Empowering communities with essential savings knowledge

The Daily Star (TDS): Could you provide an overview of the current customer deposit and savings situation at your bank?

Selim R. F. Hussain (SRFH): As of September 2024, BRAC Bank recorded a 34% annualised growth, reflecting the deep trust customers place in the institution. By October, its retail deposit portfolio exceeded BDT 30,000 crore, driven by a wide range of products tailored to varied customer needs. Savings accounts, fixed deposits, and interest-bearing options, coupled with digital banking innovations, have accelerated deposit mobilisation. With eKYC and the Astha App, customers can now open accounts, including DPS and FDR, anytime, from anywhere, ensuring convenience and financial accessibility.

TDS: What are the top savings schemes that you are currently offering?

SRFH: BRAC Bank offers a comprehensive range of deposit and savings products tailored to meet the diverse financial needs of its customers. The Triple Benefits Savings Account delivers an attractive interest rate, helping customers grow their deposits more effectively. For younger savers, the Future Star Account is designed to build financial awareness among children under 18. Operated by their legal guardians, it includes engaging features to encourage early saving habits.

The Golden Benefits Savings Account provides senior citizens with exclusive privileges, while other products—such as the TARA Golden Benefits Savings Account, Happy Savers Account, and TARA Happy Savers Account—offer simplified savings schemes that help customers plan for future financial goals with ease.

To meet international banking requirements, the Resident Foreign Currency Deposit (RFCD) Account enables customers to manage foreign currency from anywhere. The Foreign Currency (FCY) Account for NRBs allows expatriates to manage their foreign income reliably.

For those seeking interest-free banking, the MUKTI and TARA MUKTI Current Accounts are designed for high-net-worth individuals preferring Shariah-compliant and fee-waived options. BRAC Bank also serves freelancers and mariners with specialised accounts, including USD options, offering global flexibility and convenience.

TDS: What initiatives has your bank taken to encourage the savings habit among the general public?

SRFH: BRAC Bank actively promotes a savings culture through diverse financial literacy initiatives. As the lead bank in Bangladesh Bank's School Banking Conference in different districts, BRAC Bank educates students on banking services and instils early saving habits among them. The bank also conducts deposit campaigns and roadshows at universities and corporate offices, encouraging corporate professionals and students to adopt disciplined saving practices. Financial literacy programmes like 'Uthan Boithak' are conducted through its 1,100+ agent banking outlets nationwide.

TDS: What innovative steps have been implemented at your bank to make savings products more convenient and accessible for all kinds of customers?

SRFH: The Astha digital banking app enables customers to open FDR and DPS accounts online, streamlining the savings process. Furthermore, the introduction of electronic Know Your Customer (eKYC) procedures allows expatriate Bangladeshis to open accounts remotely. In collaboration with bKash, BRAC Bank offers micro-savings options, encouraging regular saving habits with minimal initial investments. These initiatives collectively foster a robust savings culture across various population segments.

TDS: What are your future plans regarding the enhancement and expansion of savings products at your bank?

SRFH: BRAC Bank aims for over 30% deposit growth in 2025, building on its strong past performance. To achieve this, it will launch tailored savings schemes to reach diverse customer segments and promote financial inclusion. Digital innovation remains key, with continued investment in platforms like the Astha app to ensure accessible, customer-friendly banking across Bangladesh.