IFIC

Exploring the Customer Attitude toward
Service provided by IFIC Bank Ltd.

A. Empirical Part of the Report
1.1 Introduction
Bank is the most important institution for any country all over the world. It plays a vital
role in the economy by providing means of payment and mobilizing resources. For the
development and developing economy an efficient banking system is effective. Baking is
one of the most important elements of modern economy and financial system. In the age
of industrialization, since than business has expended and growing rapidly. In this
situation each of the business industry are trying to establish themselves as an effective
one and the mind of customer and their community where they need to rely on financial
institution. Bank is that types of institution, which provides financial support to their
clients as the care for. IFIC Bank Ltd.-International Financial Investment Commercial
Bank Limited is the private commercial bank in Bangladesh that started it journey at
1976 as a joint venture between the government of Bangladesh and sponsor from private
sector. They focus their objectives is to working as a financial company within the
country, committed to the welfare and economic prosperity of the people and the
community. Mission of IFIC Bank Ltd is to satisfying their customers with the help of
skilled and dedicated workforce, innovative action and competitive edge of qualitative
services to all institution and customers as they care for.
Although IFIC Bank are indeed providing a number of services but they are not taking
steps to solve the specific problems of their customers as they are serving a large number
of customers but they are failing to meet the customer needs in a particular time frame .
Here I would like to find out what are the services IFIC Bank Limited provides. Are all of
the customers completely satisfied based on their services? On this statement, I would
like to explore the Customer Attitude toward the Service provided by IFIC Bank Limited.

1.2 Origin of the Report
This report has made as a prerequisite of the Completion of my MBA program as per the
rule of IUBAT- international University of Business Agriculture and Technology
fulfillment of the course BUS-590 Practicum. For this reason I have done my internship
at IFIC Bank Ltd and the report has prepared by me on the topic of Exploring the
Customer Attitude toward the Service Provide by IFIC Bank Ltd.
1.2 Research Design

This Research is exploratory in nature. That is s mainly based on primary data collection
through structure questionnaire filled by customers of IFIC Bank Limited. Secondary
data collected from different sources like yearly report of IFIC Bank Ltd. and different
information from Internet.
This study has been organized into five parts. First part includes the background, rational
of the study, problem, objectives, and scope of the study, methodology as well as the
limitation of the study.
Second part includes organizational part of the Report. That includes history of IFIC
Bank Limited, Corporate information, different department as well as the services they
provide to their customer. Third part includes findings of the report and forth part
includes conclusion and recommendation of the study. Finally fifth part is appendix that
is dales with bibliography and work side.

1.4 Objectives:
a. Broad Objective:
The first and foremost objectives of this report is to exploring the Customer Attitude the
services provided by IFIC Bank Ltd-International Financial Investment bank Limited.
b. Specific objectives:
Find out the financial services provided by IFIC Bank Limited.
Identify the customer of IFIC Bank Limited.
To identify the attitude of the customers toward the general banking services
provided by IFIC Bank Ltd.
To identify the attitude of the customers toward the profit on financing of IFIC
bank Limited.
Find out the problem customer are commonly facing at present..
Find out the competitive performance provide IFIC Bank Limited to their
customers.
Give some Recommendations on the basis of research findings Of IFIC Bank
Limited.
1.5 Scope of the study:

The scope of the report is limited at drawing a descriptive and analytical rather than
critical presentation of International Finance Investment and Commercial Bank Limited.
The whole analysis and discussion reflects only from and on the IFIC Bank Ltd point of
view. It may help to develop the services and activities and may to develop its products of
IFIC Bank Limited.

1.6 Methodology:
a)Universe: Dhaka City Corporation (DCC)
b) Population: The population of conducting this Research includes the customers of
IFIC Bank Limited who live in Dhaka city and go to the bank for their account purpose.
c) Time Duration- Three month
d) Data Requirements: to conducts this research the following data requiredInformation about International Finance Investment and Commercial Bank Limited (IFIC
Bank Ltd.),
Information about concept of different department of IFIC Bank Ltd,
e) Sample units:
Individual household living in Dhaka City within the age of 18 to 65 years, and go to the
IFIC Bank Limited for their Banking purpose.
f) Sampling Procedure:
First Stage: Three branches were selected by random sampling procedure.
Second Stage: Individual customers (Go to the IFIC Bank Limited and have
account or financial relation with this Bank) were selected by systematic random
sampling.
For selecting the size of sample of the households (Customers) I was used the
following formulan = (z pq) / e
= {(1.96) * (.5)} / .5
= (3.4816 * 0.25) / .0025
= 384.16
= 384

Here
n = Sample size
pq = precision
z = value of confidence
e= level of significant
1.8 Data collection procedure: Structure questionnaire was used for conducting the
Research of Exploring the Customer Attitude toward the Service Provided by IFIC Bank
Limited.
1.9 Data Sources: There are two sources of Data of my Research. Those are bellow
Primary Data: Primary data are collected from individual customers of IFIC
Bank limited.
Secondary Data: secondary data were collected from Bangladesh Institute of

Bank Management, different report of IFIC Bank Limited an Internet sources.
1.9 Data Processing and Analysis:

After collecting all the data, the questionnaires have been coded and data have been
processed, analyzed, and graphically represented by using MS Excel.
1.10 Limitation of the study
Since information is not contained in a complied from it was difficult to collect

up-to-date on the spite of collection received from different clients and customers.
Another major limitation of the study was the lack of scope of communication
with customers.
Original data could not be collected in some cases due to confidential reason.

B. Organizational part
2.0 Brief history of IFIC Bank Ltd.
IFIC Bank Ltd.-(International Finance Investment and Commerce Bank Limited) is a
banking company incorporated in the Peoples Republic of Bangladesh with limited
liability. It was establish in 1976 as a joint venture between the Government of
Bangladesh and sponsors in the private sector as a financial investment Company. Its
main objectives is working as a finance company within the country and setting up joint
venture banks/financial institutions abroad. In 1980 IFIC Banks Commercial operation
in Foreign Exchange Business was in a limited scale. At 1982 IFIC Bank got the
permission from government to operate as a commercial Bank. In 1983 it setup its first
overseas joint venture on republic on Maldives. Government held 49 per cent shares and
the rest 51 per cent were held by the sponsors and general public. In 1983 when the
Government allowed banks in the private sector, IFIC was converted into a full-fledged
commercial bank. The Government of the Peoples Republic of Bangladesh now holds
35% of the share capital of the Bank. Leading industrialists of the country having vast
experience in the field of trade and commerce own 34% of the share capital and the rest
is held by the general public. In 1985 - Set up a joint venture Exchange Company. On the
other hand IFIC bank set up it first overseas branch in Pakistan at Karachi in 1987. At
1983 second overseas branch in Pakistan at Lahore and 1994 establish joint venture in
Nepal for banking operation and 1999set up second joint venture. The year 2003 it
celebrated 20th founding anniversary.
2.1 Composition of ownership

Private sector and Government of the Peoples Republic of Bangladesh got the
sponsorship and owner ship of IFIC Bank Limited. Private sector got 60% share and
government got 40% share of IFIC Bank Limited

2.2Aboard operation
IFIC is the first commercial banks in the private sector to have operations abroad. In
1983, the Bank set up a joint venture bank in Maldives that I known as 'Bank of Maldives
Limited' (BML). It was set up at the request of the Government of the Republic of
Maldives. IFIC Bank managed the affairs of BML from 1983 to 1992. IFIC Bank sold its
shares in 1992 to the Government of the Republic of Maldives and handed over the
Management of BML to Maldives Government.
NIB Bank Ltd., Pakistan:
IFIC Bank had two branches in Pakistan, one in Karachi and the other in Lahore. Karachi
Branch was opened on 26th April 1987, while Lahore Branch was opened on 23rd
December 1993.To meet the Minimum Capital Requirement (MCR) of the State Bank of
Pakistan, the Overseas Branches in Pakistan have been amalgamated with a reputed
leasing company in Pakistan named National Development Leasing Corporation Ltd.
Nepal Bangladesh Bank Ltd. (NB Bank)

Nepal Bangladesh Bank Ltd. (NB Bank), a joint venture commercial bank between IFIC
Bank Ltd. and Nepal nationals, started operation with effect from June 06, 1994 in Nepal
with 50% equity from IFIC Bank Ltd. The Bank has so far opened 17 (seventeen)
branches at different important locations in Nepal. IFIC Bank presently holds 25% shares
in NB Bank.

