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They are providing their service through money or some other materials which is used as like money. We can categorize the function of a bank mainly in two categories. These are: Collect deposit from an individual who has sufficient money. Providing loans to those, who has deficit balance according to their needs. Banks also have another different function. Here is the function below: For making our assignment, we select ‘BRAC BANK’ and we have collected lots of information from them which are related to their services. Now we are entering our main topic:
1. History of ‘BRAC BANK’: BRAC Bank is a leading private commercial bank in Bangladesh. Its headquarters are based in the capital Dhaka. BRAC launched an Information Technology Institute the following year. In 2001, BRAC established a university called BRAC University with the aim to create future leaders and the BRAC Bank was started to cater primarily to small and medium enterprises. Corporate Vision "Building a profitable and socially responsible financial institution focused on Markets and Businesses with growth potential, thereby assisting BRAC and stakeholders build a "just, enlightened, healthy, democratic and poverty free Bangladesh". Corporate Values Our Strength emanates from our owner - BRAC. This means, we will hold the following values and will be guided by BRAC as we do our work Value the fact that we are a member of the BRAC family Create an honest, open and enabling environment Have a strong customer focus and build relationships based on integrity, superior service and mutual benefit Strive for profit & sound growth Work as a team to serve the best interest of our owners Be relentless in pursuit of business innovation and improvement.
Value and respect people and make decisions based on merit Base recognition and reward on performance Be Responsible, trustworthy and law-abiding in all that we do
2. Deposits: As like other banks BRAC BANK make their relation with their clients through opening an account. They are providing three account open facilities for collecting deposits. These are: I. II. III. Savings Account Current Account Fixed Deposit Account
Every single account has different criteria. These are explaining below:
Savings Account: By seeing the name of the account we understand that, those people who are interested to save their money for a short time period, generally these people are interested to open this account. By thinking different types of people, BRAC BANK provides different types of savings account opening facilities or opportunities. These are:
a) Triple Benefit Savings ( TBS) A/C: A client opens this account by 50000 taka. Here the transacted amount is relatively large. Here the Interest rate is 8% and get Visa Debit Card facilities. A personal check book is opened for that client and every month he or she has got the interest amount regarding their deposited amount. Here no charge is taken by the bank. According to a bank personal of BRAC BANK, it is one of the most valuable products. Because of, through only this account they collect a large amount of money.
It is also a valuable product for BRAC BANK. Here the client also gets the debit card facilities and a personal check book is opened by his name. Here the interest rate is 5.5% and the interest is provided half- yearly. c) Opporagita:
Women’s are only permitted to open this account. Here they also get the same benefits and 6.6% interest rate is provided to them. This is also a beautiful idea of BRAC BANK. II. Current Account: Those people who transact more frequently with their banks, those people are generally open current account. BRAC BANK provides different types of current account facilities. These are: a) Current Plus Account: This account is opened by 25000 taka. Here the client gets Visa Debit Card and personal check book facilities. They are also got intercity transaction or online banking facilities. Here no charge is applicable. b) Current Classic: This account is opened by taka 15000. A personal check book is opened by the name of client and he also gets debit card facilities. No interest will be provided here. c) Easy Account: The client is getting only debit card facilities. Here the opening balance is taka 2000 and 4% interest will be provided to the clients. d) Campus Account: Here only the students are allowed to open the account. To open the account student must show the valid ID card. Opening balance is taka 2000 and 4% interest will be provided here. e) Salary Account: Generally this facility is getting by interest related institutions with the bank. Bank can help them by salary disbursement. Here minimum number of employees is required at 10 and minimum salary is taka 10000. They are getting 4% interest from this account.
III. Fixed Deposit:
Those people who has a lot of idle money over their hand, but they are feeling unsecured; generally these people are getting help by this account. There are also different types of fixed deposit account provided by the BRAC BANK. These are: a) Obiram:
Here the client will get interest in monthly basis and the interest amount is depending based on the deposited amount and tenure.
Freedom Fixed Deposit:
Interest is provided often three months later under this account. Interest is depending on deposited amount.
Interest First Fixed Deposit:
After opening the account, the client will get interest immediately over his deposited amount under this account.
Generally Fixed Deposit:
Under this account the client will get back of his deposited amount with interest at a maturity date.
IV. Money multiplier Scheme:
It is also another strategy for collecting deposit. But it is not as much popular.
BRAC BANK provides different types of loans to the individuals or institutions according to their needs. But before getting the loan, client must fulfill the conditions; types of loans are given below:
Under this Loan system any one can get Loan from BRAC BANK, for fulfilling the personal needs. This Loan is divided into two Parts: a) Salary Loan:
People those who are service holder, they can get Loan from here.
Under this system, generally business people can get Loan. Both Loans are provided back to the bank in equal monthly installment basis. Time duration of this Loan is not more than five years. II. Auto Loan: This Loan is provided by the bank for only buying car. Under category-1, if the Loan holder buys a car from tie-up show rooms, they will have to pay 15.5% interest, but if they buy a car from non tie-up show room or anywhere, they will have to pay 16.5% interest. Under category-2, the Loan is provided only for buying commercial vehicles. Here the interest will be charged at a rate of 18%. III. Mortgage Loan: If some are want to buy a flat or want to expand the total size of their house, they can get Loan from BRAC BANK under mortgage Loan system. Here the Loan holder can get maximum 75 lack taka as a Loan at the rate of 12.99% interest. Upper duration of this Loan is 20 years. BRAC BANK also provides other different types of Loans as the requirement of their clients. Another Different Service: BRAC BANK provides other different types of services for their clients. These are following below: i. They are providing opportunity for opening Latter of Credit based on the relation with that company.
ii. They provide syndicate Loan share with other banks under a supervision of leading bank. iii. iv.
Locker service is also a common service provided by the bank. They provided pay order, demand draft service.
They provide online banking service through 180 ATM booths throughout the country.
They are also offering point of sales (POS) services through 400 pos. Internet banking service is also a new additional service.
Through mobile phone they are also providing their banking service. Provides credit card facilities. There have two types:
Gold More than one Lack Classic Less than one Lack Those students are wanted to go abroad for higher study; they are also provided services to them through student life. These are the overview of services provided by the BRAC BANK.
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