2020-06-02 00:01:57 BdST

No penalty for late deposit payment

The Bangladesh Bank has instructed 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. 

The central bank issued a circular in this regard on Sunday. In the circular, the Bangladesh Bank also instructed banks not to close any DPS or savings schemes for instalment failure in the two months.  

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

According to the central bank, customers will get the penalty fees back or adjusted to the accounts if their respective banks have already charged them late fees.  

Though most banks allowed late payment for various deposit instalments 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 instalments on time.

Finally, the central bank stepped in by issuing the circular on Sunday exercising the power under the Bank Company Act.

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