Oman International Exchange LLC (OIE)

Oman International Exchange LLC (OIE), a joint venture between IFIC Bank Limited
and Oman nationals, was established in 1985 to facilitate remittance by Bangladeshi
wage earners in Oman. IFIC Bank holds 25% shares, and the balance 75% is held by the
Omani sponsors. The exchange company has a network of 10 branches covering all the
major cities/towns of Oman. The operations of the branches are fully computerized
having online system.

2.3 Correspondent Banks
Country
U.S.A
U.S.A
U.S.A
U.S.A
HONG KONG
U.K
U.S.A
U.S.A
U.K.
U.K.
Correspondent
Swift Address
Standard Charted
SCBL US 33
Bank, New York
Mashreq Bank psc.
MSHQ US 33
New York
HSBC Bank USA,
MRMD US 33
New York
American Express
Currency
Bank
US DOLLAR
Ltd.
NewAEIB US 33
York
Mashreq Bank psc.
Hong Kong
Standard Charted
Bank, London
City Bank N.A.,
New York
J.P. Morgan Chase
Bank, London
H.S.B.C. Bank plc,
US DOLLAR
US DOLLAR
MSHQHKHH
US DOLLAR
SCBL GB 2L
US DOLLAR
CITIUS 33
US DOLLAR
Bank N.A., NewCHAS US 33

York
Standard Chartered
US DOLLAR
SCBL GB 2L
MIDL GB22
London
SWITZERLAND UBS AG., Zurich UBSW CH ZH
Bank of TokyoJAPAN
BOTKJPJT
Mitsubishi, Tokyo
Hypovereins Bank
GERMANY
HYVE DE MM
AG, Munich
GERMANY
Commerz
BankCOBADEFF
US DOLLAR
GB POUND
GB POUND
SWISS FRANC
JAPANESE YEN
EURO
EURO

GERMANY
CANADA
INDIA
INDIA
INDIA
INDIA
INDIA
INDIA
AG, Frankfurt
JP Morgan Chase
Bank AG, Frankfurt
HSBC
Bank
Canada, Toronto
Sonali
Bank,
CHAS DE FX
HKBCCATT
EURO
CANADIAN
DOLLAR
BSONINCC
ACU DOLLAR
Kolkata
State Bank of India,SBIN IN BB
ACU DOLLAR
Kolkata
106
Standard CharteredSCBL IN BB
ACU DOLLAR
Bank, Kolkata
CAL
American ExpressAEIB IN DX
ACU DOLLAR
Bank Ltd., Kolkata CAL
Arab
Bangladesh
ABBL IN BB ACU DOLLAR
Bank Ltd., Mumbai
The Hongkong &
Shanghai
Banking
Corporation,
HSBC IN BB
ACU DOLLAR
Mumbai
INDIA
SRILANKA
NEPAL
BHUTAN
PAKISTAN
AUSTRALIA
AUSTRALIA
ICICI Bank Ltd.,

Kolkata
Nations Trust Bank
Ltd., Colombo
Nepal Bangladesh
Bank
Phuentosoling
NIB Bank Ltd.,
Chase
Bank, Sydney
HSBC
Bank
Australia
Sydney
NTBC LK LX
Ltd.NPBBNPKA
Kathmandu
Bank of Bhutan,
Karachi
J.P.Morgan
ICICINBBCTS ACU DOLLAR

ACU DOLLAR
ACU DOLLAR
BHUBBTBT
ACU DOLLAR
NIBPPKKA
ACU DOLLAR
CHAS AU 2X
Ltd.,HKBA AU 2X
AUSTRALIAN
DOLLAR
AUSTRALIAN
DOLLAR
10

2.4 District wise Branch Distribution
11

2.5 Different Branches of IFIC Bank Ltd.
IFIC Bank Limited Agrabad Branch
12

IFIC Bank Limited Bajitpur Branch
IFIC Bank Limited Banashwar Branch
IFIC Bank Limited Bangshal Branch
IFIC Bank Limited Beanibazar Branch
IFIC Bank Limited Benapole Branch
IFIC Bank Limited Bogra Branch
IFIC Bank Limited Brahmanbaria Branch
IFIC Bank Limited Borobazar Branch
IFIC Bank Limited Chapai NwabGoang Branch
IFIC Bank Limited Chawk Bazar Branch
IFIC Bank Limited Chowmouhani, Noakhali Branch
IFIC Bank Limited Comilla Branch
IFIC Bank Limited Coxs Bazar Branch
IFIC Bank Limited Companigong Branch
IFIC Bank Limited Dhanmondi Branch
IFIC Bank Limited Dinajpur Branch
IFIC Bank Limited Elephent Road

13

IFIC Bank Limited Faridpur
IFIC Bank Limited Feni
IFIC Bank Limited Ghorashal
IFIC Bank Limited Head office
IFIC Bank Limited Islampur
IFIC Bank Limited Jessor
IFIC Bank Limited Kawren Bazar
IFIC Bank Limited Khatun Gonj
IFIC Bank Limited Khulna
IFIC Bank Limited Koabari Branch
IFIC Bank Limited Kustia Branch
IFIC Bank Limited Mudahabdi Branch
IFIC Bank Limited Malibagh Branch
IFIC Bank Limited Motijhul Branch
IFIC Bank Limited Moulvi Bazar(Dhaka) Branch
IFIC Bank Limited Mukterpur Branch
IFIC Bank Limited Mymensing Branch
IFIC Bank Limited Naogaon Branch
IFIC Bank Limited Narayangong Branch
14

IFIC Bank Limited Narsinsdi Branch
IFIC Bank Limited Nawabpur Branch
IFIC Bank Limited Nayapaltan Branch
IFIC Bank Limited Nitaigonj Branch
IFIC Bank Limited Noapara Branch
IFIC Bank Limited North Brook Hall Road Branch
IFIC Bank Limited Pabna Branch
IFIC Bank Limited Pallabi Branch
IFIC Bank Limited Rajshahi Branch
IFIC Bank Limited Ranjpur Branch
IFIC Bank Limited Shatkharia Branch
IFIC Bank Limited Shah Amanat Market Branch
IFIC Bank Limited Sheikh Market Branch
IFIC Bank Limited Shantiangar Branch
15

IFIC Bank Limited SheikhMujib Road Branch
IFIC Bank Limited Shreemongol Branch
IFIC Bank Limited Sabid Bazar Branch
IFIC Bank Limited Terri Bazer Branch
IFIC Bank Limited TulTikan Branch
IFIC Bank Limited Tekherhat Branch
IFIC Bank Limited Uposhahan Branch
IFIC Bank Limited Asulia Branch
IFIC Bank Limited Rupjong Branch
IFIC Bank Limited Foticsory Branch
IFIC Bank Limited Gowala Bazar (Sylhet) Branch
16

2.6 Corporate Information

a) Management Structure
The thirteen members of the Board of Directors are responsible for the strategic planning
and overall policy guidelines of the Bank. Further, there is an Executive Committee of
the Board to dispose of urgent business proposals.
Besides, there is an Audit Committee in the Board to oversee compliance of major
regulatory and operational issues. The CEO and Managing Director, Deputy Managing
Director and Head of Divisions are responsible for achieving business goals and
overseeing the day to day operation.
The CEO and Managing Director is assisted by a Senior Management Group consisting
of Deputy Managing Director and Head of Divisions who supervise operation of various
Divisions centrally and co-ordinates operation of branches.
Key issues are managed by a Management Committee headed by the CEO and Managing
Director. This facilitates rapid decisions.
There is an Asset Liability Committee comprising member of the Senior Executives
headed by CEO and Managing Director to look into all operational functions and Risk
Management of the Bank.
17

b) Board of Directors
Board of Directors of the Bank is a unique combination of both private and Government
sector experience. Currently it consists of 13 Directors. Of them eight represent the
sponsors and general public and four senior officials in the rank and status of Additional
Secretary/Joint Secretary represent the Government. Managing Director is the ex-officio
Director of the Board.
Mr. Mohammad Lutfar Rahman

