Al Wadiah Term Deposit (ATD) is a mode of deposit under Al Wadiah principles of Islamic Sharia where refund of the principal is guaranteed by the bank and depositor may receive a share on profit of the bank’s business as per management’s discretion. Deposits under ATD are accepted for different tenures as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management. A receipt is issued against each deposit under ATD.
Features
- Bank will invest the ATD fund at its own risk through sharia compliant investment modes along with the Mudaraba fund to earn profit.
- Until otherwise decided, the profit sharing ratio is 50:50 between TBL & the depositor in ATD.
- Actual profit on the ATD will be calculated at the year end on the basis of weightage fixed by the bank.
- Provisional profit on ATD will be given on maturity of the ATD which will be subsequently adjusted with the actual profit at the end of the year.
- All Govt. Taxes, VAT, Excise duty etc. imposed by the regulatory bodies time to time including management charges are applicable on ATD.
- ATD can be opened for 3 months, 6 months & 12 months tenure or for any other tenure as approved by the bank.
- If not instructed otherwise, the ATD will be automatically renewed for another term under the terms prevailing at the time of renewal along with the provisional profit, if any.
- Minimum amount to open an ATD is Tk.1, 000/-. An Al Wadiah Term Deposit Receipt (ATDR) shall be issued there against and ATDRs are not transferable. The beneficiary shall ensure safe keeping of the ATDR at his/her own risk and immediately notify the bank in case loss or damage of the ATDR.
- “Qard” facility up to 80% of the ATD can be availed by the beneficiary by complying with the rules of Qard.
- No profit shall be payable if the ATD is encashed before maturity.
- Personalized MICR Cheque Book is available.
- No withdrawal notification required.
- Nominal service charge.
- Any branch banking facility.
- Bank accepts and supports standing instructions.
Eligibility
- Resident Bangladeshi National
- Age: 18 years or above.
- Joint account can be opened.
- Minor account can be opened under the supervision of his / her / their guardian.
Required Documents
- Photocopy of Citizenship Certificate / Passport / Voter I.D. Card / National I.D. Card / Driving License.
- Two copies of recent passport size photograph duly attested by the introducer.Certified document(s) for source of income.
- The account requires to be introduced by an existing and satisfactory account holder of Trust Bank Limited.
- Nominee form and photograph of nominee(s) (signature attested by the account holder). In case of minor nominee, copy of the birth certificate and photograph required.
- Personal Information Form.
- KYC Form.
Rates & Charges
Rates information goes here
