IFIC Bank started functioning as a finance company in 1976. It was formed as a joint venture between the Government of Bangladesh and several farsighted sponsors from private sector. As GOB relaxed rules and allowed private sector to establish banks in 1983, IFIC was transformed into a commercial bank. At present GOB owns 32.75% of total shares of the bank and private entrepreneurs own 8.62% of that. And the rest is in the hands of general people.

The bank set its mission to present quality service to the clients through its skilled work force having dedication and innovative talents.

This bank performs all commercial banking activities. You may have a Savings bank account or a Current account here. In addition you have the opportunity of a good number of Deposit schemes to choose from.

Deposit Schemes

The deposit schemes offered by IFIC Bank are:

• Fixed Deposit Receipt (FDR)
• Special Notice Deposit (SND)
• Pension Savings Scheme (PSS)
• More Money
• School Savings Plan - A plus
• Monthly Income Scheme - Protimash
• Double Return Deposit Scheme
• Three Years Deposit Plus

These schemes are designed mostly for limited income people to help them save for future. Terms and conditions vary a little from scheme to scheme. But still these are attractive for the clients. Response from people is good. You may participate in one or two which suits you most.

School Saving Plan is some different from other programs. This plan may develop a saving habit in your child.

Non Resident Bangladeshis (NRB) earning foreign currencies have the opportunity to open an account in the bank. Moreover they may invest in FDR and Bonds in IFIC. NRBs can remit their earning through this bank as well.

Student File is a program for Bangladeshi students going abroad to study in under graduate or post graduate courses. They are issued Drafts for tuition and other expenses from some authorized dealer branches of IFIC Bank.

SMS Banking is a demand of time. People like to contact everything they need through their cell phone. IFIC has done this in right time. You may have very vital information about your account through SMS.

Credit Schemes

Credit schemes of IFIC bank can be classified into three major groups. These are Corporate Banking, SME Banking and Consumer Finance. From the very names it’s clear that first two are oriented towards industrial and commercial clients and the third one is mainly for individual clients. Under corporate banking this bank offers following programs:

• Working Capital Finance
• Project Finance
• Term Finance
• Trade finance
• Lease Finance
• Syndication Finance

Each of the schemes is designed to meet the growing demands of corporate clients through cash, credit and consultative services. For your big industrial projects IFIC may arrange syndication of banks even. So you may ask the bank for whatever you need from it.

Small and Medium Enterprises of Bangladesh are critically vital for generation of employment, alleviation of poverty and increasing GDP growth. IFIC has given correct emphasize on this sector through a good number of programs. These are shown below:

• Easy Commercial Loan
• Retailers loan
• Transport Loan
• Commercial House Building Loan
• Possession Right Loan
• Contractor’s Loan
• Bidder’s Loan
• Working Capital Loan
• Project Loan
• Letter of Guarantee
• Letter of Credit
• Loan against Imported Merchandize (LIM)
• Loan against Trust Receipt
• Muldhan
• Women Entrepreneur’s Loan (Protyasha)

Each of the schemes is designed to meet up typical needs of SMEs. In addition women are given proper importance to come in the financial activities and contribute through their creativity.

Consumer Finance schemes are mainly for limited income people to enhance their financial abilities. Thus you may get the items and services of your dream to come true right now. The schemes are:

• IFIC Easy Loan
• Consumer Durable Loan
• Parua (Education Loan)
• Thikana (Home Loan)
• Any Purpose Loan
• IFIC Marriage Loan
• CNG Conversion Loan
• IFIC Home Renovation Loan
• IFIC Medical Loan
• IFIC Holiday Loan
• IFIC Peshajeebi Loan
• IFIC Auto Loan

So if you are a person of this group you may have a loan to fulfill your needs and dreams and pay back in easy terms.

IFIC bank provide you these services and many more through their 89 branches all over the country.