BRAC Bank announced that it would waive all penalty fees for its DPS customers for late payment amid Covid-19 pandemic. The bank has communicated with all DPS customers, said a statement.
The bank, in continuation of stated strategy to support customers during the government-declared general holidays, said that it would waive the standard fee applied if DPS customers miss their installments during the shutdown period - i.e. from 26 March 2020 to 31 May 2020. The bank will also provide a three - month moratorium period, i.e. extra time from the payment date, for customers to deposit their due DPS installments.
Mahiul Islam, the bank's Head of Retail Banking, said, "We are committed to helping our customers to stay strong and stay safe during the shut-down. We recognize that many customers have lost their earnings, partially or wholly, during this pandemic and we consider it our duty to support them".
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