BRAC Bank launches savings account for homemakers

BRAC Bank has introduced the TARA Homemakers Savings Account, a banking product designed specifically for women outside the formal workforce. This marks the first savings account in Bangladesh tailored exclusively for homemakers.

Launched on 14 July 2025, the product allows women to open accounts without requiring formal income documentation. Instead, applicants can provide a self-declaration, removing the need for salary slips or employment letters. This approach seeks to improve access to financial services for millions of Bangladeshi women who remain outside the formal banking system.

The account offers several benefits, including waived debit card fees, cashback on monthly grocery purchases, and interest on all balances. It aims to acknowledge the financial contribution of homemakers and promote their autonomy in managing household finances.

The product is targeted at women in low- to moderate-income households. To be eligible, applicants must have a monthly household income below Tk2,00,000, an initial deposit under Tk5,00,000, and total deposits not exceeding Tk12,00,000 in any six-month period.

Md Mahiul Islam, Deputy Managing Director and Head of Retail Banking at BRAC Bank, said, "We are proud to introduce a savings account designed exclusively for homemakers with benefits tailored to their financial needs. This product is a recognition of invisible labour and a step towards meaningful inclusion. With this launch, TARA is reaching those who have long remained outside the banking system."

The rollout follows internal training for over 2,500 frontline employees across the bank's branches to ensure smooth onboarding and customer support. The account is available through both digital platforms and BRAC Bank's nationwide branch network.

Offered under the bank's women banking segment TARA, the new product reinforces BRAC Bank's broader commitment to inclusive banking and innovation.