BB stands by small depositors

Bangladesh Bank yesterday instructed banks to impose account maintenance fees on small depositors once a year. 

Small depositors, meaning those whose deposits amount to up to Tk 10 lakh, will enjoy the facility, according to a central bank notice.

Banks usually impose account maintenance fees on depositors twice a year and clients have to pay the charge, which range from Tk 1,500 to Tk 2,000 based on amounts kept by clients.

The central bank notice said the initiative would act as an incentive for small depositors in the time of economic hardship stemming from the coronavirus pandemic.

In addition, this will encourage people to park their deposits in the banking sector.

The central bank, however, said the instruction was to stay in effect for only this year.

Total deposits in banks stood at Tk 13,79,793 crore as of December last year.