AB Bank launches ten new products
FE Report | Monday, 2 June 2008
AB Bank Limited, a first generation private commercial bank, has launched a basket of ten new distinctive Small and Medium Enterprise (SME) and liability products for its customers.
Of the ten new products, seven have been SMEs and three are liability products.
The seven SME products are Shathi Reen, Prasar Reen, Uddog Reen, Aparajita Reen, Gati Reen, Digun Reen, and Chhoto Puji Reen.
On the other hand, the three liability products are Troimashik Munafa Hishab (three-month profit accounts), Ogrim Munafa Patra (advanced profit accounts) and Millionaire Scheme Account.
Troimashik Munafa Hishab (TMH) is a special fixed deposit account that customers can open individual, business organisetion or institution and pays out interest every three months from the date of opening of the account.
Customers need to invest simply a minimum of Tk 25,000 and there is no upper limit with the annual rate of interest currently 12 per cent.
Ogrim Munafa Patra (OMP) is a profit first deposit scheme which allows customers to maximise growth potential through the unique certificate and a depositor may purchase an OMP by depositing the discounted value of the principal sum.
OMPs shall be available for three, six and twelve month's maturity tenures with the rate of interest 12 per cent per annum and one can obtain loan and overdraft facility up to 90 per cent of the deposited amount will be available.
Millionaire Scheme Account (MSA) is a monthly deposit of installments which can make the depositors a millionaire within a space of three to six years. The tenure of the MSA is opened for three, four, five or six-year terms with loan and overdraft facility up to 90 per cent of the deposited amount. The annual interest rate for MSA is 11.50 to 12 per cent.
The products have been specifically designed and bear hassle free, easy-to-get, and flexible repayment characteristics.
The SME loan is ranged between Tk 1 million and 50 million which will be refundable within three years time.
70 branches of the bank began to offer the services from June 1.
"The new products will add great value to our retail banking and SME banking sector," said Kaiser A. Chowdhury, president and managing director of the bank while inaugurating the products at a press conference at the corporate head office of the bank Sunday.
He said AB bank has continuously given special attention to the SME sector and is committed to further finance this thriving sector.
Among others, Deputy Managing Directors of the Bank Niaz Habib, Shamim A. Chowdhury and Faruq M. Ahmed, head of corporate affairs and brand Ziaul Karim and senior executives were also present on the occasion.
Of the ten new products, seven have been SMEs and three are liability products.
The seven SME products are Shathi Reen, Prasar Reen, Uddog Reen, Aparajita Reen, Gati Reen, Digun Reen, and Chhoto Puji Reen.
On the other hand, the three liability products are Troimashik Munafa Hishab (three-month profit accounts), Ogrim Munafa Patra (advanced profit accounts) and Millionaire Scheme Account.
Troimashik Munafa Hishab (TMH) is a special fixed deposit account that customers can open individual, business organisetion or institution and pays out interest every three months from the date of opening of the account.
Customers need to invest simply a minimum of Tk 25,000 and there is no upper limit with the annual rate of interest currently 12 per cent.
Ogrim Munafa Patra (OMP) is a profit first deposit scheme which allows customers to maximise growth potential through the unique certificate and a depositor may purchase an OMP by depositing the discounted value of the principal sum.
OMPs shall be available for three, six and twelve month's maturity tenures with the rate of interest 12 per cent per annum and one can obtain loan and overdraft facility up to 90 per cent of the deposited amount will be available.
Millionaire Scheme Account (MSA) is a monthly deposit of installments which can make the depositors a millionaire within a space of three to six years. The tenure of the MSA is opened for three, four, five or six-year terms with loan and overdraft facility up to 90 per cent of the deposited amount. The annual interest rate for MSA is 11.50 to 12 per cent.
The products have been specifically designed and bear hassle free, easy-to-get, and flexible repayment characteristics.
The SME loan is ranged between Tk 1 million and 50 million which will be refundable within three years time.
70 branches of the bank began to offer the services from June 1.
"The new products will add great value to our retail banking and SME banking sector," said Kaiser A. Chowdhury, president and managing director of the bank while inaugurating the products at a press conference at the corporate head office of the bank Sunday.
He said AB bank has continuously given special attention to the SME sector and is committed to further finance this thriving sector.
Among others, Deputy Managing Directors of the Bank Niaz Habib, Shamim A. Chowdhury and Faruq M. Ahmed, head of corporate affairs and brand Ziaul Karim and senior executives were also present on the occasion.