Nudraat Nawer Khan
COVID-19: the name that shook up the entire world in the span of seconds. Locked up inside the vicinity of our homes, it is impossible to pinpoint a date when we will be able to flip the hourglass and revert to our everyday lifestyle. Economies are failing, people are dying, human civilization is not what it used to be even a few months ago. But if we had to talk about the most prominent effects of COVID-19, it would be the devastating one it is having on the less privileged.
21.8% of people in Bangladesh live under the poverty line. In this Holy month of Ramadan, it is getting even more difficult for many families as they struggle to make ends meet attributed to the ever-increasing price of food commodities and daily necessities. On the other hand, Bangladesh has also ranked third in a growing rich population, surpassing countries like China, India, Vietnam, Philippines, Poland, etc. None of us are unaware of the increasing disparity between the financial classes. Even though many people are coming forward and extending their helping hands toward the needy, IPDC Finance Limited; the first-ever private financial institution of the country has come up with a rather unique idea to pique the interest of the wealthier section and influencing them to contribute towards this cause.
Introducing IPDC Manobota; a deposit scheme designed to not only help people save money but also provide food essentials for the under-privileged during the pandemic.
IPDC Manobota has an interesting approach towards aid collection as they won’t ask you to directly spare some notes for the affected. Their proposition is simple, yet eye-catching: for every lakh taka that is deposited, they will provide 6.5% interest on a yearly basis. And on top of that, they will deliver a month’s (TK 1500) worth of groceries to the families in need. In this TK 1500, the depositor will contribute about TK 500 while IPDC Manobota will give the remaining TK 1000. So, a depositor’s helping amount will be tripled! For this purpose, the yearly benefit is reduced by merely TK 500 while the depositor has the satisfaction of helping out a family in need in these trying times. Help is sent from the investor’s deposit on a ratio scale. The depositor could choose to withdraw their money earlier, but with this, the relief amount would change due to the scale. If someone deposited 1 lakh for 3 months, IPDC Manobota delivers sufficient food/necessary materials for a week. If the deposit is for 6 months, they send out groceries that would last a family 15 days, and for deposits lasting a year or more, the relief goods are adequate for a month. These groceries will include: 10 kg rice, 2 kg lentils, 1 kg dates, 2 kg chickpeas, 1 kg salt, ½ kg puffed rice, 1 kg oil, soap, and a few others.
While IPDC Finance has already sent out help to almost 4000 families through platforms like BRAC, Mission Save Bangladesh, Jaago Foundation, for IPDC Manobota particularly, they have partnered up with organizations like Narail Express Foundation, Sajida Foundation, JAAGO Foundation, Bidyanondo Foundation, etc. These voluntary organizations are making sure that relief reaches the ones in need. On account of the ongoing crisis, the transportation system is extremely limited, so these organizations are working hard to deliver help to specific localities. If anyone makes a request to deliver the groceries to needy families in their desired location, IPDC Manobota promises to request these organizations to respect their interest.
Monetarily speaking, the offered interest rate, 6.5%, is quite attractive in comparison to many front line banks. BRAC and the Bangladesh Government are two of its primary shareholders. Which means, not only will the investor get the increased security that comes with IPDC Finance when it concerns their savings, but also be a part of spreading the blessings through IPDC Manobota. This offer is available on all periodic deposit products of IPDC Finance, as well as across the recently renewed accounts. Personal and organization deposits, both are welcome.
After seeing all this, you wouldn’t be the only one who has gained newfound interest in this amazing project. Since COVID-19 has managed to disrupt our regular lives, IPDC Manobota has made it easier for the people who are willing to help out by suggesting various options. You can make your deposit by either: 1. Conducting an online transfer to any of the IPDC accounts, or, 2. If you would require, IPDC Finance is ready to collect an A/C Payee check from you by abiding strict health guidelines. If you don’t have an existing account, you can open one via Email or WhatsApp. After filling out a form provided by the institution, the investor has to provide their online transfer information along with a copy of their NID; all via Email/WhatsApp and the account formation will be under process. The process is easy and effective.
The initiative taken by IPDC Finance can be considered as a ripple created in the vast sea of the social class discrepancy. While the main motive behind IPDC Manobota will be to help the underprivileged, they are reeling in the wealth conscious section by promising a satisfactory interest margin on the deposit. What we can expect from this is that it creates a proper ripple effect and within a short amount of time, the margin of help increments significantly. As of yet, this appears to be a welfare project with incredible growth potential and much greater social service.