The transfer of depositor bank accounts from five merged banks to the newly formed Sammilito Islami Bank is at the final stage, Bangladesh Bank said in a release today.
If the process is completed within the next week, deposits held with the existing five banks will be automatically transferred to accounts at Sammilito Islami Bank, according to the central bank.
Depositors will be able to withdraw up to a maximum of Taka 200,000 using their existing cheque books. Any remaining balance will remain secured in their bank accounts, and profit will be paid on those deposits at the prevailing rate.
Bangladesh Bank said public confidence in the newly formed bank is expected to increase as it is a state-owned institution, a development that is likely to significantly reduce demand for deposit withdrawals.
