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Banks to charge customers for using electronic platforms

Published : 19 Oct 2021 10:24 PM | Updated : 21 Oct 2021 01:16 PM

The central Bank has imposed new charges for electrical transactions through NPSB (National Payment Switch Bangladesh) and International Payment Scheme (IPS). From now banks will collect charges from customers.

As per new decision of Bangladesh Bank under NPSB, the customer (ATM card holder) has to pay a maximum of Tk 15 including VAT for each transaction while withdrawing money using another bank's Automated Teller Machine (ATM) booth. However, the card issuing bank will pay Tk 20 to the bank setting up the ATM booth.

Apart from this, Bangladesh Bank (BB) has fixed various charges including withdrawal of money from ATMs and Point of Sales (POS). The central bank has issued a circular in this regard on Monday.

According to the new directive of BB, a maximum Tk 5 including VAT for balance inquiry, a maximum Tk 5 including VAT for small account Statement, a maximum of Tk 10 including VAT for fund transfer and a maximum TK 20 including VAT for cash deposit, under the NPSB will be charged by the issuing bank or institution to the acquiring bank or institution.

Under the NPSB, the card issuing bank or institution will be able to recover the full amount mentioned above from the customer for service charges for transactions other than cash withdrawals. However, in case of cash withdrawal, the issuing bank or institution can collect a maximum of TK 15 including VAT from the customer. In the Internet Banking Fund Transfer (IBFT), under the NPSB from one bank to another is a maximum of TK 10 including VAT service charge per transaction will be applied which the Originating Bank can collect from their customer.

In Bangla QR, 0.7 percent charge will be deducted from the total transaction from the merchant. Of this, 0.4 percent exchange charge has to be paid to the card issuing bank.

These new instructions will take effect shortly, said the BB new directive.

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