With an aim to increase financial inclusion of women and habituating to savings, different banks are now offering various lucrative deposit schemes targeting female clients.
Keeping pace with the growing involvement of women in business and job, these deposit schemes for women are getting popular day by day.
Most of the banks are now offering several features with competitive interest rates in deposit schemes to attract different kinds of working women, women entrepreneurs and even housewives.
Women’s participation in banking and their savings is growing day by day, especially their involvement in agent banking, said Arfan Ali, former managing director and CEO of Bank Asia.
He said now half of the clients of agent banking are women, which is a positive development in banking.
At the end of December last year, female accounts in agent banking stood at 8,434,207, up from 6,680,702 accounts a year ago, as per the latest data from the Bangladesh Bank.
Although there is no official data about the figure of women’s deposits in banks in the country, the central bank provides data about the fixed deposit of housewives.
At the end of September last year, housewives had Tk 81,736 crore fixed deposits in banks, which is about 23 per cent of the total fixed deposits of individuals.
SIBL’s Subarnolota saving scheme
Social Islami Bank Ltd (SIBL) Managing Director and CEO Zafar Alam said, “We are offering innovative deposit schemes for female clients. Subarnolota special savings scheme for women is now very popular.”
By depositing a minimum amount of Tk 10,000 under Subarnolota scheme, policy holders will get a fixed amount of profit per month for up to three years, besides getting free of charge locker service.
Moreover, the scheme holders will enjoy insurance facility, getting Tk 50,000 to Tk 1,00,000 in the case of any accident.
The scheme holders will also get up to 80 per cent investment facility on total deposit.
EBL women’s savings account
Eastern Bank Limited offers flexible tier based savings account for women. In addition to a waiver of up to 30 per cent (1st year) of locker fee, the depositors will get accidental life insurance of Tk 100,000. The bank also offers free internet banking facilities, free SMS banking facilities and free phone banking facilities.
One Bank’s women savings account
The One Bank offers Women’s Savings Account which is a daily interest bearing taka savings account for women. Interest against the scheme will be calculated on a daily basis and credited to account on monthly basis.
The key features of the savings scheme are-minimum initial deposit at Tk 1000; zero account maintenance fee; 50 per cent discount on locker charge (1st year); reduced debit card fee and free internet banking.
BRAC Bank’s ‘Tara’ deposit
BRAC Bank’s initiative ‘Tara’ offers a number of deposit schemes. These are Tara Uddokta; Tara golden benefits savings account; Tara triple benefit savings account; Tara flexi DPS; Tara business account; Tara premium banking and Tara happy savers account.
The deposit schemes have different types of features – account opening with only Tk 1000; free issuance of debit card; health insurance package; vouchers from lifestyle, jewellery and beauty partners with the account opening; and free insurance facility.
BASIC Bank’s ‘Nari’ savings scheme
Targeting the women clients, the BASIC Bank has a monthly instalment basis deposit scheme with 1 to 5 years’ tenure.
In the scheme, monthly instalment has to be paid within the last day of each month and the account holder will get loan facility up to 80 per cent of the deposited amount.
If the tenure of the deposit scheme is five years, the depositor will enjoy a lucrative 7.75 per cent interest rate.
The state-run bank also offers premature encashment with immediate earlier maturity value.
Commerce Bank’s savings account for working women
The Bangladesh Commerce Bank’s ‘Srijoni’ is a savings account for working women.
The bank is offering 3.50 per cent interest in this scheme and interest will be paid half yearly on daily balance.
Minimum deposit amount of Tk 100 is required for opening the account. n
