National Bank of Pakistan was the largest commercial bank in the then East Pakistan. After liberation of Bangladesh in 1971, this bank along with two smaller banks, Premier Bank and Bank of Bahawalpur were merged into Sonali Bank. The bank was nationalized under Government order P.O.26, 1972.
This bank was transformed into a Public Limited Company under 100% ownership of Government and started functioning as Sonali Bank Limited on 15 November, 2007. Sonali Bank has an authorized capital of BDT 10 billion and has BDT 9 billion of paid up capital. With 1193 branches including two overseas branches, 3 subsidiaries and 3 representative offices, Sonali is by far the largest commercial bank of the country. Since its emerge as a nationalized bank in 1972, it is discharging its duties in building the economy of the nation and till now it’s carrying out the social commitment for which it was entrusted.General BankingSonali Bank provides all general banking services to its clients through its extensive network all over the country.
Savings and Current accounts, money transfer through Demand Draft, Pay Order, Mail Transfer, and Telegraphic Transfer etc. are regular functions of this bank. In addition it receives utility bills from consumers. Deposit SchemesSonali Bank offers several deposit schemes for different target groups of people. These are:Sonali Deposit Scheme (SDS)Education Deposit Scheme (EDS)Medicare Deposit Scheme (MDS)Monthly Earning Scheme (MES)Marriage Savings Scheme (MSS)Rural Deposit Scheme (RDS) and Double Benefit Scheme (DBS)Credit Schemes Sonali Bank provides loans under the following programs: Consumer CreditSpecial SmallCreditIT FinanceLoan for Diagnostic CenterLoan scheme for Employment AbroadConsumer Credit loan is designed to support permanent employees in Government, Semi Government, Autonomous and recognized bodies to purchase consumer durables for household use.
Rate of interest is quite reasonable and payback is through monthly installments. Special Small Credit is for teachers and Government employees. Those who like to increase their income through a small business may avail this opportunity. Rate of interest is easy and pay back is in monthly installments.IT Finance Scheme is developed for installation of export oriented IT Firm and for the firm already exists, needs support to export products.
As a thrust sector incumbents enjoy quite a low interest rate. Diagnostic Center is another field of interest for Sonali Bank. It logically requires proper security to get the loan and payback period is one year. Those who get jobs abroad and need money to pay Air Tickets, legal commissions & service charges for the agent firm are entitled for the loan from Employment Abroad Scheme. Payback period is decided at per their job contract. Rural Credit Scheme85% of our population lives in rural areas of Bangladesh and 75% earn their living from agriculture.
So without boost up of agriculture our economy won’t grow. Sonali Bank very correctly addresses it through the Rural Credit Scheme.MicrocreditMicrocredit is internationally accepted tool for poverty alleviation and still we have a lot of people below the poverty level. So microcredit can’t be ignored. Sonali Bank being committed for people and society has been participating in the field actively since 2003. About 20 projects under the scheme are in progress.
Industrial FinanceFor industrial development of the country Sonali Bank provides long term loan against new industries and BMRE program of existing industries. Under different schemes it addresses thrust sector, Garments, Tourism, Hospital, Pharmaceutical, Power Plant and many more.International BankingSonali Bank has developed expertise in international trade and business. Through its widest network in country and a good number of correspondent banks world wide it extends cooperation to traders and business man. At the same time it brings in valuable remittance from expatriates working abroad.
Sonali Bank Limited has many other society oriented fields of activities. SME banking, Hajj Savings scheme, and Foreign Currency account are some of them.
