Banking Operation of Standard Chartered Bank in Banani Branch

Standard Chartered Bank, Banani Branch is registered as a cash booth. However, although it is registered as a cash booth, it works as a sales and service centre like all the other branches. As this branch gets all the approval of service procedures from the head office-Dhaka Main, it does not face any legal problem.

The Banani Branch of SCB is located at the 14 Kemal Ataturk Avenue, Banani, Dhaka-1213, Bangladesh. The branch opens for business transactions at 9.00 am and continues up to 3.00 pm from Sunday to Thursday. An ATM is situated just beside branch allowing customers to have access to their accounts 24 hours a day.

Branch Organ gram

At Banani Branch, the Branch Sales & Service Manager (BSSM) Mr. Taufique Arefeen holds the top position in hierarchy. The manager generally monitors smooth functioning of all the departments and ensures that all the departments functions according to rules and regulations.

The Sales Team manager (STM), Branch Risk Officer (BRO) and the Customer Service Manager (CSM) works directly under the supervision of BSSM. STM looks after the Personal Financial Consultants (PFC) and the CSM looks after the Customer Service Officers (CSO) and the Service Ambassador (SA) and the Product Service Officer (PSO), Credit card.

The organization structure of this particular branch is:

The sales executives report to the Sales Team Manager. The Credit Card Officers, Personal Financial Consultants and Front Desk Officers report to the Customer Relations Manager. The Cash Officers report to the Cash Manager. These three managers in turn report to the Branch Sales & Service Manager.

The department of Shared distribution operates with the support of the Human Resource Department, the Legal and Compliance Department and the IT Department.

Customers Of Banani Branch

SCB – Banani branch deals with all kinds of customers; both individual clients and business clients. The main customers of the Banani branch is all the clients of the bank who have their business offices at Banani

Services Provided At Banani Branch

As this branch is not that big, this branch cannot provide all the services that are offered by SCB as a whole. But the most important services are provided to the clients with great care. The services that this branch provides to their customers are:

Account services

Teller Machine (ATM) service etc.
Bills Pay Savings schemes ( Mainly Sanchaya Patra)
Loan products
Cash transaction
Credit card service

Automated Machine

Standard Chartered Bank, Banani branch operates under the name of the department of “Shared Distribution”. It is called so because all kinds of banking services are provided here in this branch by assigning the right person for each service. The services provided here range from customer service, loans, credit cards, money link, phone link, accounts opening, cash withdrawal and deposits, remittances to foreign currency deposits, savings certificates encashment as well as different types of savings schemes. This branch serves customers of both consumer banking and corporate and institutional banking.

VIP Saver’s Account:

Benefits of this account are as follows:

Interest will be accrued on monthly average balance and applied to account every month end.
No account maintenance fee or ledger fee
No average balance fee and counter transaction fee if the monthly average balance is BDT 100,000 and above
Cheque book and debit card facility.
Daily POS transactions limit BDT 50,000
Daily withdrawal limit BDT 40,000
Account opening amount is BDT 5000,000. monthly average balance in the account must stay above the threshold of BDT 5000,000 for earning for that particular month

Resident Foreign Currency Deposit (RFCD ) Account

Resident Bangladesh can open another account called RFCD account. Personal ordinarily resident in Bangladesh may open and maintain RFCD A/C, even foreign nationals who residing in Bangladesh for more than six months. Some of its features are:

Minimum opening balance required – USD 1,000 or GBP 500 equivalent currency.
No interest to be accrued if the balance falls below the minimum amount.
Interest rate is based on international market rates and Bangladesh Bank guidelines.

Non – Resident Foreign Currency Deposit (N F C D ) Account

NFCD account is a short-term foreign currency deposit amount suitable for Bangladeshis living abroad, offering most competitive interest rates available in both local and international markets. Some of its features are:

Interest paid in Foreign currency
Can be opened for a term of 1 months, 3 months, 6 months or 12 months
Interest payable on maturity
Can be used as security against personal / commercial loan
Remittance in both local currency (Ley) and foreign currency (Fey) to any place in and out of the country.

B u s in e s s A c c o u n t

This account is mainly designed for small and medium enterprises businesses and it is called business account, where all the business transaction is expected to be executed. Through this account the account holder can enjoy the facilities of both STD and call account. Business account is a special deposit account where the system named ‘automatic transfer’ will join the account with the call account. This account can be used as any other current account, but the day end amount will be transferred into call account. On the basis of the call account balance the account holder will earn interest on every day basis. This account can be opened by only BDT 2,50,000 and to earn interest account holder must maintain this minimum balance. The benefits of this account are as follows:

Free up-gradation or membership
Free online inter city transaction
Free over the counter transaction
Free cheque book facility
Free pay order and demand draft

DEBIT CARD FACILITY

Standard Chartered Bank is well known globally for the value of customer’s safety and convenience the most. To add more to it, SCB introduce Debit Card shortly.

The amount customers pay while shopping, dining or travelling will be debited from the customer’s account. So, don’t have to worry about overspending and finance charges. Debit Card can be used at any outlet in Bangladesh with a “Visa” logo.

