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BB instructs no penalty fee for late deposit payment

Photo: Collected

The Bangladesh Bank (BB) has recently made instructions to all banks not to charge any penalty fee on its DPS and other deposit scheme customers for late payment in April and May amid the Covid-19 pandemic.

Issued a circular on May 31, BB also instructed banks not to close any DPS or savings schemes for installment failure in the two months.

Also, the central bank imposed a condition for the depositor, which mandates payment of due installments before June 20.

Customers will get the penalty fees back or adjusted to the accounts, according to BB, if their respective banks have already charged them late fees.

Though most banks allowed late payment for various deposit installments in a bid to ease gatherings to avoid Covid-19 infection risks, a handful banks moved to impose late fees on customers who failed to deposit installments on time, reports the Business Standard.



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