Bangladesh Bank sets new time for funds transfer, cheque clearing during Ramadan

Banks and non-bank financial institutions will maintain new office hours during the holy month of Ramadan.

Bangladesh Bank has announced a new schedule for interbank cheque settlement for clearing house transactions during this time.

On Wednesday, the Payment Systems Department (PSD) of Bangladesh Bank issued a notification in this regard.

According to this, the operating schedule of the three transaction platforms established at Bangladesh Bank—Real Time Gross Settlement (RTGS), Automated Cheque Clearance House (BACH), and Bangladesh Electronic Funds Transfer Network (BEFTN)—has been changed.

Through these services, money is paid and automatic cheque settlement is done from one branch to another or a customer of another bank. High-value cheques (more than Tk 5 lakh) and regular-value cheques (less than Tk 5 lakh) are settled through BACH.

"High-value cheques should be sent by 11:30 am for clearing during the month of Ramadan. These will be settled by 1:30 pm. Any regular value cheques will have to be sent to the clearing house by 12:30 pm. These cheques will be settled by 3:00 pm,” according to the notification.

RTGS transactions will be from 9:30 am to 3:45 pm. However, customers will have to make transactions from 9:30 am to 2:30 pm, customs duty e-payments until 3:30 pm and interbank fund transfer and return transactions can be paid through RTGS until 3:45 pm.

In addition, the instructions stated that the BEFTN service would continue as before. After the month of Ramadan, the transaction schedule of BACH and RTGS will continue as during regular time.