This Debit Card replaces the customer’s existing ATM Card and can pay utility bills and withdraw cash from any of the SCB’s 24 ATM booths across. Moreover, this debit card also covers accidental death insurance coverage. The yearly charge for this card is BDT 690.

Fixed Deposit

When money deposited by a customer is not repayable on demand and is payable only after the expiry of a specified period form the date of deposit or after a specified period of notice, such deposit is called a Fixed Deposit.

Minimum Amount required: BDT 100,000.

S h o r t T e r m s D e p o s i t (STD)

STD Account – Consumer Banking:

Minimum Balance: Minimum required amount is BDT. 2,50,000.00.

Caution: If balance falls below BDT. 2,50,000.00, no interest will be accrued.

Interest Rate: The range of interest rate is from 2% to 3.75%.

STD Account – Client Relationship:

Minimum Balance: Minimum required amount is BDT. 2,50,000.00.

Caution: If balance falls below BDT. 2,50,000.00, no interest will be accrued.

Interest Rate: The range of interest rate is from 2.50% to 5.00%.

C a s h Lin e

Cash line is a secured credit facility against Fixed Deposits, ICB Unit Certificates. The loan taker can borrow up to 90% of his / her / their security value and enjoy the benefits of readily available funds even as their investment continues to earn interest for them. Cash line has the right solution to the customers when they have an urgent need for cash that couldn’t be met because their money was all tied up in investment.

CREDIT CARD SERVICE OF SCB

Credit card as a substitute for cash or cheque is becoming increasingly popular with public since it has been introduced in the market. Global acceptability is a sign of the success of credit card. The popularity of card encouraged the banks to introduce this product to their customers. Bank credit card was first introduced in the USA in 1952 by Franklin National Bank. But the rising curve of the credit curd popularity started in the later half of the 60s. The inevitable popularity consequently encouraged Standard Chartered Bank to launch the first Taka credit card in January 1997.

LOAN PRODUCTS

P e r s o n a l Lo a n

As the name indicates, a personal loan is a lump sum advance to a borrower to meet his personal requirements. The debt is repayable in installments spread over a period of time. Operations are not permitted on the loan account, as in the case of a cash credit or an overdraft account. The loan amount may range from BDT. 60,000.00 to BDT. 1,200, 000.00. The customer can choose to repay the loan in 12 to 60 equal monthly installments depending on the loan amount.

Personal loan is given for the following reasons:

Purchase of miscellaneous household appliances.
Purchase of Personal Computers.
Purchase of Personal Computers.
Purchase of Audio-Video equipment.
Purchase of Furniture.
Hospitalization or other emergency medical needs.
House Renovation.
Purchase of office equipment / accessories.
Office Renovation.
Marriage in the family.
Advance rent payments.
Holiday expenses.
Education or professional training.

– Loan for doctors to set up clinic or clinic renovation.

Buying medical equipment or setting up of diagnostic centre.

A u t o L o a n

Auto loan is a fixed loan facility given for the purpose of purchasing an automobile. The loan is secured by the automobile/vehicle. This loan lets the customer drive their dream car while providing the customer the convenience of repaying the loan over a maximum period of 48 months for reconditioned vehicles and 60 months for new vehicles. During this Eid Standard Chartered Avail Auto loan at 15.9% , which was the lowest rate offered ever.

Fl e x i L o a n

Flexi loan from Standard Chartered Bank is a loan facility that has been customdesigned to fit the customer’s needs. This loan is partially secured personal installment loan to salaried executives, businessmen and self-employed professionals. It lets the customer enjoy a higher standard of living while providing the customer convenience of repaying the loan over a maximum period of 60 months. The loan amount varies between a minimum of BDT 1, 00,000.00 and a maximum of BDT 12, 00,000.00.

H o m e L o a n

Home loan of SCB offers an attractive lowest rate of 12.5%, with no hidden cost. Personal security deposit or guarantee is not required to avail this respective loan.

This loan can be applied by any personal who is a job holder, business person, national citizen staying abroad who has monthly income of only BDT 25,000.

Besides the applied person must be 25 years. Moreover 80% cost of the new home can be taken as loan from the bank, where the amount can be maximum 75 lacks.

The recent loan processing and documentation fee is only 1.5% of the loan.

BUSINESS LOAN

The business loan of standard chartered bank is one of the most flexible of its kind available in the market. It will help to meet the financial needs for business expansion. It can make long term investments with business loan and build up the equity by repaying the loan in convenient monthly instalments. This facility can be avail through simple documentation and against competitive cash security. The detail description of the business loan has been described in the report afterwards.

A u t o m a t e d T e l l e r M a c h i n e (ATM )

Automated teller machine (ATM) is a machine capable of dispensing cash, taking deposits and providing other services to customers. The ATM is a fast, easy and convenient way for customers to withdraw, deposit cash and avail other services without having to step into a branch for 24 hours.

Facilities available through SCB ATMs:

Cash withdrawal & deposit
Cheque deposit
Mixed deposit
Instruction deposit
Balance enquiry

Fund transfer

Instant mini-statement printout (10 transaction)
Cheque book request

Bills Pay Machine

Bills Pay Machine is SCB’s one-stop bill payment solution. Tt is an automated service that is designed to ease the customer’s bill payment problems. Customers can stop by these machines and use the machines at any time of the day or night. It can be used as