Mr. Abu Tahir Mohammad Golam Maruf
Mr. Murshed Murad Ibrahim
Mr. Aminur Rahman
Mr. Md. Yasin Ali
Mr. Didarul Alam
Chowdhury Nafeez Sarafat
Mr. Tanim Noman Sattar
Mr. Mahmudul Huq Bhuiyan
Mr. Arastoo Khan
Mr. Syed Monjurul Islam
Mr. Mohammad Ali Khan, ndc
Mr. Mashiur Rahman
Chairman
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
Managing Director
c) Hierarchy of the Management of IFIC Bank Limited
18

Board of Director
Managing Director
Deputy Managing Director
Executive Level
Sr. Executive Vice President
Executive Vice President
Sr. Vice President
First Vice President
Vice President
Mid Level Management

Sr. Asst. Vice President
First Vice President
Asst. vice President
Sr. Staff Officer

Staff Officer
Officer Grade 1.
Lower Level Management

Officer Grade 2
Cash Officer
Computer Officer
Office Assistant
Security Staff
Driver
2.7 Principles of IFIC Bank Limited

Mobilization of savings and keeps all types of deposit A/C In Bank
19

Introduce modern commercial and their services to their Customers
Opening and handling of export and import activities and import trade of foreign
remittances support to export activities
Provide competitive services to their client and customer.
Work for human resources development by providing employment opportunity
Give advance, especial and productive services for socioeconomic development.
2.8 Bank charges and commission of IFIC bank Limited
Particulars
Nature of charges
Rate of charges
Current account
Incidental charges
Tk 150 at half yearly rest, iff

balance comes down bellow the
minimum
required
limits
of
TK.2000.
Saving account
Closing charges
Incidental charges
200
TK. 150 at half yearly rest, if
balance
come
down
bellow
required balance of TK 1000
Collection of cheque
Closing charges
commission
Collection of out standing cheque
Commission
100
Free
Up to TK 25000
0.15% min. Tk 20
Up to Tk 1 lac
0.15% min. Tk 50
Up to TK 5 lac
0.15% min Tk 150
Remittance
Over 5 lac
Commission
0.05% min. TK 800

0.10% min Tk 25
DD/TT/MT
Telex/ telegram/ Fax
at actual min TK. 30
Charge of DD collection
TK 50
Charges
Up to Tk 1000= TK 10
Collection of DD/TT/ MT
Issuance of PO
Up to TK 1 lac= 25
Up to Tk 5 lac= 50
Collection of PO
Charges
Over 5 lac= 100

Up to TK 1000= TK20 20
Godown Charge
Rent
Above TK 1000= 40
At actual
Insurance
Actual
Salary & allowance of godown staffs

Rent
Actual
Actual rent for floor space occupied
Banks Rent Godown
plus 75% to meet other maintenance

cost
20

Insurance
To be realize from borrowers A?C

proportionately
Salary & allowance of godown staffs

Parcel
Locker & safe
charges
Charge
To be realize from borrowers A?C

proportion-ately.
TK= 50
Small size
Tk1500
Medium size
TK2000
Large size
Tk 2500
Security Money( Refundable)
TK 1000
Replacement of lost Key
At accurate plus handing charges=

15% of rent
2.9 Banking Function

There are three function of IFIC Bank Limited, all of the Branch dales with three
functions.
1)
General Banking
2)
Loans and Advance Department
3)
Foreign Exchange Department
1) General Banking
General Banking Department is one of the most important departments of banking
activities. We can say that this one is the heart of any bank because all kinds of
transaction are gone through this department. General Banking activities deal with
following section:
Deposit Section
Account Section
Administrative section
21

Dispatch and
Bill section
Deposit and Account Section
Account section is that a type of section where each of the individual customers is
firstly needs to meet with this department in order to open their account. Account and
deposit section dales with:
Account opening activities
Banking Cheque Processing
Deposit FDR
Internet
Types of Account at IFIC Bank Limited

Savings Account
Current account
FDR account
Sundry Deposit
CC Account
Saving Account:
Saving account is popular type of account at IFIC bank, this on is easy to operate. At the
beginning of opening an account, account holder should deposit the amount of minimum
22

500 at rural branch and 1000 is for urban branch. Some requirements need to follow for
opening for savings account. Those are
Account holder should provide his/her passport photo copy or he/she can provide
the Chairmen certificate.
Two copies resent passport size photo.
Declaration of Nominees name and his or her passport size photo.
Another account holders signature, who operating his or her account with good
transaction. And that account holder should know about the new account openers.
On the other hand that signatory account holder should have saving account with
in the specific branch of IFIC bank Limited.
Should fill the up the format of saving accounts opening form.
Savings account rules:

A Deposit cant withdrawal twice in a week with out notice
23

Withdraw of more then TK. 25000 will require 7 days notice.
Cheque book will uses to SB account holders having minimum balance of
taka 500 for rural place and 1000 for urban place.
Interest is calculated on the minimum balance in a month.
Charges impose for issuing cheque book.
Current Account
Current account is open by different business person, entity, partnership firm, limited
company, sole proprietorship business, associates etc.
Requirement of current Account:
Name
Address
Present
Permanent
Mandate of writing
Declaration of nominee
Letter of introduction
Specimen signature
Two copy of passport size photograph
Initial deposit taka 20000
For joint venture/stock companies, associate or others
24

True copies of certificate of registration
True copies of certificate of commencement
Resolution of the board of director
Memorandum and Articles
Certificate list containing name and signature of the directors
For Partnership Business:
Name of the company/ Business
Deed of the partnership
Trade license
Endorsement of the account
PSS account (Pension Savings Scheme)
There are two types of PSS account at IFIC Bank Limited

Three years PSS A/C
Five years PSS A/C
25

Five Years Term
Three Years Term

Monthly
Amount
payable Monthly
Amount
Installment
after Maturity
Installment
payable
TK.
500
1000
2000
5000
TK.
20,322
40,645
81,290
2,03225
TK.
500
1000
2000
5000
Maturity
TK.
36,266
72532
145064
362,661
after
1) Eligibility:
PSS A/C can not opened by minor or in the name of the minor
A Person of 18 years old and above having a sound mind can open PSS A/C
PSS A/C Can Transfer from one Branch to another branch of IFIC Bank Limited
2) Nomination
Nomination is mandatory
a. An account holder can nominate one or more person(s) as his/ her
nominees.
b. An account holder can nominate new nominee(s) by canceling the
previous nominees by a written instruction to the Bank. Necessary
formalities are to be observed in such case.
c. An account holder will fix the amount of each nominee by fixing the share
of amount receivable by such nominee(s) in case the number of nominees
is more than one person.
26

d. The nomination will be cancelled if the nominee dies in the lifetime of the
account holder. The account holder in such case will advise a new
nominee.
e. Deposited amount will be payable to nominees as per prior written
authority recorded in the Bank.
f. In the event of account holders death his /her nominee(s) may be allowed
to continue the account. In this regard the nominee will have to submit an
application to the Bank for continuation of the account along with a copy
of the death certificate of the account holder.
3) Procedures for payment of pension:

g. The account holder will have the option to receive the entire deposited
amount with interest at a time or to receive the pension on monthly basis.
This option can be modified or changed by the account holder if he/she
desires within the maturity period by submitting an application in writing.
h. The account holders shall inform the branch regarding the amount of
monthly installments. In case of repayment of pension on monthly basis
the deposited money will be entitled to payment of pension till the
deposited fund is exhausted.
i. The deposited money will be payable to the account holder in his /her
SB/CD account with us or through payment order or to his nominee (in
case of his death). The rules noted in clause 6 in case of payment to
nominee/ nominees will applicable of succession certificate.
4) Automatic closure of A/C and its re-validation:
On failure to pay 4(four) consecutive monthly installment the Account will be closed
automatically. Installment is to be paid between 1st to 10th days of each month.
27

