Private bank in Bangladesh

The private bank of Bangladesh has played an emerging role in Bangladesh to accelerate the economic growth of the country. These private initiatives are helping industrial sectors of Bangladesh to expand the business and industry to create jobs for the people of Bangladesh. The private bank of Bangladesh is an immense source of fund of the financial system of the state. The Government also works to engage the citizen or entrepreneur to take the service form the Bank to develop their lifestyle and becoming an industrialist thronging their effort and knowledge. 

The bank is the main motioning power of the economy of any country. The banking system accelerated the business transaction and bringing transparency in the financial activities. Basically, the Bank is two types:  (1) regulatory bank (2) scheduled Bank.

Different types of Banks in Bangladesh

Usually, Bangladesh has two types of banks . Which has serving the people and accelerates economic activities of the country. Schedule Bank and another is Non-Scheduled Bank, but both of the banks has supervised by the central bank of Bangladesh which is called Bangladesh Bank. So Bangladesh Bank is the regulation of all scheduled banks, which was established by Bangladesh Bank Order, 1972 and the Bank Company Act, 1991.  Currently, Bangladesh has 61 Scheduled Bank which is classified as below types.

State-owned commercial Bank:

Bangladesh has 6 State-owned Banks (SOCBs) which are fully or majorly owned by the Government of Bangladesh.

Specialized Bank:

It is also called in short (SOCBs). Bangladesh has 3 specialized Bank, which was established for specialized services like agriculture and industrial development. These banks' maximum or full ownership is occupied by the government of Bangladesh to serve people successively.

Private Commercial Bank in Bangladesh

Private commercial banks have been established by individuals or a group of private entrepreneurs. Private Bank are accelerate the economic growth and create new business scope. It was launched under the Bangladesh Bank act. Banking industry achieve a significant expansion with the entrance of private banks in the 1980. There has 43 private commercial private Bank. Private banks in Bangladesh are two types 

(1) Conventional Private Bank - PCBs. (2)Islami Shariah-based - PCBs.

Conventional Private Commercial Bank (PCBs:) 

There are 33 conventional PCBs that are now operating in the industry. They perform the banking functions in conventional fashion. example interest-based operations.

List of Conventional Private commercial Bank in Bangladesh

1. AB Bank Limited
2. Bangladesh Commerce Bank Limited
3. Bank Asia Limited
4. Bengal Commercial Bank
5. BRAC Bank Limited
6. Dhaka Bank Limited
7. Dutch-Bangla Bank Limited
8. Eastern Bank Limited
9. EXIM Bank Limited
10. IFIC Bank Limited
11. Jamuna Bank Ltd
12. Meghna Bank Limited
13. Mercantile Bank Limited
14. Midland Bank Limited
15. Modhumoti Bank Ltd.
16. Mutual Trust Bank Limited
17. National Bank Limited
18. National Credit & Commerce Bank Ltd.
19. NRB Bank Limited.
20. NRB Commercial Bank Limited.
21. One Bank Limited
22. Padma Bank Limited
23. Premier Bank Limited
24. Prime Bank Ltd
25. Pubali Bank Limited
26. South Bangla Agriculture & Commerce Bank Limited
27. Southeast Bank Limited
28. Standard Bank Limited
29. The City Bank Ltd.
30. Trust Bank Limited.
31. Union Bank Limited.
32. United Commercial Bank Limited.
33. Uttara Bank Limited.

Islami Shariah based Private commercial bank (PCBs): 

That Bank executes banking activities, according to Islami Shariah-based principles, i.e. Profit-Loss Sharing (PLS) mode. There are 10 Islami Shariah-based PCBs in Bangladesh.

List of Islami Shariah based Private commercial bank

1. Islami Bank Bangladesh Ltd
2. Shahjalal Islami Bank Limited
3. Al-Arafah Islami Bank Limited
4. Social Islami Bank Ltd.
5. First Security Islami Bank Limited
6. Global Islami Bank Limited
7. ICB Islamic Bank Ltd.

Foreign Commercial Banks (FCBs): 9 FCBs are operating in Bangladesh as the branches of the banks which are incorporated abroad.

Services of Private Banks in Bangladesh

Core Service of Private Bank in Bangladesh

• Corporate Banking Services
• Retail Banking Services
• SME Banking Services

Related Services of Private Bank in Bangladesh

1. Card Services like a credit card, debit card, shopping card etc.
2. Locker Services.

The general requirement of Private Bank to open savaging accounts:

Copy of National ID card of the candidate, Passport size photograph, Nominee, Nominees ID and his picture, E-TIN (if any), Passport copy ( If any), etc.

The basic requirement of Private Bank to open current accounts:

An Applicant required following documents for open a Bank account for his business: Trade License of the organization, E-TIN photocopy, account operator National ID card, account operator picture (for Proprietorship Company).

Information to open various types of accounts at a private bank in Bangladesh

Requirement of Private Bank to open an individual or joint account in Bangladesh

1. 2 copies of passport size photographs (recent/6 month) attested by introducer
2. Photocopy of National ID card/ Passport
3. Commissioner certificate/ Chairman certificate
4. Nominee photograph attested by the Account holder 

Relevant papers to start a bank account with a private Bank for a Proprietorship business.

1. Trade License with up to date renewal
2. TIN Certificate of the proprietor
3. 2 Copies of passport size photographs (recent/6 months) attested by the introducer
4. Photocopy of Passport/ National ID card of proprietor
5. Nominee Photograph attested by the Account holder 
6. Mandate photograph (if any) attested by the Account holder 

Mandatory document for Partnership organization to create an account in private Bank:

1. Trade License
2. TIN Certificate
3. Copies of passport size photographs (recent or 6 months) of all partners
4. Partnership Deed (signed by all partners)
5. Partnership Account Agreement on Taka 1000 Stamp Paper with Notary Public

An essential document for Private Limited company to create an account at a Private Bank

1. Certified Copy of Memorandum & Articles of Association
2. Certificate of incorporation
3. Resolution of Board of Directors for Opening & Operation of Account
4. List of Directors with their Father's & Mother's name
5. Copies of Passport size photographs ( recent or 6month)
6. Valid Trade License
7. Photocopy of National ID of all Directors who are authorized to operate the account.
8. FROM-XII

Documents required to open bank account for Public Limited organization at a private bank in Bangladesh

1. Copy of Memorandum & Articles of Association
2. Certificate of Incorporation
3. Resolution of Board of Directors for Opening & Operation of Account
4. List of Directors with their Father's & Mother's name
5. Copies of passport size photographs (recent/6 months)
6. Certificate of Commencement of Business
7. Certified copy of Form-12 (if required)

Supporting documents to open an account for Trust at a private bank in Bangladesh

1. Deed of Trust
2. Certificate copy of the Board of Trustees for opening & operation of Account
3. Up to date List of Members of Trustee Board
4. 2 Copies of passport size photographs ( recent)

Private banks ask for the following documents to open a Bank account for Society

1. Constitution or By-Laws
2. Resolution of the executive committee for opening & operating Account
3. List of the executive committee
4. Permission of social welfare or competent authority.

The Different Types of Banks system in the world?

1. Financial Institutions.
2. Central Banks.
3. Retail Banks.
4. Commercial Banks.
5. Investment Banks.
6. Cooperative Banks.
7. Online Banks.
8. Credit Union.