When it comes to any type of commercial activities, banking industry comes in the forefront. As you kow, international currency and resere grow based on banking process in private and government projects. The banking industry in Bangladesh has been a key growth maker in the country’s economic development by providing financial services to individuals, businesses, and the government. The Bangladesh Bank, the central bank of Bangladesh, regulates and supervises all banks operating in the country. According to Bangladesh Bank, there are two types of banks in Bangladesh and those are – scheduled banks and non-scheduled banks. Scheduled Bank means those banks that are listed with other banks that are being supervised under Bangladesh Bank Order, 1972. However, non-scheduled banks mean, these banks are licensed only for specific functions and objectives and do not offer the same range of services as scheduled banks and there are only 5 of them.
There are currently 60 scheduled banks in Bangladesh, which include both local and foreign banks. The local banks dominate the market, with some leading banks holding around a major share of the total banking assets in the country.
In this article, we will talk about the top banks to open a company account in Bangladesh, considering the various factors mentioned above.
List Of Top Banks To Open Company Account In Bangladesh
- City Bank
- Standard Chartered Bank
- Mutual Trust Bank Limited (MTBL)
- HSBC Bank Bangladesh
- Islami Bank Bangladesh Limited (IBBL)
- Eastern Bank Limited (EBL)
- BRAC Bank Limited
1. City Bank
City Bank is a local private commercial bank that was established in 1983. It has a network of 137 branches and numerous ATMs throughout Bangladesh, providing a range of banking products and services to both individuals and businesses. City Bank offers various types of company accounts, including Current Accounts, Savings Accounts, and Fixed Deposit Accounts. The minimum deposit requirements for opening a company account with City Bank vary based on the type of account which varies from Tk 2,000 to Tk 10,000. The transaction fees of City Bank are also competitive and vary based on the type of service. It also offers online banking services to its customers, which includes account statements, fund transfers, bill payments, and online shopping. The bank also provides mobile banking services, allowing customers to access their accounts on the go. City Bank is known for its excellent customer service, with friendly and professional staff who are always ready to assist customers with their queries and complaints.
2. Standard Chartered Bank
Standard Chartered Bank is a multinational commercial bank that has been operating in Bangladesh since 1948. It has 13 branches and 87 ATMs across the country, providing a range of banking products and services to individuals and businesses. Along with other types of accounts, the bank also offers specialized accounts, such as Foreign Currency Accounts, Trade Accounts, and Islamic Business Accounts. Although, the minimum deposit requirement for opening a company account with Standard Chartered Bank is Tk 25,000, however, it varies depending on the account type. This bank allows a maximum transaction of BDT 10 Lac and their online banking service allows you to conduct banking operations from anywhere, anytime with total security and confidentiality. Moreover, Standard Chartered’s Straight2Bank (S2B) is a fully-integrated internet banking platform that allows you to perform your transactions at ease, anytime, anywhere. And this service is absolutely free! Standard Chartered Bank also offers 24/7 customer support through its call center, and customers can also visit any of their branches for assistance.
3. Mutual Trust Bank Limited (MTBL)
Mutual Trust Bank Limited is a local private commercial bank established in 1999 with its head office in Dhaka, Bangladesh. The bank has a network of 156 branches, numerous ATMs, and almost 200 agent banking centers across the country. MTBL offers a range of company accounts, including Current Accounts, Savings Accounts, and Fixed Deposit Accounts. The bank also offers specialized accounts for businesses involved in international trade, such as the Exporters’ Account and Importers’ Account. The minimum deposit requirements for opening a company account with MTBL range from BDT 10,000 to BDT 25,000. Although the bank charges competitive transaction fees for various banking operations, there are some services including, balance transfer, balance withdrawal, and Bank to bKash – these services are completely free. MTBL’s online banking services such as account statements, fund transfers, bill payments, and mobile banking services are also available 24/7 for customers. Moreover, MTBL provides excellent customer service with a dedicated hotline, email support, and a network of branches and ATMs across the country.
4. HSBC Bank Bangladesh
HSBC Bank Bangladesh is a multinational bank that operates in more than 60 countries, providing an array of banking services to both individuals and businesses. HSBC Bank’s Bangladesh division offers a wide range of services for corporations and businesses. Among them are company accounts, including business savings, business current, and corporate accounts – each of which offers a wide range of services and benefits to any business, each with varying minimum deposit requirements, and transaction fees based on the account type and location. HSBC’s online banking services for personal and business customers allow for convenient account management, fund transfers, and bill payments. The bank provides customer service via multiple channels, including phone, email, and in-person at its branches. HSBC’s global presence, diverse range of services, and digital banking capabilities are among its notable strengths.