However, if the 10th days of a month falls within a holiday the next working day will
be eligible for revalidation of the account, the following rules will apply:
j. If the client fails to deposit any monthly installment in the month when it
is due that case he/she may deposit the same within10th the following
month by giving reasonable grounds in writing for case of failure and the
account will be revalidated when such installment will be deposited along
with an additional amount of Tk10/=, Tk.15/=,Tk.20/=, Tk.25/=& Tk.
50/= being the penalty for late payment of monthly installment of
Tk.500/=, Tk.1000/=, Tk. 2000/= &Tk. 5000/= respectively.
k. If the client fails to deposit the any monthly installment continuously for
three consecutive month, in hat case within 10th of the 4th month, the client
will have to give reasonable grounds in writing for failing and the account
will be revalidated when the client will pay additional Tk. 30/-, Tk. 45/-,
Tk, 75/-, @ Tk.150/- along with the overdue monthly installments of Tk.
500/-, Tk. 1000/-, Tk. 2000/- @Tk. 5000/- respectively.
l. Any account closed due to failure to deposit more than 3 installments will
not be eligible for revalidation irrespective of the duration of the account.
m. The client will have options for revalidation of the account 2 times for 3
years and 3 times for 5 years term.
5) Pre-mature closure of the Account:
28

An account holder may close the account at any time by a written application. In that
case Tk 200/- will be charged as banks service charge for closing the account and the
following rules will be applicable.
a. In case, the account is closed within 1 year, only principle amount will be paid to
the client.
b. In case, the amount is closed after one year but before completion of the term
client will be paid back principal amount along with interest at savings rate/ PSS
rate prevailing on the date of closure of the account, provided the client must
deposit at least 12 installments to qualify under this clause. .
FDR- Fixed Deposit Receipt
Fixed Deposit Receipt Account (FDR) is repayable after the expiring of a determined
period that is fixed by customer. Customer may open his or her account for the period of
three months, six month one year or five years. Interest is varies from time to that is
depends on circular provided by main branch of IFIC Bank ltd. And the interest is given
after the account is mature. If account is not mature than no interest is provided to the
account holder. On the hand interest mount is not added with the principle and where
principle amount remain same.
Sundry Deposit:
This type of account is not directly opened by customer and no application is required to
open. This amount can not be dept or posted under any account holder. Amount is kept
under the head of the sundry deposit account. IFIC Bank Ltd maintains sundry deposit
register to solve these types of problem.
29

Account is not after opening the account a cheque book is issued to the customer for
withdrawal from his account. IFIC Bank issued cheque book that contain ten leaves,
depends on different types of account, like SB (saving account, current account)
Account Close: - Banker can close the account holder, account on the following
circumstances
Notice give by the account holder
Death of account holder
Insolvency
Order of the count.
Bill Section:The main objective of different commercial bank is providing lightly qualitative services
to their client and customer. IFIC Bank, remittance facilities are very popular the word
Remittance means sending of money from one place to another thought post & The
graph IFIC Bank taking responsibility to extant this facility by receiving money from
one branch of bank and making arrangement for payment to another brand within the
country. There are two types of remittance:
Inward
Outward
Remittance may be categories as
Demand Draft(DD)
Telegraphic Transfer(TT)
Payment Order(PO)
Mail Transfer(MT)
Pay Deposit(PD)
30

All types of banks or operations in our country under the banking company act 1991.
There are difference types of banks operations in our country.
Those are:
Central Bank
Nationalized \ Government control Bankers.
Private Commercial Bank.
Foreign Commercial Bank.
Case Section:
Case section is an important part of general banker the main objective of cash section is
receiving and payment of cash \ money to the customer.
Account Section:
All of the transaction which is done in the banking business during the bank period those
are maintained by account section. This section balancing all of the transaction and they
are responsible for accountability of transaction.
31

Other services of IFIC Bank ltd.
Credit card
Online Bank
Debit Card
Saturday Banking
Exchange
Back up Support Services
Customer Queries
Customer Report
Corporate Remittance
Regulatory Reporting
Anti Money Procedure
2.10 Loan Advance Department
Banks act as intermediaries between surplus and deficit economy unit by mobilizing
fund from surplus economic unit and developing it to deficit economic unit. The interest
earned on the developed fund is banks main source of economy.
Out of its interest income they pay interest to depositors and meet other expenditures. A
banker has to be very cautions while lending money because he lend dposits money
which does not belong to the banks and which must be returned on demand. The banker
32

has to keep in mind that lending is for the best interest of the community and lending
should be directed to productive sector only.
Concept of Credit
The term credit may be defined broadly or narrowly, speaking broadly, credit is finance
made available by one party (Lender, Seller, shareholder owner) to another (borrower,
buyer, corporate or non-corporate firm).
More generally, the term credit is used narrowly for only debt finance. Thus defined
credit is simply the opposite of debt. Credit is stock-flow variable. Credit should be
carefully distinguished from money.
Kind of credit:
There is no unique way of classifying credit. It can be and need to be classified in more
than one way specializing in only one aspect or dimension of credit.
Thus we classify credit from five different angles:
Source
End- use
Users
Term and
cost
33

The source of credit

Institutional
Banks
a) B.B
b) Other banks
Commercial
Co-operative
Non banks
Non institutional
Money lenders & indigenous Banks
Open Market
Sellers (Trade Credit
Principles of lending
The principle of lending is a collection of certain accepted time tested standards
which ensure the proper use of loan fund a profitable way and its timely recovery.
Different authors describe different principles for sound lending.
IFIC Bank Ltd. follows the following principles in this lending actively:
a) Safety: Safety should get the prior importance in the time of sanctioning the loan.
At time of maturity the borrower may not willing or may unable to pay the loan
34

amount so on the time of sanctioning the loan adequate securities should be taken
from the borrowers to recover the loan. Banker should not sacrifice safety for
profitability.
b) Security: Banker should be careful in the selection of security to maintain the

safety of the loan and banker should properly evaluate the proper value of the
security. If the estimated value is less then or equal to loan amount, he loan is to
given against such securities.
c) Liquidity: Banker should consider the liquidity of the loan in the time of
sanctioning it. Liquidity is necessary to meet the consumers needs.
d) Adequate yield: As a commercial orientation banker consider the profitability. So
banker considers the interest rate when go for lending. To ensure the profitability
banker should consider the prospect of the project.
e) Diversity: Banker minimizes the fort polio risk by putting its fund in the different
fields. If the bank put its entire loan able fund in o0ne sector it will increase the
risk. On the other hand they should distribute its loan able fund in different
sectors. If it faces any problem in any sector it can be recover by the profit of
another sector.
The following things departments are under uttara branch of IFIC bank Ltd.
Consumer credit service
Loan administration
Credit recovery call
35

Concept of credit department: The job in this department starts the application made
by the client; approve the same, which is disbursed to consumers. There are three
employees one is chief officer, one is senior officer and one is officer currently and.
working over desk in this dept.
Main functions:
PROPOSAL
APPROVAL
SANCETION
PROPOSAL
APPROVAL
SANCETION
Activities of the department:

Preparing of sanction letter as per HO approval
Monitoring & follow-up of credit facilities extend from this Branch
Compliance of review of MSOCF, Client-wise Position ,HW/TR
Reporting of daily task force & daily LDOs position to H.O.
Export L/C checking & preparation of credit memos relating to back to back
L.Cs monitoring project loan of garments projects
Preparation of statements relating to NRIT A/C and maintaining record of the
foreign investments
Preparation for proposal of project loan for board approval.
Monitoring of the credit facility extended to different project
Statement of the monthly garments position interest subsidy, force loan act
Monitoring of foreign investments in capital market through our branch
All work related to custodial service.
36

All types of correspondence related to credit service depts..
Preparation of credit memos for approval/renewal of the credit facilities
Preparation of credit memos for the credit facilities under cash L/C and IBP
Processing of consumer credit loans & preparation of all statements of the
consumer credit loans.
Types of loan provided by IFIC Bank limited
CC(Cash Credit)
OD (Overdraft lone)
Project loan
Transport loan
House Building loan
Loan Against Financial Obligations
Secured Demand lone
PE (Provident Fund) loan
Staff transport loan
PAD (Payment Against Document)
CC Loan (Cash Credit Loan)

A cash credit is an arrangement by whish the customer is allowed to borrow money up to
a certain limit. A cash credit is a fluctuating amount and is operated in the same way as a
current account on which an overdraft has been sanctioned. This is a permanent
arrangement and the customer need not to draw the sanctioned amount of money at a
37

time; the borrower can draw the money as and when required. The borrower pan put back
any surplus amount which he may find with him.
Procedure of sanction of CC loan:

