Dhaka, Bangladesh (BBN) – Eastern Bank Limited (EBL) has introduced its two products– SME Double Return and SME Business Debit Card– for the small and medium enterprise (SME) customers.
EBL Managing Director and CEO Ali Reza Iftekhar unveiled the products through handing over a SME Business Debit Card to a customer at a press conference at a city hotel on Thursday.
Mr Iftekhar said that SME growth at EBL was recorded highest in 2011 and 2012. Analysing SME growth rate and other indicators, the EBL MD said, “There are huge opportunities and prosperities in the country’s SME sector. A lot of things remained left for the banks to do in the sector.”
He hoped that the two products will be very useful for the country’s SME customers.
SME Double Return is a fixed term deposit product, where the principal deposited amount will be doubled in six years and the SME customers can take 85 per cent to 95 per cent loan facilities against this deposit at a competitive interest rate, the bank officials said.
An SME customer can open as much as Double Return deposit accounts as per their financial requirement. Minimum opening amount is BDT 100,000 while there is no upper limit of deposit.
To open the Double Return deposit account, the SME customers need to have SME savings or current account with EBL, they added.
While SME Visa Business Debit Card is for the SME accountholders of the bank. The Business Debit Card holders will not only be able to withdraw funds through ATM in 24-hour but also be able to use the card directly at any POS displaying Visa logo.
The newly launched debit card will allow the SME customers to get access to their funds anytime instead of waiting for the traditional banking hours.
Apart from the transactional and cash withdrawal facilities, the card holders will also be eligible to get various discounts and facilities at over 100 EBL Card Partners outlets round the year.
The SME accountholders required to apply through a completed application form to get an EBL Visa Business Debit Card.
BBN/SSR/AD-13Apr12-1:10 pm (BST)
