Business
Saving vs. Investing Money: Know the Pros and Cons
Saving and investing money both make up a huge part of financial planning. Both strategies offer resolute financial security for the future. Yet there are some major differences between the two. While savings offers a safe enclosure for immediate monetary needs, investment is a process of increasing the existing wealth. Therefore what are the pros and cons of savings and investment? And which one should you choose? Let's find out.
What is Saving?
Savings is typically the act of storing away the money. It offers a safety net for sudden or immediate needs. Banks offer long term fixed deposits and short-term savings account as per the need of the client. Depending on your need, you can start saving on a long-term and/or short-term basis.
READ: Best Sites to Sell Used Electronics in Bangladesh
From another perspective, savings are associated with low risk and low return. The cash is readily available at hand but the growth opportunity is very low.
Pros of Savings
Access and Availability
Nowadays, it is quite easy to open a savings account. You have 24/7 access to your deposited money through ATM or debit card. In addition to that, you can also transfer funds from one account to another instantly.
Security
In Bangladesh, the savings accounts can be opened in Bangladesh Bank authorized banks only. As per the regulation of the constitution, Bangladesh Bank acts as the superintendent of all the existing government and private banks of the country. Due to high regulatory monitoring, your money is safe and secured beyond any reasonable doubt.
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Accrue Interest
A savings account accrues interest over your deposited money. The interest rate differs from bank to bank and it also depends on the amount of money deposited. There is also the factor of the type of deposition. For example, a fixed deposit will accrue more interest compared to a current savings account. However, the rate, in general, is quite low so you shouldn’t be expecting much to be added to your savings.
No lock-in period
Unless you are opting for the fixed deposit scheme, there is no lock-in period with your account. That is you can switch your account status as well as the minimum amount any time you want. This allows an added flexibility which can be useful in the long run.
Read Earn Money Online: Best ways for Students to generate income during pandemic
Cons of Savings
Inflation
The economy is susceptible to inflation. The worth of money 10 years ago grossly differs from the worth it has today. So if your bank is not providing you with a competitive interest rate, the savings might be subjected to inflation. That is to say, the worth of your deposit right now might be less in a year.
Minimum balance requirement
Most banks have a provision for minimum balance requirements. You need to maintain a threshold amount all year round. This can be problematic if you are saving a little. However, the threshold amount is very low in the case of current savings. But it can go up if you opt for a fixed deposit scheme.
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bKash launches 4 new customer care centres in industrial belt
bKash has launched four new customer care centres in the country's labour-intensive areas – Gazipur, Savar and Kalurghat of Chattogram.
With these four, bKash is now providing service to its customers from 279 customer care centres, and through hotline number 16247, live chat, support mail, Facebook and other channels.
New customer care centres at Bagher Bazar and Kashimpur of Gazipur, Hemayetpur of Savar and Kalurghat of Chattogram will make bKash services easier for the customers of these worker-intensive areas – namely, the workers who get salaries through bKash will be benefited.
Also read: Customers can now buy sacrificial animals online through bKash
Users can easily find nearby customer care centres spread across all 64 districts from "bKash Map" in the app anytime.
Usually, customers can get service at the centres from 9am to 7pm. But during this pandemic, the centres are open seven days a week, excluding public holidays, from 9am to 4pm.
However, few centres have slightly different schedules depending on the specific area.
Also read: Online shopping: Up to 25% cashback on bKash payment
IBBL Rangpur holds business development conference
Islami Bank Bangladesh Limited (IBBL) Rangpur Zone recently organised a business development conference on a virtual platform.
Mohammed Monirul Moula, managing director and CEO of the bank, addressed the programme as chief guest and Muhammad Qaisar Ali, additional managing director of the bank, as special guest.
Read: IBBL Dhaka zone holds online conference
IBBL Deputy Managing Director JQM Habibullah; senior executive vice-presidents Md Altaf Hossain, Abul Faiz Muhammad Kamaluddin, and Abu Naser Mohammed Nazmul Bari spoke at the event.