5. Islami Bank Bangladesh Limited (IBBL)
Islami Bank Bangladesh Limited (IBBL) is a leading Shariah-compliant financial institution in Bangladesh, founded in 1983. It offers a range of banking services, including company accounts for businesses. IBBL offers various types of company accounts, including Mudaraba Savings, Mudaraba Term Deposit, Mudaraba Special Notice Deposit, and Mudaraba Hajj Savings, each tailored to meet specific business needs. The minimum deposit requirements for these accounts depend on the type of account and range from BDT 500 to BDT 10,000. IBBL’s transaction fees are competitive and vary by account type. The bank provides online banking services to its customers, including account management, fund transfers, and bill payments, for enhanced convenience. IBBL’s customer service is available via multiple channels, including phone, email, and in-person at branches, with a strong focus on meeting customer needs. The bank’s Shariah-compliant offerings are a significant advantage, as well as its low minimum deposit requirements and competitive transaction fees.
6. Eastern Bank Limited (EBL)
Eastern Bank Limited (EBL) is a leading commercial bank in Bangladesh that provides a broad spectrum of financial products and services to its customers. The bank offers a range of company accounts, such as current accounts, savings accounts, and fixed deposit accounts, with varying minimum deposit requirements. Transaction fees are also charged for various banking services, such as fund transfers and check issuance. EBL’s online banking services include internet and mobile banking, allowing customers to access their accounts and conduct transactions anytime, anywhere. The bank is committed to providing top-notch customer service, with a dedicated team of representatives ready to help customers with their concerns and inquiries. Overall, EBL is a reliable and customer-oriented bank that provides a comprehensive range of financial solutions to meet the diverse needs of its customers.
7. BRAC Bank Limited
Established in 2001, BRAC Bank Limited has rapidly grown to become one of the largest and most respected commercial banks in Bangladesh. The bank is a subsidiary of BRAC, a leading non-governmental organization in the country, and has been instrumental in promoting financial inclusion and expanding access to financial services for all. BRAC Bank’s mission is to be the best-performing bank in the country, and it has received numerous accolades and awards for its innovative products, excellent customer service, and social responsibility. The bank offers a wide range of company accounts, including current accounts, savings accounts, and term deposits, designed to cater to the diverse needs of its clients. The minimum deposit requirements are competitive, making it accessible for businesses of all sizes to open an account. BRAC Bank’s customer service is top-notch, with a dedicated team of professionals always ready to assist customers with any queries or concerns. The bank’s online banking services are state-of-the-art, offering a secure and convenient way for customers to manage their accounts and carry out transactions from the comfort of their homes or offices.
Things To Know Before Opening a Company Account in a Bank
Opening a company account in a bank is essential for businesses in Bangladesh. It provides them with a secure and convenient way to manage their financial transactions, such as receiving payments from customers, paying suppliers, and managing payroll.
Having a company account also helps businesses build their credit profile, which is crucial for obtaining loans and other forms of financing. Additionally, it can help businesses establish trust and credibility with their customers and suppliers.
Before choosing a bank to open a company account in Bangladesh, it’s important to consider several factors to ensure you find the right bank that meets your business needs. Here are some factors to consider:
- Type of Company Account Needed: Different banks offer various types of company accounts that cater to different business needs. For example, some banks offer current accounts, savings accounts, and fixed deposit accounts. Consider the type of account that suits your business needs.
- Minimum Deposit Requirements: Banks often require a minimum deposit to open a company account. It’s essential to consider the minimum deposit requirements and ensure it’s within your budget. Some banks offer flexible minimum deposit requirements, while others require higher deposits.
- Transaction Fees: Different banks charge varying transaction fees for different types of transactions. Consider the transaction fees for deposits, withdrawals, and other transactions to ensure that you’re comfortable paying the charges.
- Online Banking Services: In today’s digital age, online banking services are essential for businesses. It’s important to consider the online banking services that a bank offers, such as online account access, bill payments, and mobile banking apps.
- Customer Service: The quality of customer service of a bank is also a critical factor to consider. Consider the bank’s response time to customer queries and complaints, the availability of customer support, and the professionalism of their staff.
By considering these factors, you can narrow down your choices and find the best bank that suits your business needs.