If any one applies fore these types of loan the economic purpose must be shown. This
types of loan is given to both industrial and commercial sector. Some requirements of CC
loan:
1) photo copy of trade license

2) balance sheet of the last three years
3) Certificate of incorporation
4) Resolution copy of last meeting
5) Cash flow statement
6) Fire service license copy
7) Statement about the details of assets
8) export import registration
9) description of Current Capital
10) description and price of merchandise
11) TIV( Tax payer identification number)
OD (Over Draft Loan:
38

OD is a short term loan an only a temporary accommodation and the borrower is allowed
to draw and repay any number of times, provided that the total amount over drawn does
not exceed the agreed limit. For providing these types of loan Banks takes some primary
securities, like bond, share Certificate, Debenture Certificate etc.
Project Loan:
Mainly project loan are provided by the Bank is to establish the Industries. This one is the
main source of industrial credit. It may provide short or long term loan.
General transport Loan:

This loan is provided to purchase vehicles- like Bus, Mini Bus etc.
This is a midterm loan.
Consumer Loan
IFIC makes people life-style easy and Comfortable with the help of Consumer Durable
Loan procedure. So avail the
easy facility offer by IFIC Bank Ltd. Maximum taka 1 lac
and the period to repay the loan amount within 12-36 months
General House Building loan:
It is a long term loan, which is provided for constructions, expansion and repairs of
Buildings and development, and purchase of the land.
Easy Loan
Needs are not end less if one need fulfill than another need knocking at the door. In that
mind IFIC Bank Provide Easy Loan services to their customer to fulfill their dream. The
39

way customer can get the Easy Loan: Maximum 95% of the face value of FDR. The
period to repay the loan amount within 12-36 month.
Staff loan:
There are four types of staff loan .
PF(provident fund) loan
Staff transport loan
Staff house building loan
Staff sewing machine loan
PF Loan:
IFIC provides this loan to their executives and senior officers and employees. Staff is
permitted to take loan up to 100% of their fund.
PAD (payment against document)

After shipment exporter send necessary documents to the importers bank. Their importer
bank scrutinizes the documents. At first the importers bank lodges the documents and
after lodgment the payment is made to the exporter banks. So it found that PAD is a
process of sight payment against certain documents stated in the latter of credit.
Loan Approval Documentation:
Entertainment of application for loan proposal
Preliminary screening of credit proposal
Feasibility study and appraisal of loan proposal or credit investigation
Sanction of loans or advances.
Documentation
Disbursement of loans or advances
40

Loan:
1. DP note signed on the revenue stamp
2. Letter of disbursement
3. Letter of arrangement
4. Letter of pledge
5. Letter of hypothecation
6. Letter of Grantee
7. Letter of partnership or board of resolution
8. Letter of lien and ownership
9. Letter of lien for packing credit
10. Letter of lien and transfer authority
11. Letter copy of sanction letter mentioning detail of terms and condition, and
acknowledge of the borrower
Legal document for mortgage of property.
2.11 Legal aspect of loan and Advances:

A legal affair is a part of loan and Advance department. It includes legal procedure to
recover the default loan. When a borrower fail to pay the loan with in the due date the
bank normally follows official correspondence and personal contact to induce the
borrower to pay the loan. So legal action is the final action of the banks for the recovery
of default loans and it is the exercise of power by the court not by the bank.
Normally the suit is fielded three years from the disbursement of the loan. Tome may be
extended when calculation start from the following dateLast payment date
Last acknowledgement date
41

Last balance confirmation date.
42

2.12 Foreign Exchange Department

Modern banks facilitate trade and commerce by rendering valuable services to the
business community. Apart from providing appropriate mechanism for making payments
arising out of trade transactions, the banks gear the machinery of commerce, specially in
case of international commerce., by acting as a useful link between buyer and the seller,
who are often too far away from and too unfamiliar with each other. According to foreign
exchange regulation act 1947 Any thing that conveys the right to wealth in another
country is foreign exchange. Foreign exchange department services for the customers.
Opening or issuing letters of credit is one of the important services provided by the banks
Letter of Credit
A letter of credit is a letter issued by a bank (known as the opening or the issuing bank)
at the instance of its customers (known as the opener) addressed to a person (beneficiary)
undertaking that the bills drawn by the beneficiary will be duly honored by it (opening
bank) provided certain conditions mentioned in the letter have been complied with.
The Customary clauses Contained in a L/C are the following
A clause authorizes the beneficiary to draw bills of exchange up to a certain on

the opener
The list of shipping documents, which are to accompany the bills
Description of the goods to be shipped
43

An undertaking by the opening bank that bills drawn in accordance with the
conditions will be duly honored.
Instructions to the negotiating bank for obtaining reimbursement of payments

under the credit.
Personnel observation
The following things have been observed:
Credit Facilities
The credit section of IFIC Bank Ltd. Uttara Branch provides two kinds of credit
facilities.
1. Funded Credit facilities: These facilities associated with direct fund
involvement. These includes: funded facilities.
Overdraft (OD)
Advance against work order
Advance against DR
Loan against trust receipt(LTR)
Staff loan
House Building Loan
2. Non-funded Facilities
Parties to a letter of credit

The parties to a L/C are
Importer / buyer
44

Opening bank / issuing bank
Exporter / seller / Beneficiary
Advising bank/ Notifying bank:- it is the bank exporters country , which is

usually the foreign correspondent of importers bank through which the L/C is
8.If the intermediary bank simply advises / Notifies the L/C to he exporter without
any obligation on its part, it is called Advising Bank
Negotiating bank:- The bank that negotiates the bill of exporter drawn under the
credit is known as Negotiating a bank. If the advertising bank is also authorized to
negotiate the bill drawn by the exporter, he becomes the Negotiating Bank.
Confirming bank:- If the advising bank adds its own undertaking to honor the
credit while advising the same to the beneficiary he becomes the confirming bank.
Paying / Reimbursing bank:- If the issuing bank dies not maintain any account
with a bank will be negotiating documents under LC than arrangement is made to
reimburse the negotiating bank for the amount is to be paid under from some
other bank with home the issuing bank maintains his account. The letter bank is
known as reimbursing bank .IFIC Bank ltd. Uttara Branch dales with following
functions of foreign exchange department.
1. Import Activities
2. Export activities
3. Foreign Remittance
Import- Import is foreign goods services purchase by consumers, firms & Governments
in Bangladesh.
Import procedure:
Bank Account
45

Import Registration Certificate
Tax Paying identification number
Performa Invoice Indent
Membership Certificate
LC application from
On set of IMP from
Insurance cover note with money receipt
Fig: 1 Import Procedure
46

Import Registration Certificate
Purchase Contract with foreign Supplier
Letter of credit authorization (LCA) form
Opening letter of credit by the importers bank
Dispatch of letter of credit to the beneficiary by issuing banks correspondent
Receipt of import documents from negotiating bank
Scrutiny of import documents

Are the documents discrepant
Lodgment of import bills
Request the opener to take delivery of
import documents for release of
goods.
Have they responded?
Whether they want post

import finance
Retire the import bill and documents
to the opener
Instruct reimbursing bank not to

honor claim
Inform negotiating bank about
discrepancies
Inform negotiating bank about discrepancies
Do they accept documents with discrepancies
Do they accept
document
Send back the
documents
Deliver the documents to the

importer
Collect proceeds for
importers
Retire the bill through collection of forced and & clear the goods through C & F agent and store the
same under effective control relevant expenses in collection with clearing of goods.
If you agree recover further margin from the opener & retire the documents by creating of lim & clear the goods through
c& f store the same under banks effective control relevant expenses of clearing of goods.
47

Main functions:
The following thing things are done in import activities:
Total supervision of import department
Payment of back to Back overdue bill
Correspondence
Regarding, backing to backing L/C and cash
Maintenance of Due Date Dairy
Maintenance & record of related L/C Document
Audit Companies
Batch checking
L/C opening/ Arrangement
Balancing of L/C Contingent liability
Follow up of sub-Judaic bills and maintaining liaison with head office and foreign
correspondent.
Supervisions of checking, lodgment and retirement of import documents under

Back
to Back L/C
Issuing of Certificate and attestation of papers/ documents under Back to Back