Miftah Uddin, executive vice-president, and Khaled Mahmud Raihan, senior vice-president of the bank, addressed the conference, too.
Read: IBBL Corporate Branches hold Business Conference
Also, branch heads and officials of Rangpur Zone attended the programme, read a press release.
Walton brings 27 new fridges ahead of Eid
Walton has brought 27 new models of fridges and over 50 with updated features ahead of Eid-ul-Azha.
These new models have some unique features like longer enduring cooling system, rat preventive compressor back cover, low noise level, anti-fungal door gasket, supercooling, intelligent control system (ICS), intelligent inverter technology (IIT) and IoT, Walton Refrigerator Chief of Business Anisur Rahman Mallick said.
Read: Walton brings new smart fridge with IoT, AI functionalities
Under its ongoing nationwide "Digital Campaign Season 11," Walton's refrigerator department announced the "Eid Mega Festival" offer.
The company is running Digital Campaign Season 11 across the country to bring after-sales service under online automation.
Read: Tk 10,000 off on Walton smart fridge pre-book at DITF
For online orders, customers are enjoying cash on delivery and free home delivery service.
Also, Walton has launched a fridge exchange offer. Under the offer, customers can buy any model of Walton freezers at discounted prices in exchange for any brand's old active and non-performing fridges, read a press release.
Read Demands of Walton freezer go up for optimized insulation thickness
IBBL Dhaka Central holds business development conference
Islami Bank Bangladesh Limited (IBBL) Dhaka Central Zone organised a business development conference on 13 July on a virtual platform.
Mohammed Monirul Moula, managing director and CEO of the bank, addressed the programme as chief guest and Muhammad Qaisar Ali, additional managing director of the bank, as special guest.
Read: IBBL Dhaka zone holds online conference
IBBL Deputy Managing Director JQM Habibullah; senior executive vice-presidents Md Altaf Hossain, Abul Faiz Muhammad Kamaluddin, and Abu Naser Mohammed Nazmul Bari spoke at the event.
Read: IBBL Corporate Branches hold Business Conference
Miftah Uddin, executive vice-president, and Khaled Mahmud Raihan, senior vice-president of the bank, addressed the conference, too.
Also, branch heads and officials of Dhaka Central Zone attended the programme, read a press release.
US-Bangla Airlines enters 8th year
Private carrier US-Bangla Airlines Saturday entered the eighth year of providing services on domestic and international routes.
US-Bangla Airlines started its journey in the aviation industry of Bangladesh on July 17, 2014, by operating flights on Dhaka-Jashore with two Dash8-Q400 aircraft and soon started running flights to all operational airports within Bangladesh.
The airline now runs flights from Dhaka to Chattogram, Cox's Bazar, Sylhet, Jashore, Syedpur, Barishal, and Rajshahi.
US-Bangla started its journey on the international route on May 15, 2016, two years after the launch of the Dhaka-Kathmandu route. It now operates international flights from Dhaka to Kolkata, Chennai, Muscat, Doha, Dubai, Kuala Lumpur, Singapore, Bangkok and Guangzhou.
The airline plans to operate flights to more international destinations, including Abu Dhabi, Jeddah, Riyadh, Dammam, Colombo, Male and Delhi soon.
US-Bangla owns 14 aircraft, including four 164-seat Boeing 737-800s, 72-seat ATR 72-600s and three 76-seat Dash 8-Q400.
The private carrier now has about 1,500 employees at home and abroad.
Also, US-Bangla is providing several special services such as luggage delivery within 15 minutes of the landing of international flights, a 20% discount for senior citizens, a 10% discount for military officers and golfers.
The airline not only transports passengers but also cargo to various domestic and international destinations.
