BRAC Bank waives penal fees on DPS

Published : 14 May 2020 09:18 PM | Updated : 29 Aug 2020 03:55 PM

BRAC Bank announces it will waive all penalty fees for its DPS customers for late payment amid COVID-19 pandemic. The bank has communicated with all DPS customers.

The bank, in a continuation of stated its strategy to support customers during the government-declared general holidays, said that it will waive the standard fee applied if DPS customers miss their installments during the shut-down period – i.e. from 26 March 2020 to 31 May 2020. The bank will also provide a three month moratorium period, i.e. extra time from the payment date, for customers to deposit their due DPS installments.

Mahiul Islam, the bank’s Head of Retail Banking, said - “We are committed to helping our customers to stay strong and stay safe during the shut-down. We recognize that many customers have lost their earnings, partially or wholly, during this pandemic and we consider it our duty to support them”. 

“We all are going through a tough time due to the spread of the deadly novel coronavirus, and the only way to reduce the spread is to stay at home. We hope that customers requiring to pay their monthly installments for the deposit schemes will find some relief in this process as we allow a free grace period for them”, he added.

Back in April, BRAC Bank, had announced a three month moratorium for its Retail and SME Loan customers and also waived late payment fees for its Credit Cardholders during the shut-down.