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Account opening services
Agent will assist customer in providing necessary information in account opening form for opening account. Agent may also help customers in filling up account opening form and will seek necessary documents (i.e. NID Card or any photo ID card of A/C holder, service or other ID card if any, photo ID card of nominee, etc.). After completing all of the formal procedures for filling up account opening form along with obtaining necessary documents, agent will entry the necessary information of the customers in the central system of the bank. Agent will also capture photo and will scan the finger print of the account holder. Officers from back office end will talk with the customer over phone and will verify the authenticity of the information. The account opening will be approved at back end at this stage subject to authentication of the information provided by the account holder. Then, back office will prepare welcome letter and card for the account holder and send these to agent location for delivering to the customer.
Any citizen or organization of Bangladesh is eligible to open an account having a valid photo ID card of account holder, ID card of nominee, (trade license, TIN certificate, etc. for organization). The individual intended to open account must be introduced by another account holder of any branch of Bank Asia Limited. These rules for account opening of agent banking are subject to change by Bangladesh Bank guidelines from time to time.
Savings & Current Accounts
All other terms and conditions are similarly applicable as applicable for a savings/ current deposit account maintained with any branch of Bank Asia Limited. Interestingly, there are few exceptions:
The most interesting and innovative thing is that an illiterate person can open and operate an account as s/he doesn’t need to sign for withdrawal, deposit, transfer, etc. Finger print will be used for authentication replacing signature. These procedures will clearly bring new edge for financial inclusion.
Transaction profile of Agent Banking will be followed. At present, as per Bangladesh Bank Circular, a customer can deposit and withdraw two times at best per day and each transaction can’t be more than Tk.25,000.00 only. It may be changed from time to time in conformity with Bangladesh Bank Circular from time to time.
Account maintenance charges will be as per Agent Banking schedule of charges of Bank Asia Limited. It is mentionable that agent will not impose any charge to customer directly for account maintenance as per Bangladesh Bank Guidelines. Bank will provide reasonable fee or commission to the agent.
No Cheque will be issued for these accounts. This is also an interesting part of agent banking that account holder can avail withdrawal, transfer, etc. without any cheque leaf which will reduce financial, physical and mental cost of the customer. This is another edge over the traditional and conventional banking procedures.
DPS Accounts
All terms and conditions are similar like a DPS account maintain with any branch of Bank Asia Limited. There are few exceptions similar to those of Savings/ Current deposit account which is already mentioned above. These are:
An illiterate person can open and operate a DPS account as s/he doesn’t need to sign anything relating to DPS account open and maintenance.
Savings or Current deposit account will be the source for any debit or credit to DPS account. This is also similar to conventional procedures.
Term Deposit
Term deposits will be a small amount than conventional banking. Each term deposit will be linked to a savings or current deposit account. Each term deposit won’t be more than Tk.2,00,000.00 (two lac only) and each customer will be allowed to make five term deposits at best i.e. a customer can make term deposit of Tk.10,00,000.00 (ten lac only) at best. The customers will be provided only computer generated printed deposit receipt. The receipt would not be signed by any person.
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