BB cuts bank service charges

Bangladesh Bank (BB) has directed all commercial banks not to impose any kind of service charge on savings and current accounts.
The central bank in a circular issued yesterday asked the commercial banks not to realise three types of charges -- incidental charge, minimum balance fee and service charge.
The directive will come into effect from January 1.
Another BB circular said export development fund has been increased to $300 million from $150 million.
According to a central bank study, amounts deposited with the commercial banks shrink by 5 percent to 8.5 percent within a year, even after interest on the deposit is added, as banks deduct different charges from the amounts.
Considering customers' complaints lodged with it, the central bank has found that an amount of Tk 10,000 deposited at the beginning of a year decreases by Tk 500 - Tk 850 at year-end.