BB revises account maintenance fees
Sunday, 16 May 2010
FE Report
The central bank has revised its schedule of charges asking the commercial banks not to impose any maintenance fee on savings account with deposits of up to Tk 5000, officials said.
However, the banks will be allowed to levy Tk 100 as half-yearly charge against accounts having average deposit balance between Tk 5001 and Tk 25000.
Besides, the banks will be able to charge maximum Tk 300 for depositors having average deposit balance above Tk 25000.
Earlier, the banks were allowed to impose maximum charges of Tk 300 and Tk 500 on savings and current accounts respectively.
"We've revised the schedule of charges aiming to protect small depositors interest," a senior official of the Bangladesh Bank (BB) told the FE Saturday, adding that the central bank would rationalise the schedule of charges in consultation with stakeholders from time to time.
The central bank issued a circular in this connection Thursday and asked the chief executives and managing directors of all scheduled banks to follow the latest instruction on charges for saving accounts.
On December 22 last, the central bank issued a master circular on the schedule of changes for both lending and deposits that has come into effect from January 1, this year.
Clients will be able to take balance confirmation certificates from banks for free twice a year, according to the circular. "If anyone asks for a statement more than twice a year, they may be charged a maximum of Tk 200," the central bank said.
Different trade bodies, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Bangladesh Garment Manufactures and Exporters Association (BGMEA) and Bangladesh Knitwear Manufactures and Exporters Association (BKMEA) earlier requested the central bank governor for taking necessary measures to bring down the banks' commissions and service charges to a reasonable level.
The central bank has revised its schedule of charges asking the commercial banks not to impose any maintenance fee on savings account with deposits of up to Tk 5000, officials said.
However, the banks will be allowed to levy Tk 100 as half-yearly charge against accounts having average deposit balance between Tk 5001 and Tk 25000.
Besides, the banks will be able to charge maximum Tk 300 for depositors having average deposit balance above Tk 25000.
Earlier, the banks were allowed to impose maximum charges of Tk 300 and Tk 500 on savings and current accounts respectively.
"We've revised the schedule of charges aiming to protect small depositors interest," a senior official of the Bangladesh Bank (BB) told the FE Saturday, adding that the central bank would rationalise the schedule of charges in consultation with stakeholders from time to time.
The central bank issued a circular in this connection Thursday and asked the chief executives and managing directors of all scheduled banks to follow the latest instruction on charges for saving accounts.
On December 22 last, the central bank issued a master circular on the schedule of changes for both lending and deposits that has come into effect from January 1, this year.
Clients will be able to take balance confirmation certificates from banks for free twice a year, according to the circular. "If anyone asks for a statement more than twice a year, they may be charged a maximum of Tk 200," the central bank said.
Different trade bodies, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Bangladesh Garment Manufactures and Exporters Association (BGMEA) and Bangladesh Knitwear Manufactures and Exporters Association (BKMEA) earlier requested the central bank governor for taking necessary measures to bring down the banks' commissions and service charges to a reasonable level.