.00 and its multiple.
The Deposit will bear weightage 1.31, 1.33, 1.29, 1.29 and 1.28 respectively.
Bank reserves the right to change the weightage of deposit and percentage of distribution of Investment Income.
Monthly Installment Deposit
Account can be opened in any banking day of the month. But the subsequent installments shall become due for deposit in every month on the day the account was opened / the next working day if that day be a holiday.
Depositor must open a Mudaraba Savings Deposit account so that the bank can transfer regular installment from his/her account maintained with the branch.
Advance payment for any number of installments may be received by the bank in the depositors’ Mudaraba Savings Deposit Account.
If a depositor fails to deposit any installment in time, he/she will be penalized with 2.00% per month on outstanding installment amount and must pay the installment(s) due as well as penalized amount with the subsequent installment
In case of nonpayment of installment timely, the account will not get the expected benefit.
Withdrawal
Expected amount of the account on maturity shall be paid to the depositor after one month from the date of depositing the final installment.
Expected amount of the Account on maturity will be calculated as per rate circular (changeable as per management decision from time to time) and an additional sheet showing the expected amount in tabular form to be attached with the Account Opening Form by putting initial of 02(two) authorized officials. Account Holder(s) will also sign on the sheet.
Investment Facility
The depositor (except minor) can avail investment facility upto 90% of deposited amount after completion of 01 (one) year subject to application of normal terms & conditions of investment of the bank.
Reasons for disqualification from this scheme
If the depositor fails to deposit 03 (three) consecutive installments at any point of time, it will cease the right of depositor to remain within the purview of the account & rate of profit of the account will have to be changed immediately as prevailing provisional rate of MSD account in the T-24 Software and profit against balance of deposited amount will be allowed as per terms & conditions mentioned in the following clause (clause-13).
Normally, deposited amount of EXIM Probashi Monthly Savings Scheme is not encashable before maturity. If any depositor intends to encash his/her account before maturity due to certain unavoidable circumstances, the following terms & conditions will come into force:
a.   No profit shall be allowed for premature encashment within 06 (six) months.
b.   Profit shall be allowed at the prevailing provisional rate of Mudaraba Savings Deposit Account if it is encashed after 06 (six) months but before 03 (three) years.
c.   If the account is encashed after completion of any tenure (as prescribed by the bank) but before maturity, depositor(s) will be entitled to receive full benefit for the completed tenure at the provisional rate of profit prescribed there-against. For remaining period depositor(s) will receive benefit at the prevailing provisional rate of profit prescribed for Mudaraba Savings Deposit on the principal amount with accrued profit (for completed tenure) as well as the deposited installment (for the remaining period) amount.
Achievement from the scheme
Requirements
Two copies of recent passport size photographs of account holder attested by the introducer.
One copy passport size photograph of nominee attested by the account holder.
Copy of Passport/National ID Card/Word Commissioner's Certificate of the account holder acceptable to the bank.
Copy of Passport, VISA, Work permit or any other evidential document for working/residing abroad will be needed for opening the account.
Other conditions of the product:
No cheque book will be issued under the scheme as the deposited amount of EXIM Probashi Monthly Savings Scheme is not chequeable.
If there occurs any loss in the business, the same to be borne by the Saheb-Al-Maal.
The laws, rules & regulations of Bangladesh, custom & procedures applicable to the scheduled bank in Bangladesh shall apply to and govern the conduct of the account opened with bank.
Though the Bank maintains strict confidentiality in all affairs of the account, Bank shall always be entitled to disclose any information regarding customers' account(s) held with the Bank to any of the followings:
i. Any regulatory, supervisory, governmental or quasi governmental authority with the jurisdiction over the bank.
ii. Any person to whom the bank is required or authorized by law or court order to make disclosure.
Any change of the information furnished by the customer herewith must be notified to the bank immediately, otherwise the bank will not be liable for the consequences.
The customer agrees that the bank will not be liable for any loss or any damage if the bank is unable to provide services in connection with any customer's accounts due to postal, courier, electrical, mechanical, telecommunications or by reason of act of god, catastrophe, war, civil or industrial disturbance, computer failure or any other cause beyond Bank's control and that cannot be overcome by reasonable diligence and without unusual expenses.
Operation of this account will be guided by the Money Laundering Prevention Act-2012 and other terms & conditions as prescribed by the Bank from time to time.
VAT/Taxes/Excise Duty or other charges (if applicable) to be deducted from the account as per prevailing rules of competent authority (ies).
Bank reserves right to change/amend/alter/modify the weightage, profit distribution principles or any of the rules of the scheme from time to time as per Bank's standard & policy.
In case of death of account holder(s), the nominee(s) may continue the account till maturity.