"In today's world, there is no substitute for brand new aircraft to provide proper service. US-Bangla is constantly adding new aircraft to its fleet to ensure comfortable service for passengers," US-Bangla Managing Director Mohammed Abdullah Al-Mamun said on the occasion of the airline's 7th anniversary."
Earn Money Online: Best ways for Students to generate income during pandemic
There are several ways to make money online in this era of technology and high-speed internet. Technology has opened unlimited new doors with new opportunities. The speedy internet connections give us the freedom to work from anywhere. There is no hard and fast time commitment with online works. This makes it a perfect choice for students looking to make some extra cash. So how can you earn money online as a student? Let’s find out.
Effective Ways to Make Money while Studying
Freelance Writing
Freelance writing can be a great way to start earning online. You don’t need to have any specialized skills to get started. All you will need is a computer, an internet connection and a knack for writing. However, you should be open to new ideas and grow your skills with each work. If you think you have these abilities, you are good to go.
Nowadays, there is a growing demand for English contents in diverse platforms like websites, blogs and digital marketing. You can find a lot of content writing jobs on freelance sites as well as LinkedIn. As a freelance writer, you may find online jobs regarding blog posts, articles, copywriting, product reviews, etc.
Read Free Online Content Writing Courses in 2021
Data Entry
Data entry jobs are also a common source of online income. Freelance writing requires a good proficiency over language. But with data entry, all you’ll need is fast hands to input data accordingly. The working range varies from client to client. But typically, you can expect to work with data from various industries.
Usually, data entry jobs are paid by the hour. This is a popular online income method as it doesn't require virtually any skill. You can find data entry jobs on sites like UpWork, smart crowd, people per hour, sigtrack, etc.
Read Top 10 Free Online Video Editing Courses
Virtual Assistant
Virtual assistance is another high-paying online job. Some bosses don’t require a full-time assistant. Instad, they need to delegate certain tasks as per their needs. A virtual assistant is a handy solution for such tasks. You can expect to write memos, web management, social media management, and data entry as part of your responsibilities. Generally, the payment is counted by the hour. However, you can find contract-based ones as well. These jobs are available on all the leading freelance sites.
Read Top 10 Free Online Digital Marketing Courses in 2021
Translation Jobs
There is a huge demand for translation jobs in Bangladesh. Many foreign NGOs require translation services as part of their work in the country. Most of these jobs get delegated online. You need to have a good command of both Bangla and English to get these jobs.
If you have proficiency in other foreign languages like Chinese, German, French etc, you can look for relevant translating jobs. In translation jobs, the payment is provided by word count. You can find a long-term contractual position as well.
Read How to Get Hired for Online Writing Jobs
Blogging
If you want to be your own boss then blogging can be a good option for you. Instead of writing content for others’ websites, you can kickstart your blog and write about things that you enjoy. However, you’ll have to be consistent with your content output. The more content you have on your blog, the more it’ll rank better. Blogging is considered a passive income source. But if you are persistent enough, it can be a good main source too.
Read What Is Passive Income? Pros and Cons of Passive Earning
Online Surveys
There are a lot of academic researches being conducted in Bangladesh. These researches require authentic data from the locals. As a Bangladeshi, you can easily sign up for these surveys and earn money just by filling out a few forms. These surveys don’t require personal information details so there is no security issue. Typically, you’ll get paid per survey. You can complete as many as you want given that you qualify as a candidate.
Read Want to start freelancing from Bangladesh? These are the best platforms for you
Web Testing
Have you ever heard of UI/UX design? If you have, you know that web developers need to mass test these designs before they can be opened to the public. This is where you come in as a web tester. Some of the web testing jobs will require advanced knowledge of website build.
However, most of them don’t require any form of technical skills. You can expect to earn between 10 to 20 dollars per test. The rate depends on the length and complexity. You can find testing jobs in Userlytics and UserTesting.
