Now-a-days, most of the people keep money in bank to make the money secure and as well as for profit

motive through interest. For various kinds of people there are various kinds of bank account such as savings A/C, current A/C etc. Since our assignment is through savings A/C plan on Bank Asia Limited, so we are discussing below about it. Bank Asia Limited is a scheduled commercial bank in the private sector established under the Banking Company Act 1991 and incorporated in Bangladesh as a public limited company under the Companies Act 1994 to carry out banking business in Bangladesh. If we want to have a well-rounded savings plan, we will need to know how to open a savings account. Since there are several options, it might seem confusing regarding which one to select. However, the process itself is not complicated. This assignment includes the steps necessary to open a savings account in Bank Asia Limited. Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and therefore often does not incur a reserve requirement freeing up cash from the bank's vault to be lent out with interest. One of the most basic tools that we can use to help manage and further our savings goals is, of course, a savings account. Not only do savings accounts provide a safe, secure and convenient place for us to store the money you're putting into the account, they can also (in certain instances) help build our savings with interest. If we don't have a savings account, and we want one, it may be the perfect time to set one up. If we already have a savings account, keep reading to make sure that we have the right one to meet our needs. Many people are under the impression that savings accounts are offered by banks and only banks. This is not so. One prime example of an exception is a credit union. To do a little research on our own will help prepare us to go to our financial institution of choice and feel confident when we sit across the desk from the employee who will be helping us. We should not hesitate to ask questions. The personnel in charge of "new accounts" should not only answer all our questions, they should also let us know if they offer more than one "product." That is, more than one type of savings account. On the end, we have to be well prepared with some personal documentation (National ID Card, referees photographs as well as the A/C holders) and take it with us. What Is An Interest Rate? The main benefit of a savings account is the interest that we can collect on the money we have in the account. The bank (or other) will calculate our balance on a consistent basis and add interest money to the account. People often wonder why they are willing to do this. Here's how it works. For the privilege of using our money to lend to others (while we are saving it but not using it), banks will pay us a percentage of interest on the money that we choose to keep with them. For

instance, if our interest rate is 1% and we have $1,000 in your account, then we will earn $10 each year that we have our money in the account. This is based on the bank doing their calculations only once a year. It is usually more frequent - such as per annual quarter. We have to be sure to ask the employee questions regarding minimum balance requirements and the current interest rate they are offering on savings accounts. The interest rate that we receive will depend on the bank we choose which is Bank Asia Limited as well as the type of savings account we open. The interest rate of savings A/C of Bank Asia Limited: Type Interest Rate Savings Special Notice Deposit (SND) For Avg. balance below Tk. 1crore For Avg. balance below Tk. 1 crore but below Tk. 25crore For Avg. balance below Tk. 25 crore but below Tk. 50crore For Avg. balance below Tk. 50 crore but below Tk. 100crore For Avg. balance Tk. 100 crore and above Interest Rate Savings For Avg. balance below Tk. 1crore For Avg. balance below Tk. 1crore but below Tk. 25crore For Avg. balance Tk. 25crore and above 5.50% 8.00% 9.50% Interest Rate 4.50% 7.50% 8.50% 9.00% 9.00%

Interest Rate on Fixed Deposit Receipt (FDR) 1month tenure (Below Tk. 1 crore) 1 month tenure (Tk. 1 crore and above) 1month tenure (Tk. 50 crore and above) 2 months tenure (Below Tk. 1 crore) 2 months tenure (Tk. 1 crore and above) 3 months tenure (Below Tk. 5 crore) 3 months tenure (Tk. 5 crore and above) 6 months tenure (Below Tk. 5 crore) 6 months tenure (Tk. 5 crore and above) 1year tenure (Below Tk. 5 crore) 12.00% 13.00% 13.25% 12.00% 13.00% 13.50% 14.00% 13.50% 14.00% 13.50%