L/C
Checking , lodgment, retirement of import documents under Back to back L/C
Issuance of shipping guarantee Back to Back L/C
IMP from fill-up ( Cash L/C)
Inform negotiating bank about maturity date of Back to Back L/C
Quarterly statement for bonded warehouse
Balancing of accepted liability.
Statement of outstanding accepted import bills under Back to Back L/C.
48

Opening an d amendment of cash /inland l/c
Maintenance and record of pass book and IRC.
Checking of cash Documents
Preparation of monthly foreign exchange business position.
Back to back L/C

Back to Back letter of credit may be fined as credit which is opened at instruction and
request of the beneficiary of the original export L/C on the basis of strength of the L/C.
Ready made garment industries and specialized textile units are allowed the facility of
importing fabrics and other materials needed for manufacture or garments / specialized
textiles against Back to Back L/C arrangement. Back to Back L/C is two types
Foreign back to Back Letter of Credit
Inland Back to back letter of credit
Procedure fore opening Back to Back L/C
The following papers / documents are required to be submitted by the exporter to the for
opening foreign Back to Back L/C.
L/C authorization
Indent pro forma invoice
Imp-form
Along with the above papers/ documents, original export L/C is to be submitted by the
exporter. On receipt of these documents the bank scrutinizes the terms and conditions of
the export L/C. after getting approval from head office through credit section, the
particulars of the L/C are entered in the L/C opening register.
49

EXPORT
Export and services sold by Bangladesh to households.
The export trade of the country is regulated by the import and export control act, 1950.
There are a number of formalities, which an exporter has to fulfill before after the
shipment of the goods. The exports from Bangladesh are subject to export trade control
exercised by the ministry of Commerce through Chief Controller of Imports and Exports
(CCI).
No Exporter is allowed to export any commodity permissible for export from Bangladesh
unless he registered with CCI.
Main Functions
The following things done in this department:
Security of Export Shipping Document
Follow-up for realization of export Proceeds
All correspondence relating to export department
Compliance of audit and inspection advising of export L/Cs to the beneficiary
Authentication of L/C and amendments from other correspondent Bank
Transfer of export L/C to the second Beneficiary & issuance of notice of transfer
to L?C issuing Bank.
Recording of export L/C particulars in export L/C Transfer Register
Realization of transfer changes
Issuance of precedes realization Certificates
Certificate of EXP forms
Posting of Tickets
Lodgment of export bills (FBP, FDBC, IBP & IBC)
Negotiation of Inland Bills
50

Maintenance of all records related to FBP, FDBC and Inland Bills

Balancing of FBP, FDBC, and IPB and A/R export A/Cs
Preparation of statement and all returns to Bangladesh Bank and Head Office
(weekly, monthly, and quarterly).
51

2.13 Foreign Remittance Department:

Understanding;
IFIC Bank Ltd. Uttara Branch is an authorized dealer of foreign exchange. There are
dealing in foreign exchange department involved buying and selling of foreign exchange
covering inward remittances received from abroad and outward remittances sent abroad.
Main functions
The following things are done this Department overall supervision of foreign
Remittance Dept:
Correspondence to Nostro Account
Foreign TT payment & purchase of F. drafts, Chouse & preparation of F.B.P.
Checking of all batches.
Assist in preparation of IBC/ IBDA etc.
Trading Blotter.
Compliance of Audit & Inspection
Issuance of outward TT & FDD.
Issuance of PRC
Statement of all related works regarding deposit of Bangladesh Bank.
Foreign collection, Bangladesh Bank clearing Cheque Collection, which comes
from all broach of ABBL
Withdrawal from F.C. A/C
Encasement of TC s and Cash Dollar and sterling Pound.
52

Deduction of Tax and VAT.
Preparation of related statements including convertible TK. Account.
Preparation of IBCA & IBDA and Balancing of collection and other special
assignment as desired by Department in charge.
Issuance of TC & cash Dollar correspondence with different Bank institution
related to TC/ Dollar.
Student Cash handling & preparation of related statements ( Head office &
Bangladesh Bank).
Balancing of account statements.
Batch posting and all related statements.
Foreign Demand Draft (FDD)
Foreign Demand Draft is popularly used for educational purpose in our country. It is used
for other Commercial purposes also.
Issue of FDD
The relevant papers, which establish the issuing bank requires the purpose of issuing
FDD. The procedure concerning issue of FDD is same as issue of travelers cheque
expect that the customer is not required to submit his/ her passport.
Payment of FDD
After receiving the FDD for payment there are few stapes, which are to be followed:
1. At first the FDD is to be crossed.
2. Serial number is given
3. Forwarding letter to the Bank has agreement.
4. Party is given the cash or his/her account is credited.
Endorsement of cash
53

Cash foreign currency can also be remitted through endorsement in the passport. In
case of endorsing cash on passport the requirements are same as in case of issue of
travelers cheque.
The Q-cash card network offers all banking requirements without ever setting foot in
bank! It's more than just an ATM service for quick cash withdrawals or account enquiries.
With the unique Point of Sale (POS) terminals, situated in shops, restaurants and other
service centers around the city, you can use your Q-cash card to pay for goods and
services
by
debiting
or
by
credit
your
account
directly.
Q-cash Q- cash card provides round the clock banking. ATMs operate 24 hours to offer:
Cash Withdrawals
Balance Enquiry
Mini Statement
Cheque Book Request
PIN Change
Utility Bills Payment
54

POS terminals operate throughout the day and beyond banking hours to offer:
Debit Transactions
Credit Transactions
Account Information
Online and Offline
How to apply for Q-cash
1. Any person having an account with the respective branch of our bank is eligible
for IFIC Q-cash Card with our prescribed form. The reason behind is the IFIC Qcash Cardholder will have a separate ATM Card Account (centralized), which will
link with normal Bank Account (distributed) e.g. SB, CD, STD etc. of that
cardholder.
If a cardholder of our bank applies for supplementary card (i.e. for his/her wife/husband
or children) then the principal cardholder of our bank must give written permission for
debit/credit authority to our Bank on his/her bank account. This feature is available in our
IFIC Q-cash Card Application Form.
CREDIT FACILITY
A cardholder can apply for credit facility for IFIC Q-cash Card account. For availing any
credit limit, sanction from Credit Division, Head Office will be necessary. This facility
will be implemented very soon.
55

CARD FEES/CHARGES AND RESTRICTIONS ON CASH WITHDRAWAL

The following fees/charges will be realized from the IFIC Q-cash Card customer.
Card Fees:
Card Issuing fee = Tk. 750/-
Card renewal fee = Tk. 750/-
Lost card reissue fee = Tk. 500/-
Restrictions on Cash Withdrawal:
In a single transaction maximum cash withdrawal = Tk. 5,000/-
Maximum cash withdrawal in four transactions on the same day = Tk. 20,000/-
How to fill up the application form:

Brief descriptions of related sections are given below:
Part
A:
General
Information
This part has four sections, which are mentioned below.
56

1. Personal Particulars - This section contains name, date of birth, address,
father's name etc. of a cardholder.
2. Occupation Particulars - This section contains employer name,

designation etc. of a cardholder.
3. Bank Reference - Information related to bank reference of a cardholder is
required. All possible charges, fees and interests related to card would be
through the general bank account (e.g. SB/CD/ CC etc.) of a cardholder.
4. Debit Authority - A cardholder must sign on this section to give us the
written debit authority to adjust different kinds of charges, fees and
interests through using of IFIC Q-Cash card. This section is also required
for issuing supplementary card i.e. if a principal cardholder requests for
issuing card for his/her spouse/children (who dose not have any account
with our bank) then the principal cardholder must give us written debit
authority in the application form of his/her spouse/children to adjust
different kinds of charges, fees and interests through using of
supplementary IFIC Q-Cash card.
Part
B:
Over
Draft
Limit
(Credit)
Facility
this part contains information related to Financial Status & Payment Instruction of
an applicant for issuing IFIC Q-Cash Card with credit facility (SOD/OD).
Part C: Terms & Conditions
57

The applicant must read all the terms and conditions printed overleaf of the
application form before signing.
2.14 Administrative and Establishment Department

This department is responsible for the control of overall administrative aspects of the
organization like company matters, personnel matters, services, stationary,
transportation matters, training etc. it is also responsible for arranging the meetings
and about the communication matters with head office and other branches.
58