Read Passive Income Ideas in Bangladesh in 2021
Virtual Teaching
The pandemic has reshaped the education sector of Bangladesh. There has been mass adoption of the online learning system. In addition to that, several platforms offer virtual learning and mentorship. If you have proficiency in a branch of knowledge – like English Grammar, Programming, Math, or Science – utilize your talent to make money. You can easily sign up on one of the Virtual Tutoring platforms to earn money online.
Traditionally, tuition is a popular and respected source of earning for students in Bangladesh. Virtual teaching opportunities are quite similar to the offline tuitions. The only difference is you have to interact with the students through an online platform. For tutoring online, all you need is a standard Smartphone or computer with a high-speed internet connection.
Read Quarantine Income Opportunities: How to Earn Money during Lockdown Period?
Dropshipping
The idea of F-commerce has gained popularity in Bangladesh. The e-commerce scene in Bangladesh is growing rapidly and you can be a part of it. Dropshipping was first popularized in the US through platforms like eBay and Amazon. Here you will source local products and sell them online. You can sell the products on a pre-order or limited-time basis. You won't have to invest much to get started but there is a high return prospect. If you have a knack for doing business, this can be your stepping stone.
Read Where to Find Online Courses during Coronavirus Home Quarantine
Graphic Design
Graphic designing is another potential source of earning for students. The skills related to Graphics design include logo design, PSD to html conversion, Visiting card design, print layout preparation, packaging design, etc. You can find relevant jobs in the freelancing marketplaces as well as social networking platforms. Usually, the Graphic designers are paid on project basis or hourly basis. You can learn graphic design through online courses.
Read Free Online Graphic Design Courses to Enhance Your Skill during Quarantine
Web designing
Web designing can be a great earning source for students. The payout from web designing is much higher compared to translation and writing jobs. And to add to that, there is also less competition. However, you need to have proficiency in web designing.
Web designing isn’t tough and you can get the hang of things easily. If you are interested in earning through web designing, you can sign up for a local or online course. With proper training and practice, you can easily earn hundreds of dollars through freelancing.
Read Free Online Basic Programming Courses for Beginners
Final Thoughts
There are a lot of opportunities for the students to make money online. However, most of them require proficiency and skills. If you can develop these skills, online freelancing jobs can be a stable side income source for you. You can check out these ways and find the one that best suits your skillset.
Read The Impact of COVID-19 Pandemic in the Freelancing Industry: Can You Sustain?
IBBL Bogura zone organizes Business Development Conference
Bogura Zone of Islami Bank Bangladesh Limited (IBBL) organized a virtual Business Development Conference on Thursday.
Mohammed Monirul Moula, Managing Director and CEO of the bank addressed the program as chief guest while, Muhammad Qaisar Ali, Additional Managing Director of the bank addressed the conference as special guest.
Also read: IBBL Dhaka North Zone holds business development conference
J.Q.M. Habibullah, FCS, Deputy Managing Director, Md. Altaf Hossain, Abul Faiz Muhammad Kamaluddin & Abu Naser Mohammed Nazmul Bari, Senior Executive Vice Presidents, Miftah Uddin, Executive Vice President and Khaled Mahmud Raihan, Senior Vice President of the bank also addressed the conference.
Also read: IBBL Sylhet Zone holds webinar on Shariah compliance
The meeting attended by the head of branches and officials under Bogura Zone was presided over by Md. Abdus Sobhan, head of Bogura Zone.
IBBL Corporate Branches hold Business Conference
Corporate Branches of Islami Bank Bangladesh Limited organized Business Development Conference on July 12 at virtual platform.
Mohammed Monirul Moula, Managing Director and CEO of the bank addressed the program as chief guest and Muhammad Qaisar Ali, Additional Managing Director of the bank, as a special guest.
Also read: IBBL Dhaka North Zone holds business development conference
J.Q.M. Habibullah, FCS, Deputy Managing Director, Md. Altaf Hossain, Abul Faiz Muhammad Kamaluddin, Abu Naser Mohammed Nazmul Bari and Md. Nayer Azam, Senior Executive Vice Presidents and Miftah Uddin, Executive Vice President and Khaled Mahmud Raihan FCCA, Senior Vice President of the bank addressed the conference.