1year tenure (Tk. 5 crore and above) Above 1 year tenure

14.00% 11.00%

Step 1 - Choosing a Bank Choosing the right bank is much like choosing any other service provider. We have to never lose sight of the fact that we are the customer. We are looking for a lender that offers the right combination of services to meet our individual needs, plus competitive rates to ensure that our money is being as productive as possible. Here are a few things that I considered when choosing Bank Asia Limited to open a savings account with: Accessibility Services Offered Customer Service Interest Rates ATMs Step 2 - Choosing a Savings Account After choosing a bank account, I had to go to the nearest branch of the chosen bank which is the Bank Asia (Rupnagar Branch) here. Then I had to go to the customer service agent to know the desired information about opening the savings account. From her saying, I came to know that not all savings accounts are created equal. Here are some of the most common types of savings accounts and the features of those of Bank Asia Limited: 1. 2. 3. 4. 5. Bonus savings schemes. Double benefit Plus. Triple benefit plus. Monthly Benefit Plus. Deposit Pension scheme.

Bonus Savings Scheme Start savings with BONUS SAVINGS SCHEME for a brighter tomorrow. A savings scheme specially designed with our future in mind. In these days of fast changing socio-economic environment a practical step would be to build up a strong and reliable financial base upon which we can build.

How does it work? A savings account held by subscribers with a minimum balance of Tk. 50,000.00 will attract not only the usual savings interest but a further 10% bonus on interest. Is there any hidden cost None what so ever. Cheque book is also free of change. How long can you keep it? As long as we wish.

Double Benefit Plus Only individuals can open this account. Money deposited in this account will be doubled in 6 (six) years. Deposit amounts will be Tk. 100,000/-or it.s multiple, and maximum will be Tk. 2,500,000/under single name and Tk. 4,000,000/-under joint name. In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account. Loan facility will be available up to 90% of the deposited amount. Value at maturity Tenure 7-years Initial deposit Tk. 100,000/= Value at maturity Tk. 200,000/=

Triple Benefit Plus Only individuals can open this account. Money deposited in this account will be Tripled in 9 (nine) years 6 (six) months. Deposit amounts will be Tk. 100,000/-or it.s multiple, and maximum will be Tk. 2,500,000/under single name and Tk. 4,000,000/-under joint name.

In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account. Loan facility will be available up to 90% of the deposited amount. Value at maturity Tenure 9.6-years Initial deposit Tk. 100,000/= Value at maturity Tk. 300,000/=

Monthly Benefit Plus MB+ is a 5-year scheme that lets the customer earn monthly benefit of Tk. 850/- or its multiple by minimum initial deposit of Tk. 100,000 or its multiple. Features of this product are: MB+ is a 5-year scheme that lets the customer earn monthly benefit of Tk. 850/- or its multiple by minimum initial deposit of Tk. 100,000 or its multiple. Features of this product are:

Only individuals can open this account. The individual must have a Savings account with the bank in which the monthly benefit will be credited automatically. This link account will not be charged for incidental charges.

Deposit amounts will be Tk. 100,000/-or it.s multiple, and maximum will be Tk. 2,500,000/-under single name and Tk. 4,000,000/-under joint name. The tenure of deposit will be 3 years and 5 years. The person will get monthly benefit of Tk. 975/-for deposit amount of Tk. 100,000/-for 3 years term deposit and Tk. 1,000/-for deposit amount of Tk. 100,000/-for 5 years term deposit.

In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account. The principal amount will be adjusted at the time of providing savings account rate.

Loan facility will be available against the account.

Deposit and monthly payment matrix Deposit amount (In Taka) 100,000 200,000 300,000 400,000 & onwards 100,000 Monthly interest amount 850 1700 2550 3400 & onwards 850

After describing these she gave me an Accounting Opening Form. For opening an account the following documents are required: Filled Accounting Opening Form. 2 copies photographs. 2 copies photographs of nominee. Photocopy of national ID card. To open a savings account tk. 2000 is needed. Step 4 - Things to Consider When Choosing a Savings Account 1. 2. 3. 4. Minimum Balance Requirements. Monthly Fees. Interest Rates. Access to Your Money.

Being able to successfully save money is one of the keys to establishing our financial stability, and opening a saving account is one of the best ways to do this. Whether we're university students looking to open our first savings account or a retiree wanting to get the most out of our savings, spending time to find the right savings account for our needs is extremely important. So, get all the information we can, open up a savings account, and start saving!