Bangladesh Bank Introduces Interest-Free E-Payment Credit Up To 10,000 Taka

Bangladesh Bank has officially issued a circular introducing a new interest-free 'e-payment credit' facility reaching a maximum limit of 10,000 Taka. According to the central bank's Banking Regulation and Policy Department-1, this initiative is specifically designed to popularize digital transactions across the country. Under the framework of this newly launched e-payment credit scheme, users can settle various bills and service charges without resorting to conventional interest-based loans. Instead of traditional interest, consumers will only be required to pay a predetermined, structured fee based on the size of the transaction and the chosen repayment duration.

The newly announced fee structure varies according to the borrowed amount and the tenure chosen by the user. For loans ranging from 50 Taka to 250 Taka, the established fees are set at a maximum of 3 Taka for a seven-day period, 4 Taka for a duration of 15 days, and 6 Taka for a full 30-day term. For larger credit amounts ranging from 7,001 Taka up to the maximum limit of 10,000 Taka, the applicable fees increase slightly to a maximum of 35 Taka for seven days, 70 Taka for 15 days, and 130 Taka for a 30-day cycle. This tiered fee schedule provides an affordable and clear mechanism for everyday digital payments in Bangladesh.

In a related financial development, Sammilito Islami Bank has released funds to successfully return deposits to its customers. This newly formed institution, Sammilito Islami Bank PLC, was created through the consolidation and merger of five distinct Shariah-based institutions: Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. The process has also involved key figures and organizations such as Nazrul Islam Mazumder, Saif Alam, Arif Hossain Khan, Md. Abedur Rahman Sikdar, and the Bangladesh Association of Banks (BAB), alongside the Bank Resolution Department of Bangladesh Bank.

To facilitate the return of these funds, the government has provided 20,000 Taka, an allocation of 12,000 Taka has been sourced from the deposit insurance fund, 15,000 Taka is designated to be given to depositors as shares, and an overall amount of 5,000 crore Taka has been released for Sammilito Islami Bank, which holds a paid-up capital of 35,000 crore Taka. This structured financial backing is designed to establish arrangements for returning a maximum of up to 200,000 Taka per depositor through systematic processing.

Official figures show that a total of 74,221 applications have been submitted, with depositors requesting the withdrawal of an aggregate amount of 3,925 crore Taka. The breakdown of daily applications demonstrates active engagement from the public: the first day recorded 18,046 applications totaling 1,329 crore Taka; the second day saw 19,613 applications totaling 1,016 crore Taka; a subsequent tracking showed 21,086 applications totaling 923 crore Taka; and another recorded 15,476 applications totaling 657 crore Taka.

Addressing the unfolding situation, Arif Hossain Khan stated, 'Necessary preparations have been taken to return the money of the depositors. According to the promise, the money of the depositors of Sammilito Islami Bank will be paid. There is no reason for customers to panic about this.' He further added, 'If a large number of customers are present at the branch to withdraw money at the same time, there is a risk that the normal activities of the bank will be disrupted. Therefore, depositors have been requested to be patient and withdraw money gradually.' Md. Abedur Rahman Sikdar added that the relatively low number of applications highlights customer trust, noting that depositors who leave their money in the bank will receive profit at the rates specified in their respective contracts, and once normal activities resume, customers can deposit or withdraw any amount with profit according to existing rules.