SIBL offers cluster of incentives for expatriates

Social Islami Bank Limited (SIBL) has offered a bundle of incentives for expatriates to encourage them in savings and investment

"SIBL offered the incentives to emphasise the importance of the contribution of the expatriates to the country's development," a press release from the bank says. 

From now on, all Mudaraba Savings accounts to be opened with the remitted money will get 1 percent additional profit along with the existing rate.  

Similarly, Mudaraba Term Deposit accounts will get 0.50 percent additional profit. SIBL applies 1 percent less profit than the existing rate in purchase of home or flat by expatriates, and 10 percent of accrued profit is refundable at the year-end if repayment is made of remittance. 

Any expatriates wishing to invest can also avail 70 percent of the investment facility from SIBL in 1 percent less profit than the existing rate showing 30 percent savings from remittance. 

Besides, the expatriates will be rewarded with an air ticket of Bangladesh Biman Airlines to return home if Tk10 lakh is deposited in the savings account on an average in every month, and tickets of the round trip if Tk25 lakh is deposited in savings account on an average in every month.

Banks usually offer 2 percent incentive on any amount of remittance. SIBL provides this service with its countrywide 161 branches, 40 subbranches and 134 agent banking outlets.