Rial Term Investment Deposit Accounts

Saturday, August 13, 2016
Term investment deposit accounts are funds are kept on in the bank under an agreement between the bank and the client for a fixed period of time. If the term is not stipulated in the contract and there is the possibility of withdrawing and depositing in the account, it is called short term investment deposit account and in the case of specified term is called long term investment deposit account.
BMI as attorney of deposit holders invest the funds of term investment deposits in a number of projects and activities in accordance with the usury- free banking Law and the income earned minus honorarium rate of investment deposits will be distributed between depositors and the bank.


Rial Short Term Investment Deposit Accounts:

Features
Real and corporate bodies can open the account
Having reached the full age of 18
The minimum amount for opening Rial term deposit  is Rls50,000
Holders of Rial short term deposit accounts can alternately withdraw from their deposits and settle to it
The minimum term to earn first interest is 30 days, therefor after initial 30 days the deposits with the minimum amount of balance of these types of accounts are subject to receive interest without stopping of 30 days
Balance of short term deposit accounts gains interest every day on the basis of interest rates which are announced by Central Bank of Iran at the end of each month
The depositors can benefit from Melli Card or a bankbook for cash withdrawal
BMI undertakes payment of the principal of investment deposits

Documents required by real persons
Valid passport
Valid residence permit card

Documents required by corporate bodies
Completed application form
ID card/passport and valid residence permit card of authorized signatories
Articles of association
Memorandum of association
Introducing authorized signatories
Notice certifying that the company is established in an official Gazette

Note: All Documents must comply with anti-money laundering legislation


Rial Long Term Investment Deposit Accounts:

Features
Real and corporate bodies can open the account
Having reached the full age of 18
A long term deposit is an interest-bearing deposit that has a specified date of maturity
The interest rates of long term investment deposits are the rates announced by Central Bank of Iran
The interest is paid at the end of every month and according to the related terms and conditions of Money and Credit Council
The money can only be withdrawn after the term has ended or closing a term deposit before the end of the term will lead to lost interest on principal. Interest of such deposits is paid 0.5 percent less than the interest rate of term deposits proportional to the time of holding money by the bank
All term deposits will reinvest at the maturity date to the same deposits as before and in accordance with designated terms and conditions of deposits at the time of maturity
Having or opening a saving, current or short term account (Therefor the interests will be settled in it)
BMI undertakes payment of the principal of investment deposits

Documents required by real persons
Valid passport
Valid residence permit card certified by NAJA (Law Enforcement Force of Islamic Republic of Iran)

Documents required by corporate bodies
Completed application form
Notice certifying that the company is established in an official Gazette
Articles of association
Memorandum of association
Introducing authorized signatories
ID card/passport of authorized signatories
Valid residence permit card certified by NAJA of authorized signatories
    
Note: All Documents must comply with anti-money laundering legislation


Interest rates of term investment deposits accounts
Term of Deposit      Least Amount       Interest Rate
   short- term              Rls 50,000               10%
    3 months                Rls 50,000               12%
    6 months                Rls 50,000               13%
    9 months                Rls 50,000               14%
  12 months                Rls 50,000               15%



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