Unwavering reliability: Not a single cheque bounced

Mohammad Mamdudur Rashid, Managing Director & CEO, United Commercial Bank (UCB)

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

Mohammad Mamdudur Rashid (MMR): The banking sector in Bangladesh is currently operating in a dynamic and increasingly competitive environment, shaped by evolving customer expectations and a rising demand for personalised financial solutions. While the industry overall is witnessing steady, albeit cautious, deposit growth, this has been largely driven by competitive interest rates, product innovation, and the growing adoption of digital banking platforms.

At United Commercial Bank (UCB), we are proud to share that we have once again scripted an extraordinary success story. In just the first six months of this year, we opened over 300,000 new accounts, and our net deposits grew by more than BDT 7.82 billion. Against an initial target of BDT 60 billion, we surpassed expectations, crossing BDT 75 billion—a clear testament to the trust our customers place in us.

A breakdown of this growth shows that 56% came from retail clients, 32% from corporate customers, and 12% from SMEs—all during a period of notable macroeconomic and sectoral challenges. While the banking industry has averaged a deposit growth rate of around 8%, UCB achieved a remarkable 15%, demonstrating the strength of our strategic focus and customer-centric approach.

What truly sets UCB apart is our unwavering commitment to reliability. Whether it is a deposit of BDT 10,000 or BDT 100 million, not a single cheque has bounced—a record that speaks louder than any advertisement. This consistency is our strongest endorsement, echoed by our satisfied customers.

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

MMR: UCB offers a wide range of deposit schemes tailored to meet the diverse needs of its customer base—from individuals to SMEs, corporates, and Non-Resident Bangladeshis (NRBs). Our offerings are designed with flexibility, inclusiveness, and transparency in mind.

Key deposit products include:

•   UCB Super Flex DPS: A flexible monthly deposit plan with tenures ranging from 1 to 10 years, ideal for general retail customers starting with as little as BDT 1,000 per month.

•   NRB DPS Plus: Specially designed for NRB customers, offering attractive interest rates and tenures of 5, 7, or 10 years.

•  UCB AYMA DPS Plus: A women-centric savings product that offers competitive rates and flexible terms of 5, 7, or 10 years.

We continuously evolve our offerings based on lifestyle changes, feedback, and market trends—because we believe that meaningful banking starts with truly understanding those we serve.

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

MMR: UCB has been at the forefront of digital transformation in the banking sector. We have made strategic investments to enhance customer experience, drive convenience, and ensure depositor protection.

Key innovations include:

•  Digital Account Opening via the UCBL Digital App, enabling instant customer onboarding—also available through biometric authentication at agent outlets.

•  UPAY Mobile Financial Services: A fully integrated MFS platform that allows seamless payments, fund transfers, and bill payments—designed to serve both urban and rural users efficiently.

•  Bangladesh's First Microservices-Based Open API Banking Platform: This empowers fintech partnerships and allows third-party integration, expanding customer reach and convenience.

These innovations are not only enhancing operational efficiency but also reinforcing customer trust—by offering secure, user-friendly, and responsive banking solutions.

TDS: What are your bank's future plans for developing new deposit schemes and enhancing operational modes for depositors?

MMR: Looking ahead, UCB remains committed to continuously evolving its deposit portfolio and service delivery models to match the changing needs of our customers.

Our future plans include:

•  Introducing goal-based savings products for specific demographics such as women, freelancers, professionals, and youth.

•  Launching green deposit schemes that allow customers to support sustainable investments.

•  Offering inflation-linked or index-tied products to protect real savings value.

•  Expanding our range of bundled products, combining deposit plans with insurance or lifestyle benefits.

From an operational perspective, we will further strengthen our digital banking platforms, leveraging AI-driven personalisation to offer the right product at the right time to the right customer. Our agent banking network will be a key driver in reaching underserved regions and enhancing service accessibility.

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

MMR: The government has a vital role in creating and maintaining an environment of trust in the banking sector. To that end, a few focus areas stand out:

•  Enforcing strong prudential regulations, transparent disclosure norms, and effective supervision to ensure depositor safety.

•  Promoting public awareness on deposit insurance schemes, banking stability, and fraud protection—this helps reduce misinformation and builds confidence.

Together, these steps can go a long way in reinforcing public faith and ensuring that depositors feel secure across all tiers of the financial system.