Dhaka, Bangladesh (BBN)-New Generation (NewGen) private banks have participated in the banking fair with some unique loan and deposit products and the commitment to offer better services.

The first-ever Banking Fair Bangladesh-2015 began its journey amidst festivity and optimism of reaching ordinary clients.

Bangladesh Bank (BB) Governor Dr Atiur Rahman inaugurated the fair by releasing a bunch of balloons at the Bangla Academy premises.

All 56 scheduled banks, specialised banks and nine new generation banks took part in the fair to showcase their respective products to draw attention of visitors.

Officials of NewGen private banks said they are optimistic of seizing new clients as they have introduced some new products, unique in their kinds and with more attractive features than that of the competing banks in favour of potential clients, which were showcased in the fair.

“Better products and better customer services are vital to keep growing. So that’s what we offer,” said Syeda Faria Sabrin, who is serving as senior executive officer of Midland Bank Ltd at its main branch in Banani of Dhaka, the capital of Bangladesh.

“Currently, the competition is high in the banking sector. And as new banks, we must offer good products and better services to sustain in this situation,” she said.

Some unique and current products are featured below:

MIDLAND BANK

The Midland Bank showcased a unique product styled ‘MDB Gift Cheque’ while other regular products of the bank includes personal loan, car loan, home loan, secured loan, overdraft and current, deposit and savings accounts, foreign remittance transfer, debit and credit card, internet banking and ATM (Automated Teller Machine) services, and all other regular bank services to individuals and institutions.

‘MDB Gift Cheque’ product was unique, said Faria Sabrin while narrating about the service.

“A person can buy an instrument from the bank’s any 15 of branches and gift it to anyone. The instrument, which is known as gift cheque, will have a validity for three-month, six-month and a year. And, if the gift recipient does not use that by that period, he or she will be awarded with 6.0 percent, 6.5 percent and 7.0 percent interests respectively from the bank,” she said.

Primarily, the gift cheque is issued in denominations starting from BDT 500. It can be of BDT 1,000 and BDT 5,000 equivalent and to any higher value.

MODHUMOTI BANK

The Modhumoti Bank has introduced five loan products under Small and Medium Enterprise (SME) category.

These are: Goti, Mousumi, Progati, Agragoti and Labonnyo. Of them, labonnyo is dedicated to women entrepreneurs of the country, ranging from rural to urban areas.

Under Labonnyo, the bank offers loan amounting from BDT 1 million to BDT 5 million to women entrepreneurs with the core objectives to empower women as per the millennium development goals, which will transform into Sustainable Development Goals from the year 2016.

The unsecured limit of the loan is BDT 8 million, which is collateral-free.

The bank’s another product, named after ‘Modhumoti Talent Source’, offers outgoing remittance service to students who wants to study abroad.

MEGHNA BANK

The Meghna Bank also introduced gift cheque, young star account, senior citizen’s savings account, child eduplan scheme, express loan, salary account, money multiplier scheme, home loan, women entrepreneurship scheme, income scheme, deposit pension scheme and personal loan, among other regular banking services.

Meghna Bank also offers 7.25 percent interest on encashment of the gift cheque after completion of one-year period.

NRB GLOBAL BANK

NRB Global bank has showcased products including NRB Utshaho loan, NGB Proshar, NGB Nandini, NGB professional loan and NGB home loan, among other banking services.

Under the professional loan, doctors, engineers, architects, chartered accountants, certified consultants and marine and IT professionals can have loans from the bank at affordable rate of interest and flexible payback periods.

NRB Utshaho loan mainly targets returnee migrants to get something productive at home by borrowing from the bank. The payback is flexible and interest rate is affordable, said the bank’s official Nazrul Islam at the fair.

BBN/MMA/ANS