Potential of Bangladeshi Businesses: IFIC Aamar Account (Business)

Bangladesh’s economic landscape is driven by countless Cottage, Micro, Small, and Medium Enterprises (CMSMEs) and agricultural organizations, often referred to as CMSMEs. These businesses form the backbone of the nation’s economy, contributing significantly to its growth and development. To empower these enterprises and help them thrive, IFIC Bank presents the IFIC Aamar Account (Business), a financial solution tailored to meet the unique needs of CMSMEs and agricultural entities.

This specialized account is designed to offer an array of benefits, including interest-bearing capabilities and overdraft facilities, all under the name of the business entity. Whether you’re involved in agriculture, livestock, fisheries, or any other business, this account streamlines your financial transactions and provides easy access to loans within a single account.

IFIC Aamar Account Features

1. Universal Accessibility

• Any business entity, organization, or enterprise, regardless of its size or scale, can open this account for agricultural and business-related transactions.
• The account will be registered in the name of the entity or organization, ensuring a seamless financial experience.

2. Dual Functionality

• The IFIC Aamar Account combines both deposit and loan facilities within a single account, simplifying your financial operations.
• Enjoy the flexibility of accessing funds while earning attractive interest rates on your savings based on slabs.

3. Interest Earnings

• Interest on your deposits will be calculated based on your daily balance and paid out on a monthly basis.
• This means your money continues to work for you, even when it’s in your account.

4. Convenience of Access

• Access your funds with ease through a Debit Card or Cheque book for withdrawals of both deposit and overdraft amounts.
• Enjoy the convenience of digital banking and mobile financial services at no extra cost.

5. Dual Currency Option

• For proprietorship farms, the account offers the convenience of a dual currency debit card.
• This ensures seamless transactions, whether locally or internationally.

6. Versatility for Multiple Accounts

• One organization can open multiple accounts, catering to various purposes.
• The account can serve as a link account for asset and liability products and other financial services.

7. Transparent Pricing

• Don’t worry—no additional fees are involved. The pricing is clear and straightforward, so you always know what to expect.

IFIC Aamar Account Required Documents

Sole Proprietorship Account:

• Birth registration certificate; passport; national ID card.
• Recent passport size photograph of applicant(s).
• Trade License (valid up-to-date copy)
• TIN or tax acknowledgement certificate copy, if relevant.

Partnership Firm:

• Passport, national ID card, birth certificate
• a recent passport-sized photo of each spouse
• List of Partners with their address
• Trade License (valid up-to-date copy)
• The partnership deed or letter must be registered or notarized in accordance with the Stamp Act
• Each partner’s or shareholder’s Beneficial Owner profile (If appropriate)
• A few passages taken from the meeting’s resolution discuss the account’s opening, its activities, and the signatories who will oversee it
• If the retail space is rented, the rent receipt or ownership paperwork (such as the shop’s purchase or inheritance documentation)
• A copy of the firm’s certificate of registration (if it’s a registered partnership)
• A copy of the tax acknowledgment certificate or TIN, if relevant

One Person/Private/Public Limited Companies:

• For all directors, beneficiaries, and signatories/operators, a national ID card or passport is required
• Current passport-sized pictures of all the company’s directors, beneficial owners, signatories, and operators
• Trade License (valid up-to-date copy)
• A true certified copy of the company’s articles of association and memorandum, as verified by RJSC
• A verified authentic copy of the incorporation certificate
• Updated List of Directors with address (Certified true copy of Form XII), Schedule-X; Form- 117 (if share transferred).
• An authenticated duplicate of the Letter of Initiation of Business (for Public Ltd. Co.)
• An excerpt of the company’s board of directors or general meeting’s resolution authorizing the account’s opening and providing the necessary certification for its operation from the company’s chairman or managing director
• A power of attorney given to its officials, employees, or managers to conduct business on the company’s behalf (if any)
• A list of the names, appointments, and sample signatures of the individuals who are allowed to manage the account, along with a request for the bank to open a letter of credit or guarantee that has been properly certified by the company’s chairman or managing director
• Documentation proving the signatories’ identities and their affiliation with the business. Any later alterations to the signatures need to be confirmed
• Nature of the applicant’s business, the reasons for opening the account, expected monthly turnover, source of funds, and a copy of the last available financial statements certified by a professional accountant (if applicable/available).
• Copy of TIN or tax acknowledgment certificate of the company and all of the directors, VAT (As applicable)

For Other Entities:

• The necessary documents for the respective company, as mentioned in the account opening process, will be followed.
• No introducer is required for account opening for entities other than individuals.
• Sole Proprietorship businesses and one-person ownership companies can declare a nominee.

