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EMPOWERING HER WALLET Top Savings Schemes for Women
“MTB plans to launch more savings schemes for housewives, widows, and economically disadvantaged women, emphasizing flexible savings, financial literacy, and small business loans. MTB Angona has already been enabling underprivileged women to join the formal financial system through instant account opening via the MTB e-KYC platform,” shared the CEO of MTB.
MERCANTILE BANK
MBL Nari Sanchay Prokolpo (MNSP) is a dedicated monthly installment-based savings deposit product designed to cater to various financial needs, including education, entrepreneurship, marriage, travel, social support. Md Quamrul Islam Chowdhury, Managing Director of Mercantile Bank remarked, “MNSP is extensively designed for women to promote their financial independence through monthly installment. This product offers flexibility of different tenure and installment amounts ranging from BDT 500 to BDT 50,000, ensuring access to women from diverse backgrounds.” The plan offers an attractive 8.50% simple interest rate and 8.84% effective interest rate per annum and allows premature encashment facility after completion of first year.
Aporajita Masik Munafa Prokolpo (AMMP) is another product for women offering a simple interest rate of 10.67% and effective annual interest rate of 11.21% per annum. Ashim Kumar Shaha, DMD of Mercantile Bank mentioned, “This deposit scheme is tailored for self-reliant, industrious women with a fixed amount of unused funds or retirement funds, providing them with the opportunity to earn the highest returns on their savings along with convenient banking services. Both residential and non-residential Bangladeshi females (individually or jointly) are eligible to open this account for 3 or 5 years with a minimum deposit of BDT 50,000 or its multiples.” Payment of benefit will start after the first month of account opening and will be automatically transferred each month to the depositor’s savings account at any Mercantile Bank branch.
LANKABANGLA FINANCE
LankaBangla offers various savings plans for women under their Shikha deposit schemes. Shikha Icche offers a preferential interest rate higher than any regular term deposit, with flexible short and long-term investment options; however, the minimum deposit starts at BDT 50,000. It offers a customizable deposit plan and tenure, and access to SOD (loan against deposit) up to 90% of the principal amount with no processing fees. Khurshed Alam, Head of Retail Financial Services, LankaBangla Finance, said, “Women deposit schemes offer a 0.025% higher interest rate than regular deposit accounts. We also have Shikha Credit Cards with special discounts at parlors, footwear, or clothing outlets for female professionals using the schemes. Many female users are not aware of these benefits, which is why sometimes they do not want to avail themselves of separate credit cards under their names, but rather request a supplementary card linked with their husband’s credit card.”
Additionally, Shikha Sonchoy is a monthly DPS that requires a minimum deposit of BDT 500 per month. Once the deposits reach BDT 50,000, the client will be eligible for up to 80% loan against deposit facility with no processing fees. Users of this plan enjoy the flexibility of encashment to earn the full value for completed tenures of 2, 3, 4, 5, or 10 years. Additionally, Shikha Obiroto provides options to earn interest on a monthly, quarterly, half-yearly, and annual basis, starting with a minimum deposit of BDT 50,000, and Shikha Projjolon has a shorter tenure than regular schemes, with the benefit of doubling or tripling the investment upon maturity.
Women-centric savings schemes are promoting regular saving habits and providing reliable financial avenues to women, expediting their journey to financial independence, inclusion, and empowerment. However, there is a caveat. In many cases, males deposit money under their wives’ or daughters’ names to avail themselves of the special interest rates or other benefits. LankaBangla’s Head of Retail, Khurshed Alam, draws attention to this challenge, saying, “Upon maturity, many women request their money to be transferred to their husband’s accounts. Sometimes we really struggle with this issue since Bangladesh Bank’s policy doesn’t allow us to do so.” Then, how effective are the women’s schemes if females are not aware of personal finance?
Professor Md. Nehal Ahmed of BIBM opines that there is a strong correlation between women’s personal finance awareness and their financial inclusion. He highlights that banks have crucial roles to play in this regard. “Banks can engage celebrities in financial literacy campaigns and utilize visual storytelling in short films or dramas to effectively promote saving habits and personal finance awareness among women from diverse backgrounds. Besides, more plans should be introduced for women with incentives and personalized financial solutions to drive inclusion across all demographics,” he added.
Women-centric savings schemes are promoting regular saving habits and providing reliable financial avenues to women, expediting their journey to financial independence, inclusion, and empowerment.