Customer-centric banking, powered by specialised deposit bundles

MD. Mehmood Husain, Chairman, IFIC Bank

The Daily Star (TDS): What is the current state and trend of bank deposits in the country?

MD. Mehmood Husain (MMH): The current trend of bank deposits in Bangladesh signals a steady but meaningful recovery. While growth may appear modest, it is significant in the context of ongoing inflationary pressures, liquidity constraints, and the lack of faith that emerged after August 2024. That period of instability—marked by public concern and institutional disruption—had a direct impact on depositor confidence across the banking sector.

Despite these challenges, deposits have rebounded, reflecting a gradual restoration of public trust. Within our institution, the turnaround has been both strategic and deliberate. At the height of the crisis, we faced heightened withdrawal pressure. However, through targeted reforms, transparent communication, and proactive client engagement, we stabilised the situation. By April 2025, we reinstated BDT 6,000 crore in deposits—achieved solely through internal operational strength. It is important to highlight that IFIC Bank has maintained a strong and self-sustained liquidity position throughout its operations. The bank has never availed any form of liquidity support from the Central Bank—neither in the past nor during the challenging economic period of financial stress. This milestone also marked our re-entry into the BDT 50,000 crore deposit club, and currently our deposit stands at more than BDT 51,500 crore.

TDS: What major deposit schemes does your bank currently offer, particularly those tailored to specific customer segments?

MMH: IFIC Bank continues to prioritise its key customer segments—Retail, SME, and Corporate—by offering a diverse range of innovative savings products that promote disciplined financial habits across all income levels and backgrounds.

The bank's popular offerings include Fixed Deposits (FD), Monthly Savings Schemes (MSS), Pension Savings Schemes (PSS), and Islamic Savings Schemes. Notably, IFIC Aamar Account, IFIC Aamar Bhobishawt, Shohoj Account, Monthly Income Scheme (MIS), and Pension Savings Scheme (PSS) have gained widespread acceptance among customers of various age groups and income brackets, thanks to their flexibility and attractive returns.

IFIC Bank currently offers interest rates of up to 12% on its specialised deposit products. As of June 2025, the bank's total deposit base reached BDT 51,000 crore, with IFIC Aamar Account and IFIC Aamar Bhobishawt alone contributing BDT 9,964 crore and BDT 1,744 crore, respectively.

TDS: What innovations has your bank introduced in terms of technology, payments, and security to benefit depositors?

MMH: IFIC Bank currently operates the largest banking network in the country, with over 1,400 branches and sub-branches across Bangladesh. These widespread physical outlets ensure comprehensive, one-stop banking services, powered by a robust core banking system that enables a seamless, tech-driven experience within a secure and integrated environment nationwide.

A cornerstone of this digital journey is the IFIC Aamar App, which empowers customers to access a wide range of banking services anytime, anywhere. Offering more than 20 services through a single platform secured by biometric authentication, the app reflects the bank's commitment to convenience, accessibility, and innovation.

However, this technological evolution did not happen overnight. IFIC Bank's digital transformation is rooted in a carefully structured, phase-wise journey—designed with a strong focus on Environmental, Social, and Governance (ESG) principles to support long-term sustainability.

TDS: What are your bank's future plans regarding the development of new deposit schemes and the enhancement of operational modes for depositors?

MMH: IFIC Bank PLC is advancing its commitment to customer-centric banking through specialised deposit bundles, Shariah-compliant products, and digital innovations. The bank is introducing focused solutions like the School Banking Bundle, which promotes financial literacy among youth; the Women Banking Bundle, empowering female clients with customised accounts and financing options; and the SME Banking Bundle, offering integrated deposit and credit support for small businesses under CMSME, Agri, and Sustainable Finance programmes.

New offerings also include credit cards for diverse customer groups and the Agent's Retention Quota (ARQ) Account, enabling foreign exchange agents to retain 10% of remittances in foreign currency. IFIC Bank is expanding its Shariah-based portfolio with Hajj & Umrah DPS, Mohrana DPS, payroll accounts, and auto finance solutions.

TDS: What role do you believe the government should play in strengthening public trust and ensuring the safety of deposits in the banking sector?

MMH: Trust is the cornerstone of any banking system. In times of uncertainty, particularly as we experienced during and after August 2024, the role of the government becomes not just supportive, but foundational. During that critical period, public trust was shaken—not only in individual banks but in the financial system as a whole. What changed the narrative was decisive government action.

Bangladesh Bank's restructuring of our board on 4 September 2024 was a turning point—not only for our institution but for the entire sector. The government made it unequivocally clear that stability and depositor protection were national priorities. That signal was crucial. When customers understood that their bank was now under direct regulatory and governmental oversight, it calmed nerves and halted panic.