'NCC Bank hopes to attract sizeable deposits with unique marketing strategies'

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FE Team | Published: Sunday, 4 August 2024

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We are receiving very positive responses from both residents and non-residents residing in different countries. We are expecting to receive a significant amount of FC deposits through OBU because of the attractive interest rate, tax benefit andoperational freedom of offshore banking.
It's a matter of satisfaction that the Offshore Banking Act-2024 has been enacted with some attractive features, like: lucrative interest rates on deposits, no tax burden, transfer of deposited money abroad with interest, utilizationof funds forvarious local investments and making necessary payments, no account maintenance fee etc. which are applicable for all residents, non-residents as well as foreign nationals and entitiesall over the world.
Maintaining secrecy/privacy of depositors is a fundamental obligation of all banks. We are also committed to maintaining our customers' privacy in compliance with the regulatory rules and instructions thereof.
Country's rating generally plays a pivotal role for not only attracting deposits in FC but also maintaining correspondent banking relationship with our foreign counterparts. We have observed a positive move in some key economic indicators of our country particularly in foreign remittance inflow due to prudent actions taken by the regulatory authority. So, we expect that the scenario will improve in coming days.
However, the credit rating that signifies current position as well as near term outlook of a particular bank is also a vital issue. It's our immense pleasure to inform that the current overall rating of our Banks is "Outlook: Stable" which indicates a consistent financial performance. Our Long Term Rating is "AA+ (very strong capacity for timely serving of financial obligations)" &Short Term Rating is "ST-1 (strongest capacity for timely payment of financial commitment & low credit risk)".Our Capital Adequacy Ratio (CAR) is 15.91%as against the requirement of 12.50%. We are also delighted to inform that our Bank has so far never faced any liquidity crisiswhich, we believe,is the outcome of our customers' confidence in us and we have never delayed,even for a single day, in making payment to our foreign counterparts. Considering our payment behavior and overall condition, some of our correspondent banks have enhanced our credit limit with them even during the period when some banks faced FEx crunch situation and we understand that the credit limit of some banks got downsized.
Now-a-days, customers are very much cautious in selecting their financial partner(s) and they are well aware of the health of different banks. So, we believe that we will be able to attract customers to open FC deposits with our OBU and with some unique marketing strategies, we are expecting to receive a good amount of deposits in different accounts with OBU.
We have already developed 02 (two) attractive deposit products i.e. International Banking (IB) Account and FC Account both having demand deposit and fixed deposit options for our OBU customers. IB accounts are for resident Bangladeshis, while FC accounts are for other than resident Bangladeshis. We also have developed and circulated special brochures and publicised in different print, electronic and social media platforms to attract potential customers. Apart from this, we have updated our website with necessary information and documents so that a customer can easily open OBU accounts from anywhere of the world.
OBU Operations are not offering ATM facilities against OBU deposits from any location in the world. However, currently we are providing net banking facility to our clients and focusing on development of smartphone based apps for our clients so that they can enjoy easy, secure and hassle free banking experience sitting at their homes/office.