Ali Reza Iftekhar
Managing Director and CEO
Eastern Bank

The Daily Star (TDS): Could you provide an overview of the current savings situation at your bank?

Ali Reza Iftekhar (ARI): At Eastern Bank (EBL), we've been fortunate to witness consistent year-on-year growth in our retail deposits—a clear indicator of our customers' confidence in the bank and in the product offerings that suit their needs. In 2024, approximately 1.5 lakh new savings and current accounts were opened by individual depositors.

A significant driver behind this growth is the evolving mindset of our customer base. People are more financially literate than ever before, and they are actively seeking out savings avenues that are secure, flexible, and tailored to their needs. The adoption of digital platforms for banking services has also played a pivotal role. Customers value managing finances easily on mobile devices, and EBL ensures its digital tools are intuitive, transparent, and accessible.

TDS: What are the top savings schemes that you are currently offering?

ARI: At EBL, we design savings products that go beyond simply accumulating funds—they help realise dreams, ensure financial security, and support important life goals. Among our most popular offerings is the Child Future Plan, providing a structured pathway for parents to secure their children's educational and financial future. We also offer the EBL Millionaire Scheme and EBL Confidence, both ideal for long-term savings with clear financial targets. Additionally, recognising the vital role of women in financial decision-making, we have created special versions of these schemes tailored specifically for them.

TDS: What initiatives has your bank taken to encourage savings habits among the general people?

ARI: We believe saving is a foundational financial habit that leads to long-term stability and empowerment. That's why we design simple, meaningful products aligned with real-life goals—whether starting a career, planning a family, or preparing for retirement—so saving feels rewarding, not burdensome, and supports every stage of life.

TDS: What innovative steps have been implemented to make savings products more convenient and accessible for all kinds of customers?

ARI: A major focus for us is making banking as easy and accessible as possible. Customers can now open savings accounts online without visiting a branch, saving considerable time. In 2024 alone, around 8,000 accounts were opened digitally. Our EBL SKYBANKING mobile app has transformed how customers manage their savings, allowing them to monitor balances, track deposits, receive alerts, and manage funds securely and conveniently in real time. We have also introduced specialised accounts for freelancers and mariners—groups with unique financial patterns—ensuring they are fully included in our services.

TDS: What are your future plans regarding the enhancement and expansion of savings products?

ARI: Looking ahead, our strategy is centred on adaptability, digital transformation, and inclusivity. We recognise that the younger generation is highly tech-driven, preferring solutions that are fast, intuitive, and flexible. To meet these expectations, we are actively developing app-based, paperless savings products that can be accessed and managed on the go. Our aim is to make saving an effortless and seamless part of daily life rather than a complicated or time-consuming task. Sustainability is another major focus, and we are adopting eco-friendly practices wherever possible. Additionally, we are enhancing services for NRBs, making savings more accessible globally.