Q1. What is FlexiSave account?
FlexiSave is a convenient savings plan for debit cardmembers whose purchase transactions, under this program, will be rounded up to the next hundred Taka and the difference between the rounded-up amount and actual transaction amount will be deposited to FlexiSave account on real-time basis. For example, if a customer purchases BDT 120 with his debit card, City Bank will deduct BDT 200 from the customer’s account. The additional amount (200-120) BDT 80 will be added to his FlexiSave account.

Q2. What is the nature of FlexiSave account?
FlexiSave is a non-interest bearing deposit account which will accumulate the difference between the rounded-up amount and the actual transaction amount.

Q3. How can the account be opened and what is the account opening link?
The account can be opened online with the following link. Account opening through branch is out of scope in the first phase. The account opening link is:
https://flexisave.thecitybank.com

Q4. What are the eligible account types?
Only Savings accounts are eligible for opening FlexiSave account.

Q5. What are the eligible card types?
All active debit cardmembers (CityMaxx, Visa, Mastercard, UnionPay) against active Savings account can open FlexiSave account.

Q6. What are the eligible transaction types for rounding up?
Only purchase transactions will be considered (POS, online and QR transactions) for rounding-up. Hence cash transactions such as ATM, cheque and fund transfers will not be considered. Transactions in both BDT & USD will be applicable.

Q7. Will rounding-up be applicable for transactions done through Citytouch?
No. Transactions such as mobile recharge, bill payment, fund transfers etc. done through Citytouch will not be applicable for rounding-up.

Q8. How will rounding-up work in case of USD transactions?
In case of USD or other foreign currency transactions, rounding-up will be done on converted BDT amount. For example, if a customer purchases USD 8 from his/her debit card and the equivalent BDT amount of that transaction is BDT 680 (considering 85 as exchange rate), then the transaction will be rounded up to BDT 700 and BDT 20 (700-680) will be added to FlexiSave account.

Q9. What is the minimum and maximum amount that will be deposited to FlexiSave account in every transaction?
If any transaction is a multiple of 100, no rounding-up will occur for that transaction. That’s why minimum deposit amount in FlexiSave account is BDT 0 and maximum amount is BDT 99.99.

Q10. What are the fees and charges of this account?
There are no fees & charges associated with this account. However, government excise duty will be charged in applicable cases.

Q11. Can multiple FlexiSave account be opened against one Savings account?
Only one FlexiSave account can be opened against one Savings account. Multiple FlexiSave accounts can be opened if a customer has multiple savings accounts each having active debit cards.

Q12. When will the accumulated saved amount be transferred to mother account?
Accumulated rounded-up savings amount will be transferred to the mother account at the end of every calendar year. Hence, at the beginning of every year, the Flexisave account will be renewed with zero balance and the process will go on until the Flexisave account is closed.

Q13. From where the FlexiSave account balance can be viewed?
FlexiSave account balance can be viewed from Citytouch. CM can also know the balance from Call Center or by visiting any branch.

Q14. Who will be the nominee of FlexiSave account?
The nominee of the FlexiSave account will be the same as the mother account at the time of account creation; however, it can be changed later at customer request.

Q15. What will happen if any purchase transaction is reversed?
If any purchase transaction is reversed, the saved amount of that transaction in FlexiSave account will not be reversed.

Q16. What will happen if there is insufficient fund in mother account to be rounded-up to next hundred?
If account balance is insufficient for next round-up but sufficient for purchase amount, then purchase transaction will be successful but rounding up will be unsuccessful.

Q17. What is the FlexiSave account closure process?
The FlexiSave account closure process will be similar to that of Savings account. That means to close FlexiSave account, the customer needs to visit any branch to place closure request. Account closure through digital channels will not be allowed in the first phase. At the event of death, customer’s FlexiSave account will be closed and balance will be transferred to mother account before the closure of mother account.

* Other terms & conditions apply
* The bank reserves the right to modify any terms and conditions of FlexiSave account with or without prior notice