59

Table# 1
About account at IFIC Bank Ltd.
Parameter
Yes
No
Not Response
Total
Frequency
280
60
44
384
Percentage
73
16
11
100%
Graphical Representation
About Account at IFIC Bank Ltd
Interpretation
60

It has been revealed from the above- mentioned findings on the question of, do you have
any account at IFIC Bank Limited? 73% respondents have the account at IFIC Bank Ltd
and only 16% respondents have no account, but they come to this Bank for other purpose.
On the other hand11% Respondent were not responses of this finding.
Table#2
Come to know about IFIC Bank Limited by-
Valid
Newspaper
Staff of the Bank
Relatives
Other Banks
Publicity
Others
Total
Frequency
92
60
78
29
52
Percent
26
18
23
9
15
29
340
9
88.5
Interpretation
61

26% respondents told that they come to know about IFIC Bank Ltd by Newspaper, 23%
respondents know by relatives, 185 respondents told that they come to know about of
IFIC Banks by the staff of this bank. Others 15% know by publicity, and 9% and 9%
know about this bank others banks and others informations.
Table#3
Reason behind choosing IFIC bank ltd
Parameter
Old Bank
Good facility
Batter service
Nice environment
Known personnel
Reputation
Special Service
Total
Frequency
70
60
50
50
40
40
30
340
Percentage
20
17
15
15
12
12
9
100%
Reason behind choosing IFIC Bank
Limited
0%
0%
12%
9%
20%
12%
17%
15%
15%
Old bank
Good facility
Batter service
Nice environment
Known personnel
Reputation
Special service
Interpretation
205% respondent chooses this Bank because of old private commercial bank in
Bangladesh. 205% chooses for good facility.15% respondent thought that IFIC bank
62

provide batter services that is why they chooses this Bank. 15% for nice environment,
and 12% for known personnel, 12% for reputation, and 9% fore special Service of IFIC
Bank ltd.
Table# 4
Types of financial facility currently use of the customers
at IFIC bank Ltd.
Parameter
Savings A/C
Current deposit
Fixed deposit
CC A/C
Total
Frequency
200
50
50
40
340
Percentage
58
15
15
12
100%
Interpretation:
58% respondents has Savings A/C
15% respondents has Current A/C
63

15% respondents has Fixed Deposit A/C and
12% respondent has CC A/C at IFIC banks ltd.
Table#5
Time of involvement with IFIC Bank Ltd of the respondents
Parameter
1 to 5 years
6 to 10 years
11 to 15 years
16 to 20 years
Others
Total
Frequency
100
100
80
50
10
340
Percentage
29
29
24
15
3
100
Interpretation
On the question of, how long have you been involved with IFIC Bank Ltd? 29%
respondents involve with 1-5 years and 6-10 years with this bank for their different A/C
purpose. 24% respondents involved with11 to 15 years and 15% respondents are 16 to 20
years.
64

Table#6
Comment on the degree of interest rate of IFIC Bank Ltd.
Parameter
Good
Moderately Good
Similar to other PCBs
Poor
Total
Frequency
60
80
110
90
340
Percentage
18
24
32
26
100%
Comment on the degree of interest rate of IFIC Bank Ltd.
Interpretation
Most of the respondents, e.g. (32% respondent) said that interest provide by IFCI Bank
Ltd on deferent account is similar to other PCBs. 24% respondents responses that their
interest rate is moderately good. 26% respondent mentioned that IFIC Banks interest is
poor, only 18% respondent told their interest rate good.
Table# 7
65

Opinion about financial Schemes
Parameter
Yes
No
Total
Frequency
190
150
340
Percentage
56
44
100%
Opinion about financial Schemes
Interpretation
From the above findings 44% respondents told that they are not satisfies on financial
scheme. 56% respondents are completely satisfies on financial schemes of IFIC bank Ltd.
Table# 8
Customers loan at IFIC Bank Ltd.
66
Parameter
Yes
No
Not response
Frequency
40
200
100

Percentage
12
29
59
100
Customers loan at IFIC Bank Ltd.
Interpretation
From the findings 59% respondent have no loan at IFIC bank Ltd. 0nly 12% respondents
told that they have loan at this Bank. On the other hand 29 % respondents were not
responded this types of question.
Table# 9
Comment on profit rate of financing
Parameter
Similar
to
other
Frequency
100
Percentage
29
67

PCBs
Less
than
other
170
50
PCBs
High interest rate
30
Dont know
40
Total
340
9
12
100%
9.
IFIC Bank's profit rate of financing is-
12%
0%
Similar to other
PCBs
29%
9%
Less than other

PCBs
High interest rate
Dont know
50%
Interpretation:
29% told that profit rate on financing is similar to other Private Commercial Bank ltd.
50% respondents mentioned that profit rate is less than others PCBs. Other few of them
told profit rate is higher and others dont know.
Table# 10
Bank is responsible for deposit withdrawal in time
Parameter
Yes
No
Frequency
300
40
Percentage
88
12
68
Total
340

100
Bank is responsible for deposit withdrawal in time
Interpretation
It has been revealed from the above- Mentioned finding that the most of the respondents,
that is 88% identifies bank is responsible for deposit withdrawal in time. Because of
infrastructure problem. Only 12% respondent said that, Bank is not responsible deposit
withdrawal in tome.
Table# 11
Comment on different commission and charge of IFIC Bank Ltd.
Parameter
frequency
Less than other PCBs
Higher than other
Percentage
76
12
3
69

PCBs
Dont know
Total
340
9
100%
Comment on different commission and charge of IFIC Bank Ltd.
Interpretation
Most of the respondent told that IFIC banks commission and charge is less than other
Banks. 125% respondent told that its commissions and charges are similar to other Bnks.
Table# 12
Respondents are using financial facilities from other PCBs
Parameter
Yes
No
Total
Frequency
Percentage
Respondent are using financial facilities from other PCBs
70

Interpretation:
74% respondents are not getting any other financial facilities from other banks. 26%
respondents have an account to others Private Commercial Banks.
Table# 13
Comment on competitive return on investment
Parameter
Better return
Equal to other PCBs
Total
frequency
50
100
190
340
Percentage
15
29
56
100%
71

Comment on competitive return on investment
Interpretation
It has bee revealed from the above Mentioned findings 55 percent respondent responses
that, IFIC banks return on investment is less then others PCBs, 29% told return is equal
to others and 15% respondents told this Bank provide batter return on their investment.
Table# 14
Opinion about receive account statement on time
Parameter
Yes
No
Total
frequency
290
50
340
Percentage
85
15
100%
72

Interpretation
It has been revealed from the above- mentioned findings that 85% respondents are getting
their account statement on time and 15% told that they are not getting their account
statement with in the particular time frame.
Table # 15
Comment on front line officers should more prompt than other officers
Parameter
Yes
No
Total
frequency
290
50
340
percentage
85
15
100%
73

Interpretation
85% respondent think front line officers should more prompt than other officers because
they are providing main services to their clients/customers.15% respondents mentioned
that front line officers are prompt to provide their services. So they need not to make
more prompt.
Table#16
Customers opinion on the responsibility of IFIC Banks staffs
Parameter
Moderately
Responsible
No
Yes
Total
Frequency
140
130
40
340
percentage
41
38
21
100%
.
Customers opinion on the responsibility of IFIC Banks staffs
74

Interpretation
41% respondents think that staffs are moderately responsible to provide different services
of IFIC Bank Limited. On the other hand 38% respondent told that they are not as
responsible as they should be. 21% respondent told that staffs are responsible to provide
different services.
Table# 17
Customers opinion on time frame to provide competitive service
Parameter
Moderately
Frequency
160
Percentage
47
Responsible
Yes
No
Total
100
80
340
29
24
100%
Customers opinion on time frame to provide competitive service
75

Interpretation
47% respondent responses that staffs are moderately responsible to provide competitive
services within the time frame of IFIC bank Ltd. 29% said they are responsible and
24%said that staffs are not enough responsible to serve the customers needs within the
particular time.
Table# 18
Different types of Problem customers are facing
Parameter
TMT service
Online banking
Account opening
TT service
Total
Frequency
100
120
80
40
340
Percentage
29
35
24
12
100%
Different types of Problem customers are facing
76

