It is a deposit product for a specific period. On completion of term, the deposit amount will make the principal amount double and depositor will get double of deposited amount. Any person can open Money Double Program Deposit (MDPD) A/c with NCC Bank Limited for Tk. 1.00 Lac and it's multiple.
Premature encashment of MDPD will be discouraged. However if the depositor insisted to encash the same before maturity then the following procedure will be applicable for premature encashment.
- For less then 12 months: No interest will be paid other than principal amount, but charges to be realized from the principal amount of deposit.
- For more then 12 months:Interest will be paid at existing rate applicable to Savings Bank Deposit A/c and charges to be realized from the proceeds.
In case of post mature encashment i.e. encashment after maturity, no extra benefit will be applicable and no auto renewal is applicable against the Money Double Program Deposit (MDPD). Seperate printed receipt (Money Double Deposit Receipt) for this type of deposit has been designed and supplied to the branches.