There was a time when becoming a millionaire was considered a major achievement in Bangladesh. Owning one crore taka was seen as a clear marker of wealth, and anyone who reached that milestone was regarded as financially well-off.

For people who are hesitant about taking investment risks, regular savings remain one of the most reliable paths to long-term wealth. In recent years, many banks have introduced savings schemes that allow customers to become millionaires simply by depositing money every month. One such option is offered by NCC Bank PLC.

Under this deposit scheme, a person can accumulate Tk 1 crore at the end of 20 years by saving a minimum of Tk 13,803 per month. Let’s take a closer look at how this plan works. The scheme offers multiple tenures—2, 3, 4, 5, 10, 15, and 20 years—and government taxes and duties apply to the returns.

Monthly deposit structure

Before enrolling in the scheme, customers must select both the monthly installment amount and the duration. The interest rate used for calculation is 10 percent per year. Generally, the longer the tenure, the lower the monthly deposit required. Shorter tenures demand significantly higher monthly contributions.

According to information published on NCC Bank’s website, anyone aiming to become a millionaire within two years would need to deposit Tk 376,436 per month. While this is a large amount, it results in receiving one crore taka in just two years.

For a three-year plan, the required monthly deposit drops to Tk 238,826. Over four years, the installment comes down to Tk 170,333, and for a five-year tenure, it is further reduced to Tk 129,485 per month.

Looking at longer-term options, the monthly savings requirement becomes much more manageable. To reach the target in 10 years, a depositor needs to save Tk 49,602 per month. For a 15-year plan, the amount falls to Tk 24,881, while the 20-year plan requires the lowest monthly deposit of Tk 13,803.

Eligibility and key features

Opening an account under this millionaire savings scheme requires standard documentation and comes with several conditions and benefits:

1. Any Bangladeshi citizen is eligible to open the account.

2. Accounts can be opened in the name of minors, with a legal guardian operating the account until the child turns 18.

3. All Bangladesh-approved firms, institutions, organizations, and companies may participate.

4. Customers may open single or joint accounts, and more than one account is allowed.

5. Free internet banking and SMS alert services are included.

6. Funds can be transferred directly from a current or savings account to the scheme account.

Early withdrawal policy

As with most banking products in Bangladesh, breaking the deposit before maturity can reduce earnings. According to NCC Bank’s published policy, no interest is paid if the deposit period is less than six months.

If the deposit runs for more than six months but less than one year, interest for the first six months is calculated at the three-month FDR rate, while the remaining period earns savings account interest.

For deposits exceeding one year but less than two years, the first year earns interest at the six-month FDR rate, with the remaining time calculated at the savings rate.

If the deposit lasts for more than two years but falls short of the selected tenure (3, 4, 5, 10, 15, or 20 years), interest is paid at the one-year FDR rate for each completed year, and savings account interest applies to the remaining period.

Required documents

Opening the account requires standard banking documents, including passport-sized photographs and National ID cards (NID) of the account holder and nominee. A reference from an existing bank account holder is also needed. Signatures must be provided in designated sections of the application form, along with contact details of an emergency nominee.

Important advice

Banks frequently introduce attractive savings offers, but customers should always review a bank’s financial strength and reliability before committing funds. Investing in a weak institution can expose savers to unnecessary risk.

A key principle of saving is to set aside money before spending, not the other way around. Decide in advance how much you will save each month, then manage expenses accordingly. Alongside savings, carefully planned investments may also be considered. Even small amounts can make a difference if saved consistently. If income cannot be increased, reducing unnecessary expenses can help boost savings over time.