IFIC Aamar Account Nominee Documents

• Current size of passport One copy of the nominee’s photo
• National ID card of the nominee
• Legal Guardian’s NID and Photograph (in case of a minor nominee).

The IFIC Aamar Account (Business) is a testament to IFIC Bank’s commitment to supporting the CMSMEs and agricultural enterprises in Bangladesh. With its diverse features, transparent terms, and accessibility, this account paves the way for these businesses to flourish and reach new heights of success. Whether you’re a sole proprietor, a partnership firm, or a limited company, the IFIC Aamar Account (Business) can be your trusted financial partner in your journey to prosperity.

Frequently Asked Questions (FAQs) for IFIC Aamar Account (Business)

1. What is the IFIC Aamar Account (Business)?

• The IFIC Aamar Account (Business) is a specialized financial account designed for Bangladeshi Cottage, Micro, Small, and Medium Enterprises (CMSMEs) and agricultural entities. It offers a range of features, including interest-bearing savings and overdraft facilities, all under the entity’s name.

2. Who can open an IFIC Aamar Account (Business)?

• Any business entity, organization, or enterprise in Bangladesh can open this account for agricultural and business-related transactions.

3. Can I open this account as a sole proprietorship?

• Yes, sole proprietors can open an IFIC Aamar Account (Business) with the required documentation.

4. Are partnerships eligible for this account?

• Yes, partnership firms can open this account, provided they meet the necessary requirements and documentation.

5. What documents are required to open a sole proprietorship account?

• You will need your National ID card or Passport, a recent passport-size photograph, a valid Trade License, and a copy of your TIN or tax acknowledgment certificate (if applicable).

6. What documents are required for partnership firms?

• For partnership firms, the necessary documents include National ID cards or Passports of partners, recent passport-size photographs of partners, a list of partners with their addresses, a valid Trade License, the partnership deed or letter, and Beneficial Owner profiles (if applicable).

7. Can one person or private/public limited companies open this account?

• Yes, one person and private/public limited companies are eligible to open an IFIC Aamar Account (Business). The required documents may vary based on the type of company.

8. Are there any hidden charges associated with this account?

• No, there are no hidden charges. IFIC Bank maintains transparent pricing for this account.

9. Can one organization open multiple IFIC Aamar Accounts (Business)?

• Yes, one organization can open multiple accounts for different purposes, and these accounts can serve as link accounts for various financial products and services.

10. How is the interest calculated on deposits?

• Interest is calculated based on the daily balance and paid out monthly, allowing your savings to grow over time.

11. Can I access my funds easily from this account?

• Yes, you can access your funds conveniently through a Debit Card or Cheque book for withdrawals of both deposit and overdraft amounts.

12. Is digital banking included with this account?

• Yes, you get free enrollment in digital banking and mobile financial services when you open an IFIC Aamar Account (Business).

13. What are the benefits of a dual currency debit card?

• For proprietorship farms, a dual currency debit card offers the convenience of making transactions both locally and internationally.

14. Do I need an introducer to open an account other than an individual account?

• No, an introducer is not required for account opening for entities other than individual accounts.

15. Can I declare a nominee for this account?

• Yes, sole proprietorship businesses and one-person ownership companies can declare a nominee by providing the required documents for the nominee.

16. How can I verify the list of names and specimen signatures for account operation?

• To verify the list of names and specimen signatures for account operation, you must obtain certified copies of relevant documents, such as Form XII, Schedule-X, and Form-117 (if share transferred), and ensure that the changes to signatories are duly verified.

17. Is there a minimum balance requirement for this account?

• Specific minimum balance requirements may apply, depending on the account type and nature of the business. Please check with IFIC Bank for details.

18. What is the expected monthly turnover for this account?

• The expected monthly turnover will vary based on your business and its specific financial needs. There is no fixed requirement.

19. Can I open this account if my shop is a rental property?

• Yes, you can open this account even if your shop is a rental property. You will need to provide the rent receipt as proof.

20. How can I access mobile financial services with this account?

• You will be enrolled in digital banking and mobile financial services for free when you open an IFIC Aamar Account (Business), providing you with convenient access to these services.