Overview of Open a Bank Account in Bangladesh
Various banks, including public, private, and international commercial banks, as well as specialized banks and non-bank financial institutions, make up Bangladesh's well-established banking system. The Bangladesh Bank, the country's central bank, oversees and regulates the banking industry in Bangladesh. It creates and carries out monetary policy, grants bank licenses, and guarantees the soundness and stability of the financial sector. Deposit accounts, loans and credit facilities, remittance services, trade finance, treasury operations, and investment products are a few of the services that banks in Bangladesh provide.
These services provide for the various financial requirements of people, companies, and governmental bodies. Digital banking has become more prevalent in Bangladesh due to the quick evolution of technology. Customers may effortlessly access their accounts, conduct transactions, and use banking services thanks to banks' online banking platforms, mobile banking applications, and ATM services.
Types of Bank in Bangladesh
- Commercial Bank
- Agrani Bank
- Janata Bank
- Pubali Bank
- Rupali Bank
- Sonali Bank
- Uttara Bank
- Specialized Bank
- Bangladesh Krishi Bank
- Bangladesh Shilpa Bank
- American Express International Banking Corporation
- Grindlays Bank Ltd.
- The Chartered Bank
- State Bank of India
- Habib Bank Ltd.
- Bank of credit and commerce International (Overseas) Ltd
Some of the Private Commercial Banks are:
Advantages of Opening a Bank Account in Bangladesh
- Access to a Safe and Controlled Banking System:People who open bank accounts in Bangladesh have access to a secure and tightly controlled banking system. The financial industry's stability and integrity are guaranteed by the national bank, Bangladesh Bank, which also offers account holders a safe environment.
- Convenient Financial Transactions and Money Management: People may easily handle their financial transactions when they have a bank account. They can make deposits and withdrawals, payments, and transfers to different accounts domestically or abroad. As a result, carrying considerable sums of cash is no longer necessary, and personal money is handled in a more organized way.
- Salary, pension, and payment direct deposit: People who have bank accounts can receive their wages, pensions, and other payments straight into their accounts. This provides a dependable and verifiable means of receiving cash while also eliminating the burden of manual collection.
- Various Banking Services:Banks in Bangladesh provide a wide range of financial services that are adapted to satisfy the various demands of their clients. These include savings accounts, checking accounts, fixed-deposit accounts, accounts for purchasing foreign currency, and accounts designed specifically for non-residents. Customers can also access investment opportunities, credit cards, and loans to increase their wealth.
- Potential for Building a Credit History:Opening a bank account is a critical first step in the process of establishing a credit history. A good credit history shows that a person is creditworthy and makes it easier for to get loans and other financial services. When applying for mortgages, auto loans, or business finance, building a strong credit score might be advantageous.
Eligibility to Open a Bank Account in Bangladesh
- Resident, Non-resident Bangladeshi or Dual National.
- 18 years and above.
- Minimum balance can vary from bank to bank.
- Mobile and online banking are provided as normal, and there is no minimum balance requirement or maintenance cost.
Essential Documents to Open a Bank Account in Bangladesh
- AOF (Account Opening Form)
- Identification proof (a valid passport) for both the nominee and the applicant
- Photograph of the applicant
- Photograph of the nominee, certified by the application
- e-TIN Certificate Copies
- Evidence of a home address-for example, a utility bill in the applicant's name
- A copy of the applicant's job authorization, work visa, or certificate of employment (if employed)
Procedure to Open a Bank Account in Bangladesh
- Select a Bank: Bangladesh has a large number of banks. Therefore, it's crucial to pick the best one for you. Take into account aspects including the bank's location, services, and costs. To evaluate services and costs, it could be helpful to get in touch with multiple banks.
- Assemble the necessary paperwork: The paperwork needed to create a bank account in Bangladesh may vary per bank. The entrepreneur must, however, prepare the fundamental papers mentioned above.
- Submitting a request to start an account: It is important to complete the application in the correct format, making sure to include all necessary details and carefully read the terms and conditions.
- Make a deposit: To create a bank account, you must make a minimum deposit. The minimum deposit amount can vary from bank to bank.
- Sign the paperwork to open the account: You must sign the paperwork to open the account once you've made a deposit. The different documents will contain the conditions and terms for the account.
- Awaiting the bank's approval: After submitting the appropriate paperwork and making the needed deposits, the entrepreneur must wait for the bank's approval before creating an account. The bank may also inquire about the business's operations, the identities of its clients and suppliers, the volume of incoming and outgoing transactions, and the source of its funding.
- Using the bank account: The entrepreneur can access his account online, through a mobile application, or in person at the bank after getting approval to open a bank account in Bangladesh. He can then makes transactions, view his balances and transaction history, as well as carry out other standard banking operations.