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The Financial Express

BB asks banks to display a/c fees

FE Report | Published: January 29, 2020 13:40:04 | Updated: January 31, 2020 14:05:14


— FE file photo — FE file photo

The central bank has asked all the scheduled banks to ensure display along with releasing account maintenance fee in their headquarters, branches and agent banking outlet's notice boards and websites.

The Bangladesh Bank (BB) issued a circular in this connection on Tuesday and asked the managing directors (MDs) and chief executive officers (CEOs) of the commercial banks to follow the instruction on display along with releasing such information on fee properly.

"It will help awarding depositors particularly small ones about their account maintenance fees," a BB senior official told the FE while explaining main objective of the circular.

The central bank expects that it would help enhancing deposit growth through brining more small savers into the country's banking system.

Currently, the banks will not charge any maintenance fee on average balance up to Tk 10,000 in savings accounts on half-yearly basis. The previous limit was Tk 5,000.

Under the existing schedule of charges, the banks are allowed to charge maximum Tk 100 half-yearly for average balance above Tk 10,000 but up to Tk 25,000.

The charge will be Tk 200 for balance starting from Tk 25,000 up to Tk 0.20 million while the fee will be at Tk 250 for average balance up to Tk 1.0 million starting from Tk 0.20 million.

The banks will be able to charge maximum fee of Tk 300 for balance above Tk 1.0 million.

Besides, the maintenance fee for current account has been reduced to Tk 300 from Tk 500 earlier, according to the circular, issued by the BB earlier.

All the charges will be applicable on half-yearly basis.

siddique.islam@gmail.com

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