No it is unlikely to be free, and how is it supose to be more advanced? First of all the proposed SAARC satellite isnt even on the drawing board, its just a proposal from modi.
Bangladesh wants:
1. To create its own ICT base, thats why its building the worlds 5th largest data centre in Bangladesh.
2. Control its own communication network, cable base stations, satellites etc
3. Stop paying third party satellite com service providers for services (indian, us and european).
4. Self reliance, and techno industrial growth.
The SAARC communication satellite will be designed by ISRO, built by ISRO and managed by ISRO. It will just be duplicating the function of BD-1, and will give us nothing additional, and make us dependent on india/ISRO.