Customised care for her needs

For millions of Bangladeshi women, having a bank account was once a distant dream. Today, dedicated deposit schemes are not just empowering their financial choices, but also transforming entire communities. While saving is essential for everyone regardless of gender, women-focused banking products now offer tailored propositions to address specific financial needs around saving and money management.

Key features of women-friendly deposit accounts in Bangladesh include lower initial deposit requirements, higher interest rates, no or low maintenance fees, access to loan facilities, insurance or pension plans, and even dedicated counters at select branches. These thoughtful inclusions aim to reduce entry barriers for women and build long-term banking relationships.

Typically, these accounts require only a small opening balance often between BDT 100 and 500. Some banks go further by offering slightly higher interest rates than standard savings accounts. Other common incentives include access to collateral-free loans under SME or microfinance schemes, or lower interest on personal and business loans. These benefits help encourage women to channel their savings through formal financial systems.

This shift reflects a broader vision among banks to move beyond traditional intermediation and toward financial empowerment.

"Today's banking is not only about financial intermediation; it's about being a trusted partner in people's lives and helping them meet their aspirations," said M. Shamsul Arefin, Managing Director of NCC Bank.

In that spirit, NCC Bank has launched products like Parama Super Saver, Parama Uddokta, and Parama Monthly Savings Scheme, each designed to serve different customer segments including aspiring women entrepreneurs and long-term savers.

Other banks are also innovating to personalise financial solutions. Mashrur Arefin, Managing Director & CEO of City Bank, said, "Instead of trying to fit everyone into generic products, we plan to design deposit schemes that address the real goals and constraints of specific segments."

City Bank's City Alo is a strong example of this approach. It not only provides women-focused deposit accounts, but also financial literacy, preferential interest rates, and access to entrepreneurial development resources.

Echoing similar ideas, Ali Reza Iftekhar, Managing Director of EBL, shared that the bank is now shifting its deposit strategy toward goal-based savings,

"This approach will allow customers to define and track specific financial targets—be it education, travel, or homeownership."

To support long-term financial empowerment, EBL offers various savings schemes under its women's banking portfolio, such as EBL Women Savings Account, Women Confidence, and Women Millionaire schemes.

Trust Bank has followed suit with its Trust Sristi Account, tailored to meet women's needs while offering attractive interest rates and exclusive features.

But it's not just urban women who are benefiting. Banks are increasingly extending these services to semi-urban and rural women, many of whom face social and physical barriers to accessing traditional banking. By doing so, banks are promoting more inclusive financial participation across the country, addressing financial stability of women.

Midland Bank's MDB RMG Star Savings is a standout example of this rural focus. Aimed at unbanked and underserved communities, the scheme helps integrate them into the formal financial system.

"We support rural financial inclusion through the MDB RMG Star Savings, focused on the garment sector workers," said Ahsan-uz Zaman, Managing Director & CEO of Midland Bank.

The Ready-Made Garment (RMG) sector in Bangladesh is predominantly female. The garment sector, dominated by women, is central to this financial inclusion push. According to Mapped in Bangladesh (MiB), women made up 58% of the RMG workforce in 2020 and 53.65% in 2021, based on a joint study by ETI, GIZ, and BRAC University.

Recognising this, banks have also expanded their rural presence, establishing branches and sub-branches to reach underprivileged women.

"NRBC Bank has earned customers' trust by providing essential banking services," said Dr. Md. Touhidul Alam Khan, Managing Director & CEO of NRBC Bank. "We've also introduced savings schemes dedicated to garment workers and other labor professionals."

Agent banking has also played a key role in reaching women. According to Bangladesh Bank, the number of women depositors using agent banking grew by 16.58% in the past year. Currently, 31 banks—including two state-owned, 21 private commercial, and eight Islamic banks offer these services across the country.

Digital integration has further eased access. Features like Mobile Financial Services (MFS) integration now enable women to save regularly without visiting branches, an important development for those facing mobility or social restrictions.

However, the overall deposit landscape is facing challenges. Rising inflation and living costs have reduced people's ability to save, despite nominal GDP growth.

"This signals a subtle erosion in the real value of bank deposits. What we're witnessing is not a crisis of liquidity but a crisis of confidence," observed Mashrur Arefin, CEO of City Bank.

As banks prioritise asset quality, governance, disclosure standards, and digital resilience, depositors are increasingly choosing stable, transparent, and forward-looking banks for their financial planning.

The need for deposit protection is also being highlighted.

Ahsan Zaman Chowdhury, Managing Director & CEO of Trust Bank, urged, "The government must expand and publicise the Deposit Insurance Scheme to boost depositor confidence, especially among small savers. Periodic reviews and adjustments of the existing coverage limit are necessary to reflect inflation and the evolving financial landscape."

Despite the hurdles, the rise of women-focused deposit schemes signals a promising shift. As banks continue refining their offerings to meet the needs of female savers, financial inclusion in Bangladesh stands to gain not just in numbers, but in impact.