Interpretation
From the findings of respondents information, 29% are daily facing the problem on TMT
service. Because it consumes enormous number of time to provide this types of services.
On the other hand 35% respondent faced the problem on online Banking services. 24%
respondent told that they are facing different types of problem on opening an account.
12% respondent faced the problem on Telegraphic Transfer (TT).
C) Recommendations:
Regarding on Time frame of particular services:
As most of the respondents have identifies that, to provide a particular service is
consuming more time, which is not expected on modern Banking system. So I would like
to recommend that IFIC bank Ltd. should provide the efficient services for their
important customers.
Regarding on Staff efficiency
77

Staffs are the most important resourced for effective Banking activities. So they should
more and more prompt to provide qualitative services for their present and future
customers of their Banks.
Regarding on TMT
Customers are facing a problem on Travelex Money Transfer (TMT). They comment that
it consume more time to provide TMT payment. Because payment order is come from
head office of IFIC Bank ltd. they are delaying to provide the transfer information. Here
I would like to recommend that this type of service providers of head office should have
responsible enough to serve their customers. .
Regarding on online Banking Service
From the findings of this research understood that customers are facing on the service of
online banking. Most of the respondent told that all of the Branches have not online
banking system, so that they are facing problem. I would like to recommend that all of
the branches should have this type of facility to meet customers needs.
Regarding on Account opening procedure
On the basis of the customers comments and clarifications I would like to recommend
that, opening an account procedure make easier. Make different list of requirements so
that customer can understand procedure to open account. Few of them not understand of
English language, so Bangla option should includes with English.
Regarding on responsibility of Staff of IFIC Bank Ltd
I would like to recommend that staffs should responsible to provide batter services as
they should be.
Regarding on interest ate provided by IFIC Bank Ltd.
From the above findings I would like to recommend that interest rate should increase may
compare with other Private Commercial Bank Ltd
78

Regarding on improvement of infrastructure:
Most of the customers mentioned that improvements and modification of infrastructure is
needed. By this improvement of technology IFIC can give them batter service and overall
satisfaction.
D)
Conclusion
The Research study has been conducted on Exploring the Customer Attitude toward the
Service Provided by IFIC Bank Limited. From the above discussion of the study I would
like to conclude that IFIC Bank is first private commercial Bank in Bangladesh, that
provide number of services to their customers. Most of the individual customers attitude
is constructive toward the services of IFIC bank Limited. On the other hand most of the
customers are completely satisfied on the services of this Bank. Customers mention that
although interest rate of IFIC bank Limited is not higher than other banks but different
79

changes and commissions are less then others Banks. In respect of quick and efficient
Services from IFIC, client are not entirely dissatisfied, even through it was a reliable bank
to its most of the clients. In regard to competitive return on their investment, most of the
clients were, however, satisfied.
Questionnaire
Dear Respondent
I am Rizna Nahar Student of Master of Business Administration (MBA) Program at
IUBAT- International University of Business Agriculture and Technology. This
Questionnaire is designed for conducting a research on Exploring the Customer Attitude
toward the Service Provided By IFIC Bank Ltd as a partial requirement of my MBA
program. The findings will be keeping confidential and will be used exclusively for
academic purpose only. Your participation in this study will be highly appreciated.
80

.
Respondent Information:
Name:
Age:
Gender:
Occupation:
Instructions: please () the specific spaces.

1. Do you have any account at IFIC Bank Ltd.?
Yes
No
2. How did you come to know about IFIC Bank Ltd.?

Newspaper
Staff of the bank
Other bank
publicity
Relatives
others
3. Why the reason behind choosing the IFIC Bank?

Reputation
Better Service
Old bank
Good facility
Nice Environment
Known personnel
Special Service
4. What types of financial facility you are currently using?

Saving account
Current Deposit
Deposit
CC Account
5. How long have you been involved with IFIC Bank Ltd.?
1 to 5 years
5 to10 years
10 to 15 years
other
6. Please specify the degree of interest rate of IFIC Bank Ltd.

Good
Similar to other commercial Bank

81

Moderately good
poor
7. Do you think IFIC banks financial Schemes satisfy for you?

Yes
No
8. Do you have any types of loan at IFIC Bank?

Yes
No
9. IFIC Banks profit rate on financing isSimilar to other Bank PCBs
higher interest rate
dont know
10. Do you think IFIC Banks Deposit Schemes are satisfies you?
Yes
No
11. Do you think Deposit/ withdrawal time in the following bank is responsible?
Yes
No
12. IFIC Banks different commission charges are

Higher than other PCBs
Dont Know
13. Are you using financial facility from other PCBs?

Yes
No
14. Does IFIC Bank ltd. provides competitive return on your investment?
Better
Equal
Less
15. Do you receive your advices account statements in time?

Yes
No
82

16. Do you think that front line staff officer should be more prompt of IFIC Bank Ltd?
Yes
No
17. Do you think as responsible as they should be?

Yes
No
18. Do you think IFIC bank Ltd. Follow the time frame as they should be?
Yes
No
19. Do you face any other problem in term of the services you are getting from IFIC
Bank
Ltd.?
Please
mention
it
bellow-
20.
If
you
have
any
comment
please
mention
it
bellow
Signature of the Respondent

.
Bibliography
Kinner, Thomas C, and James R. Tailor. Marketing Research: An Applied Approach
5th ed. New Delhi: McGraw Hill, 2003.
Kotler, Philip. Marketing Management. 9th ed New Delhi: Prentice Hall, 1999.
Zikmund, Willam G. Business Research Method. 7th edition. McGraw Hill, 2003.
83

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Exploring the Customer Attitude toward

Service provided by IFIC Bank Ltd.

Exploring the Customer Attitude toward

1.2 Research Design

Exploring the Customer Attitude toward

1.5 Scope of the study:

Exploring the Customer Attitude toward

First Stage: Three branches were selected by random sampling procedure.

Exploring the Customer Attitude toward

Secondary Data: secondary data were collected from Bangladesh Institute of

1.9 Data Processing and Analysis:

Since information is not contained in a complied from it was difficult to collect

Exploring the Customer Attitude toward

2.1 Composition of ownership

Exploring the Customer Attitude toward

Nepal Bangladesh Bank Ltd. (NB Bank)

Exploring the Customer Attitude toward

Oman International Exchange LLC (OIE)

Exploring the Customer Attitude toward

2.3 Correspondent Banks

Bank N.A., NewCHAS US 33

Exploring the Customer Attitude toward

ICICI Bank Ltd.,

ICICINBBCTS ACU DOLLAR

Exploring the Customer Attitude toward

2.4 District wise Branch Distribution

Exploring the Customer Attitude toward

2.5 Different Branches of IFIC Bank Ltd.

IFIC Bank Limited Agrabad Branch

Exploring the Customer Attitude toward

IFIC Bank Limited Bajitpur Branch

IFIC Bank Limited Banashwar Branch

IFIC Bank Limited Bangshal Branch

IFIC Bank Limited Beanibazar Branch

IFIC Bank Limited Benapole Branch

IFIC Bank Limited Bogra Branch

IFIC Bank Limited Brahmanbaria Branch

IFIC Bank Limited Borobazar Branch

IFIC Bank Limited Chapai NwabGoang Branch

IFIC Bank Limited Chawk Bazar Branch

IFIC Bank Limited Chowmouhani, Noakhali Branch

IFIC Bank Limited Comilla Branch

IFIC Bank Limited Coxs Bazar Branch

IFIC Bank Limited Companigong Branch

IFIC Bank Limited Dhanmondi Branch

IFIC Bank Limited Dinajpur Branch

IFIC Bank Limited Elephent Road

Exploring the Customer Attitude toward

IFIC Bank Limited Faridpur

IFIC Bank Limited Feni

IFIC Bank Limited Ghorashal

IFIC Bank Limited Head office

IFIC Bank Limited Islampur

IFIC Bank Limited Jessor

IFIC Bank Limited Kawren Bazar

IFIC Bank Limited Khatun Gonj

IFIC Bank Limited Khulna

IFIC Bank Limited Koabari Branch

IFIC Bank Limited Kustia Branch

IFIC Bank Limited Mudahabdi Branch

IFIC Bank Limited Malibagh Branch

IFIC Bank Limited Motijhul Branch