Exim Happiness by EXIM BANK-Path to Financial Growth and Well-being.

Exim Bank launched a new deposit product early in 2023 namely “Exim Happiness,” with the slogan – “Inspiring Well-being…” keeping in mind the principle of more savings and more profit. It has an astonishing feature in that it offers an account of 05(Five) tenures of 01/3/5/8/10 years. Suppose anyone opens an “Exim Happiness” account for 08 years tenure but can’t continue after 05 years. In that case, they will get the entire profit that is allowed for 05 years. In this guide, you will learn about the details of “Exim Happiness” that will help you think about your deposit decision.

Key Features of Exim Happiness by EXIM Bank:

  1. Enjoy substantial savings and maximize your profits with this flexible savings account.
  2. Open an account with an initial deposit of Tk.1,000/- or its multiples (maximum Tk.1,00,000/-).
  3. Account opening can be done on any banking day of the month.
  4. Subsequent monthly installments are due on the 1st day of each month. However, you have the flexibility to deposit the installment amount and additional funds on any banking day of the month.
  5. Additional deposits (maximum Tk.1,00,000/-) beyond the installment (initial deposit) can be made on any banking day of the month through one or more transactions.
  6. Installment payments or excess funds can be deposited through cash, transfer, or BEFTN.
  7. Investment facility allowed.
  8. In case of premature encashment, if the account holder completes any tenure, they will get the entire profit amount of the tenure.

Read Also: Generations of Banks in Bangladesh.

Operational Procedure of Exim Happiness Account:

  1. The account will be operated as per Mudaraba Principles.
  2. Any adult person (individually or jointly) having a sound mind can open a Mudaraba Happiness Monthly Savings Scheme (MHMSS) with any branch/sub-branch of the bank by submitting the required documents and by signing the account opening form.
  3. Accounts can be opened in the name of a minor under the operation of a guardian.
  4. One or more accounts can be opened with the same name at the same branch/sub-branch or at different branches/ sub-branches of our bank.
  5. One or more accounts can be opened with the same name at the same branch/sub-branch or at different branches/ sub-branches of our bank.
  6. The tenure & weightage of Mudaraba Happiness Monthly Savings Scheme will be 01, 03, 05, 08 and 10 years and weightage will be 1.20, 1.30, 1.32, 1.35, 1.37 respectively.

Encashment Procedure of the account:

Encashment after maturity

  • After completing any tenure, i.e., 1/3/5/8/10 years the depositor can apply directly to the branch or through email for encashment.
  • The payment amount may be paid through cash, transfer, payment order, and BEFTN according to the client’s wishes.

Encashment before maturity

  • If the depositor fails to deposit for consecutive 06 (six) installments. In that case, the profit calculation will be stopped automatically, and profit against the deposited amount will be allowed as per the bank’s existing savings rate.
  • Normally, the deposited amount of the Mudaraba Happiness Monthly Savings Scheme is only encashable after maturity. If any depositor intends to encash their 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 01 (one) year.
    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 the remaining period, depositor(s) will receive benefit at the prevailing provisional rate of profit prescribed for Mudaraba Savings Deposit.

Investment facility allowed to meet up short-term fund:

  1. The depositor can apply for an investment facility of up to 90% of the deposited amount after the completion of 01 (1) year, subject to the application of regular terms & conditions of investment of the bank.
  2. Suppose the depositor expires after availing an investment facility. In that case, the balance of the account will be paid to the nominee/heir(s) after making a total adjustment of the Investment facility with accrued profit and other charges, if any.

Other Instructions to be followed:

  1. 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.
  2. VAT/Tax/Excise Duty or other charges (if applicable) are to be deducted from the account as per prevailing rules of competent authority (ies).

To know the details of Deposit Rates: 👉CLICK HERE

Open an Exim Happiness Mudaraba Monthly Savings Scheme account today and take the first step towards a secure and fulfilling future. For more details, you can contact your nearest EXIM Bank Branch or EXIM Bank Call center.

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