Inspired with the success of 'My Loan' products in 2004, the UK-based HSBC has come up with new products. Unlike 'My Loan', which offers a range of loan products for customers' needs, 'My Future' is a savings-based solution, according to a press release.

'My Future' is a combination of savings plans that will help consumers meet future needs, said Mamoon M Shah, manager (Personal Financial Services) of HSBC Bangladesh.

"With the innovative and forward looking scheme, customers now have the option to save money for their children, education, travel, retirement plans and emergency," he added.

HSBC Bangladesh now offers Children's Savings Plan, Education Savings Plan, Holiday Savings Plan, Peace of Mind Savings Plan, and Retirement Savings Plan under its 'My Future' savings scheme.

'My Future' has additional benefits such as free accidental insurance up to one year, overdraft facilities and many more.

Under the Children's Savings Plan, parents can open a plan with Tk 10,000 and continue saving by depositing as low as Tk 5,000 a month during the tenure. The plan also offers attractive interest rates.

Parents can also open Education Savings Plan for higher education of their children. In addition to the flexible tenures of 1, 2 or 3 years and small initial deposit of Tk 10,000 with monthly savings of Tk 5,000, this plan offers bonuses for regular deposits.

Holiday Savings Plan offers a flexible tenure of 6 or 12 months along with special benefits from travel agencies.

Peace of Mind Savings Plan offers the flexibility of choosing different deposit amounts with a 3-year term. The plan also offers free personal accidental insurance coverage, besides healthcare facilities at discounted rates in selected diagnostic centres. Overdraft facilities are also available against this plan.

Retirement Savings Plan has the flexibility of choosing different deposit amounts with a 3-year tenure, the release added.