Banking on big dreams: A look at lucrative deposit plans

Amid persistent inflation and tightening liquidity, long-term, high-yield deposit schemes are emerging as a win-win solution, offering financial security for savers and stability for banks. From fixed deposits to goal-based products like Millionaire Schemes, Kotipoti Plans, and Double/Triple Benefit Schemes, banks are rolling out tailored options that promise life-changing returns for disciplined savers.

As competition intensifies, banks are offering interest rates of up to 13% and launching innovative savings products for every demographic, from homemakers and garment workers to corporate clients and high-net-worth individuals. And customers are responding.

"The slowdown in demand deposits, offset by modest gains in time deposits, indicates a shift toward longer-term savings instruments," said Sheikh Mohammad Maroof, Managing Director and CEO of Dhaka Bank. Yet, depositors are more discerning than ever.

"Customers today are not just comparing interest rates," noted Ali Reza Iftekhar, Managing Director at Eastern Bank (EBL). "They are evaluating the credibility, transparency, and track record of the banks they choose."

Millionaire schemes & beyond

Millionaire or Kotipoti deposit plans have become a staple offering across many banks today. These are typically long-term, fixed-period deposit schemes requiring a consistent monthly or one-time investment that matures into a substantial lump sum, up to BDT 1 million or 1 crore.

Midland Bank's MDB Kotipoti and Millionaire Savings Scheme are examples of such high-aspiration products, offering competitive returns over terms ranging from 3 to 20 years. "We aim to make savings personal, inclusive, and convenient," said Md. Ahsan-uz Zaman, Managing Director & CEO of Midland Bank. "Whether it's our MDB Double Benefit, Kotipoti, or Millionaire scheme, the objective is to help customers achieve long-term financial goals with security and discipline."

In a similar spirit, the EBL Millionaire Scheme allows customers to start saving with a monthly installment as low as BDT 1,500. The EBL Millionaire Women DPS offers even more flexibility, with an initial installment of either zero or BDT 1,00,000.

"The Millionaire Scheme is currently our second most popular deposit product. One of its key advantages is the long tenure of up to 15 years, which significantly reduces the required monthly deposit," said an EBL official. Additionally, the EBL Kotipoti Scheme can be opened with an initial monthly installment starting from BDT 13,100, offering customers a choice of seven different tenures ranging from 5 to 20 years.

Bank Asia also offers a kotipoti scheme with minimal installment from BDT 2,550. "Our Shonchoy E Koti Poti scheme offers a long-term structured path to accumulate wealth, designed for savers with aspirations to become millionaires over a 5 to 15-year horizon," said ANM Mahfuz, Managing Director (CC), Bank Asia. Moreover, their Double Benefit Plus scheme offers principal with interest doubling in 7 years.

Similar Millionaire, Lakhopoti, Kotipoti and Double/Triple Benefit schemes are also offered by other banks including Prime, Dhaka, NCC, NRBC and Trust Bank. "We offer a variety of deposit schemes tailored to meet the needs of different customer segments," mentioned Ahsan Zaman Chowdhury, Managing Director & CEO of Trust Bank. "Our adult customers have access to regular monthly deposit plans such as the Trust Smart Savers Scheme, Lakhopati Scheme, Trust Millionaire Scheme and Trust Kotipati Scheme."

Although terms and conditions might slightly vary depending on the financial institution, all these schemes offer compounded benefits – attractive interest rates, financial discipline, and the psychological reassurance of a long-term plan.

Banks are further enhancing the appeal of these schemes by offering digital convenience. Many products can now be opened and managed entirely online, a feature particularly appreciated by younger, tech-savvy customers and the overseas Bangladeshis.

Fixed Deposits make a comeback

Even as the market diversifies, the old faithful fixed deposits (FDRs) remain a stronghold, offering security, flexibility, and attractive returns. Many banks are offering interest rates of 9%–11% on traditional FDRs, with certain schemes pushing yields even higher.

According to IFIC Bank Chairman Mehmood Husain, "IFIC currently offers interest rates of up to 12% on its specialised deposit products," with Fixed Deposits (FDs) among the most sought-after. At NRBC Bank, FDRs are part of a diversified portfolio that includes pensioner and millionaire schemes.  Dhaka Bank extends the appeal with Fixed Deposit Receipts (FDRs), including structured deposit schemes offering enhanced monthly returns.

Commercial Bank of Ceylon (CBC) introduced Dollar-Smart, a foreign currency term deposit offering competitive returns, flexibility, and security aligned with global standards. The bank's CEO, Najith Meewanage also added, "Among our standout innovations is the e-FD, a fully digital Fixed Deposit Receipt available via our CBC Digital platform. This pioneering service allows customers to open fixed deposits in minutes, offering preferential interest rates and a seamless, paperless experience. "

Many banks including City, EBL, Midland and Trust now offer both conventional and Islamic FDR options for those looking for Shariah-based solutions. Bank Asia also promotes FDRs for salaried individuals and homemakers. These offerings underscore how fixed deposits continue to anchor financial planning for individuals across diverse backgrounds and beliefs.

As banks continue to diversify their deposit offerings, introducing foreign currency schemes, bancassurance-linked deposits, and AI-driven financial advisory tools, the competition for deposits is likely to intensify. However, the real differentiators will lie not just in the rate of return, but in how effectively these products align with customers' evolving needs and how strongly banks demonstrate their stability, trustworthiness, and long-term performance.