How to Open Different Types of Bank Accounts
5.1.1 Accounts Opening Section
This section deals with opening of different types of accounts. It is also deals with issuing of checkbooks and different accounts openers. A customer can open different types of accounts through this department such as : 1. CD – Al – Wadiah Current Deposit 2. SB – Mudaraba Saving Deposit 3. STD – Short Term Deposit 4. MTD – Mudraba Term Deposit 5. SS – Short scheme * MSS – Monthly Saving Scheme * MIS – Monthly Income Scheme * MPSS – Multi plus Super Saving Scheme * SSS – Super Saving Scheme 6. ESS – Education Saving Scheme 7. INV – Investment Account 8. FC – Foreign currency Account 9. BCD – Bearer Certificate Deposit 10. EXIM Bank Hajj Account Project .
As it is an Islami Banking Branch the following rules are applied here : a) Current deposit will be received on Al – wadiah principle & the same will not get any profit. b) Savings deposit will be accepted on Mudaraba principle & such deposit will bear 0.62 weightage.
Islami Banking Terms For the convenient of the reader who are not familiar with the Islami Banking Term, the following are some terms of Islami Banking for mobilization of deposits and the schemes are becoming popular day by day : Al Wadiah Account : The characteristics of this account are almost similar to current account of conventional banks . The owner of the fund does not enjoy any profit nor bear any loss. But the bank obtains the permission from the depositors so that the bank has the option to use the fund when it is necessary. Mudaraba Savings Account : Mechanism is almost similar to the savings account of the conventional banks. The basic difference in this case is that the bank and the owner of the fund will share the profit from the investment while the loss from the investment will be borne by the owner of the fund unless the loss is incurred due to the negligence or convenience of the bank.
This section deals with opening of different types of accounts. It is also deals with issuing of checkbooks and different accounts openers. A customer can open different types of accounts through this department such as : 1. CD – Al – Wadiah Current Deposit 2. SB – Mudaraba Saving Deposit 3. STD – Short Term Deposit 4. MTD – Mudraba Term Deposit 5. SS – Short scheme * MSS – Monthly Saving Scheme * MIS – Monthly Income Scheme * MPSS – Multi plus Super Saving Scheme * SSS – Super Saving Scheme 6. ESS – Education Saving Scheme 7. INV – Investment Account 8. FC – Foreign currency Account 9. BCD – Bearer Certificate Deposit 10. EXIM Bank Hajj Account Project .
As it is an Islami Banking Branch the following rules are applied here : a) Current deposit will be received on Al – wadiah principle & the same will not get any profit. b) Savings deposit will be accepted on Mudaraba principle & such deposit will bear 0.62 weightage.
Islami Banking Terms For the convenient of the reader who are not familiar with the Islami Banking Term, the following are some terms of Islami Banking for mobilization of deposits and the schemes are becoming popular day by day : Al Wadiah Account : The characteristics of this account are almost similar to current account of conventional banks . The owner of the fund does not enjoy any profit nor bear any loss. But the bank obtains the permission from the depositors so that the bank has the option to use the fund when it is necessary. Mudaraba Savings Account : Mechanism is almost similar to the savings account of the conventional banks. The basic difference in this case is that the bank and the owner of the fund will share the profit from the investment while the loss from the investment will be borne by the owner of the fund unless the loss is incurred due to the negligence or convenience of the bank.