BASIC Bank SME Products BASIC Amontron.
• To purchase equipment/material/utensils/crockery, to repair existing equipment, to purchase tools/spares, to acquire/repair/renovate business premises, to use as working capital.
• Any adult citizen of Bangladesh, who completed a degree/diploma/certificate course aided or recognized by the Government, or have proven experience record in relevant field, or who, in the opinion of the bank are already involved in such business or are technically qualified/skilled in the field i.e. catering, supply of food, restaurant business, catering event management etc.
• Valid trade license from competent authority and all other documents on identification of the entrepreneur..
• Business planning along with projection of investment to be submitted by the applicant.
• Term Loan, Cash Credit.
• Tk. 10,000.00 – Tk. 20.00 Lac
• 25% of initial projected investment.
Rate of Interest
• 09.00% p.a. or as changed by the Bank Management from time to time.
• Hypothecation/Mortgage of the goods purchased/created with the amount of loan.
• Collateral security by way of immovable properties or acceptable third party guarantee.
• Personal guarantee of spouse (s), parents, income generating adult son/daughter, brother/sister (minimum two).
• Term Loan= Maximum 3 years (Subject to estimation of payback period).
• Cash Credit= 1 year (renewable).
• In case of delayed payment, penalty of 2% on the overdue amount for the overdue period shall be charged.
• Head Office Management/Concerned Division.
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BASIC Bank Limited
BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited) registered under the Companies Act 1913 on the 2nd of August, 1988, started its operations from the 21st of January,1989. It is governed by the Banking Companies Act 1991. The Bank was established as the policymakers of the country felt the urgency for a bank in the private sector for financing small-scale Industries (SSIs).
At the outset, the Bank started as a joint venture enterprise of the BCC Foundation with 70 percent shares and the Government of Bangladesh (GOB) with the remaining 30 percent shares. The BCC Foundation being nonfunctional following the closure of the BCCI, the Government of Bangladesh took over 100 percent ownership of the bank on 4th June 1992. Thus the Bank is state-owned bank.
Fixed Term Deposit
BASIC Bank offers fixed term deposit to boost up customers savings in time. One can deposit a lump sum of money for a fixed period to get attractive rate of return.
- A non-transferrable instrument (FDR) to be issued in favor of account holder.
- Taxes and duties will be applied as per govt. rule.
- Premature encashment will be allowed but conditions applied.
- Loan facility available up to 90% of deposit amount but conditions applied.
Fixed Term Deposit can be opened in the name of:
- Individual (Single).
- Two or more Individuals (Joint)
- Sole Proprietorship Concern.
- Partnership Concern (Firm).
- Limited Companies (both Public and Private).
- Society / Club / Association / Local Bodies / Govt./Semi Govt. Organization, etc.
BASIC Bank Limited is one of seven state owned banks in Bangladesh. In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement. Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities. Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities.
Two Deputy Managing Directors Fazlu Sobhan and Mohammad Selim, and former Deputy General Manager Shiper Ahmed were sent to prison for embezzlement. Anti Corruption Commission had filed 56 cases against 156 people in 2015 over the embezzlement of 20 billion taka. Bangladesh bank estimated 45 billion had been swindled from the bank during the 6 years the time Sheikh Abdul Hye Bachhu served as the chairman of the bank. Among the accused was the former managing director Kazi Fakhrul Islam. There was allegations that Anti corruption commission did not file cases against former chairman Sheikh Abdul Hye Bacchu because he is “Jatiya Party leader” and had “connections at high positions”.
Sena Kalyan Bhaban (6th Floor) 195 Motijheel C/A, Dhaka 1000 Bangladesh