Also read: IBBL Sylhet Zone holds webinar on Shariah compliance
Head of 8 Corporate Branches along with Manager Operations, Head of Departments and Sub-branch in-charges attended the conference.
CDC announces $30 mn trade finance loan to City Bank in Bangladesh
CDC Group, the UK’s development finance institution and impact investor, on Wednesday announced the close of a $30 trade finance loan to City Bank, one of Bangladesh’s top performing private banks.
The loan facility will provide systemic liquidity that will support continued import and export activities and help bolster the country’s economic growth.
CDC’s investment will enable City Bank to extend foreign currency trade credit to local banks as well as local importing and exporting businesses, and is expected to generate up to US$100 million of additional trade every year.
Read IBBL Corporate Branches hold Business Conference
Robert Chatterton Dickson, British High Commissioner to Bangladesh, welcomed CDC’s first ever direct trade finance loan to a bank in Bangladesh.
He said: “This transaction is a significant step forward in the UK-Bangladesh economic partnership, further broadening our offer of financing instruments beyond grant finance.”
The High Commissioner said CDC’s growing presence in Bangladesh will offer an additional source of financing to the private sector, bolstering economic growth and the shared prosperity of both the UK and Bangladesh.
Also read: City Bank partners with Microsoft to enable its employees to work from home
Rehan Rashid, Country Director for Bangladesh, CDC Group, said this loan to City Bank, which marks CDC’s first direct trade finance loan to a local issuing bank, will further enhance the supply of trade finance in the region.
"We are thrilled that this commitment will support Bangladesh’s banking sector and enhance our ability to bring deeper impact to local and regional value chains. CDC is committed to offering patient and stable trade finance funding that will facilitate continued supply of goods and services – helping Bangladeshi businesses grow and remain resilient throughout and beyond the Covid-19 pandemic.”
Sheikh Mohammad Maroof, Additional Managing Director at City Bank, said this loan from CDC will help facilitate trade finance through UPAS LCs which in turn, will enable corporates and SMEs to optimize working capital management at competitive rates during such unprecedented times.
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"City Bank will assist Bangladeshi businesses in meeting exporters’ requirements of payment at sight and, clients’ needs for timely goods receipt while enhancing overall competitiveness in international commercial activities. We are very excited for this new beginning and look forward to a stronger relationship with CDC in near future.”
CDC is the UK Government’s bilateral development finance institution.
CDC’s investment in the UK is on top of the UK Government’s support for economic development in Bangladesh through the UKAid, GuarantCo, UKEF and share in International Finance Institutions’ investments in Bangladesh.
The loan will strengthen City Bank’s ability to meet the needs of its over 17 million clients across retail and small and medium enterprises (SMEs), facilitating increased trade and supporting key sectors of Bangladesh’s economy such as the ready-made garment, manufacturing and food processing and production industries, said the CDC Group.
Also read: City Bank launches collateral-free digital loan
Trade is an essential driver of Bangladesh’s export-oriented market.
With almost all trade imports denominated in USD, stable sources of short-term funding are essential to ensure that demand for financing trade can be met.
Local banks often face a difficulty in accessing short-term funding and in recent months, the COVID-19 pandemic has further tightened access to foreign currency funding on appropriate terms. CDC’s loan facility aims to close the gap by providing a stable source of trade finance funding that will keep trade flowing across the country and support Bangladesh’s economic development, said CDC Group.
Read Customers can now buy sacrificial animals online through bKash
With a trade deficit and a decline in import hampering the growth of the economy, the loan facility will provide much-needed dollar supply to stimulate Bangladeshi trade.
The partnership will play a crucial role in restoring economic activities in the country and supporting its post-crisis recovery, said CDC Group.