Dormant bank accounts to obtain the benefits due: BB

The Bangladesh Bank on Tuesday asked all scheduled banks to pay benefits due on deposits in bank accounts, even if one of them turns into a dormant state for not making any transactions for a certain period of time. of time.

Although several banks do not pay benefits on dormant accounts, banks continue to impose different fees and charges on these accounts, prompting the BB to issue a set of guidelines on same-day dormant account operations. .

In addition to making interest and benefit payments mandatory, the central bank also allowed banks to charge or deduct applicable fees or excise duties or VAT on those benefits.

In the directives, the BB also specified the specific time limit for the account to be treated as a dormant account.

All kinds of accounts would be considered inoperative if no transaction is carried out within six months of the recognition of the last account statement or the request for an account statement.

In the case of savings accounts, no transaction in 18 months of treatment as inoperative would render a dormant account.

Current and short-term deposit accounts would become inactive for not having carried out any transactions within six months of the identification of these accounts as inoperative.

Before considering an account as dormant, banks would inform the account holder of the initiative one month before taking the initiative.

Transactions by check, debit card or similar card, debit instruction, online banking or app will be treated as transactions.

However, payments of interest or benefits, and the imposition of charges and excise duties or VAT would not be considered a transaction.

To reactivate such accounts within five years, clients will need to submit a request to the branch manager.

For the activation of these accounts after five years, the banks were asked to insure the KYC again.

In case of reactivation, banks are not allowed to impose any fees or charges on these accounts.

Shawanda H. Saldana