Banks in Bangladesh

Bangladesh Bank (BB) is the central bank, regulator, and supervisor under the Bangladesh Bank Order 1972, the Bank Company Act 1991, and the Payment and Settlement System Act 2024. BB's status on 5 September 2026 lists 63 scheduled banks: 7 state-owned commercial banks, 3 specialized banks, 43 private commercial banks, and 9 foreign commercial banks. The private commercial banks comprise 33 conventional banks and 10 Islami Shariah-based banks. One licensed digital commercial bank had not yet received permission for commercial operations. Five non-scheduled banks serve special purposes and do not provide the full range of banking functions. Finance companies are separate from banks and cannot take demand deposits or issue cheques, pay-orders, or demand drafts. Customers can use branches, ATMs, cash recycling machines, cash deposit machines, agent banking, internet banking, mobile banking, and mobile financial service (MFS) agents or bank branches. From 1 September 2026, electronic know-your-customer checks can use a National Identity (NID) number, date of birth, and fingerprint or face matching. Banks may offer self-onboarding or assisted onboarding. Missing an NID alone does not exclude an applicant; the bank can use regular KYC and additional checks. Simplified and regular e-KYC lead to different transaction limits. A Limited Transactions Account allows cash deposits or withdrawals up to BDT 100,000 per transaction and BDT 300,000 per month, while transfers are limited to BDT 250,000 per transaction and BDT 500,000 per month. Foreign remittance and government-to-person payments follow the guideline without these stated limits. The Election Commission's NID Wing supplies the identity source, while the Bangladesh Financial Intelligence Unit (BFIU) handles anti-money-laundering and counter-terrorist-financing controls. Common accounts include savings accounts, current accounts, fixed deposits or FDRs, Special Notice Deposits (SNDs), and special deposit schemes. Banks offer both conventional and Islami Shariah-based products. Personal retail accounts have no minimum balance and no maintenance fee; an average balance of BDT 10,000 or less also attracts no maintenance fee. Other charges depend on the bank and should appear in its Schedule of Charges online or at a branch. Bangladesh's Deposit Protection Act 2026 replaced the Bank Deposit Insurance Act 2000, and BB manages the Deposit Protection System. Protection is limited to BDT 200,000 per depositor at each institution, with accounts at the same institution aggregated. Finance companies are scheduled to enter the system from 1 July 2028. MFS balances are not automatically bank deposits; they operate under a trust-cum-settlement arrangement. Bangladesh's payment systems serve different purposes. The Bangladesh Automated Clearing House Payment System (BACPS) handles cheque imaging and clearing. The Bangladesh Electronic Funds Transfer Network (BEFTN) supports paperless interbank credits and debits, including payroll, remittances, government payments, and bills. The National Payment Switch Bangladesh (NPSB) connects interbank ATM, point-of-sale, and internet-banking transfers. Bangladesh Real Time Gross Settlement (BD-RTGS) handles high-value or time-critical transfers, usually from BDT 100,000, with a customer fee capped at BDT 100. The Interoperable Digital Payment Transaction Platform (IDTP), the national TakaPay card scheme, and Bangla QR support interoperable digital payments. MFS supports cash-in, cash-out, person-to-person, person-to-business, business-to-person, person-to-government, and government-to-person payments. MFS does not provide outward cross-border transfers; inward remittances arrive through scheduled-bank channels in BDT. Banks issue debit, credit, prepaid, and virtual cards. Scheduled commercial banks issue credit cards, while foreign-currency cards are available only through authorized dealer banks. A credit-card applicant must be at least 18 and meet the bank's e-TIN, clean CIB, and KYC requirements. The maximum unsecured personal credit-card limit is BDT 2,000,000, and the total secured limit is BDT 4,000,000. Cash advances may not exceed 50% of the card limit, and the effective annual interest rate may not exceed 25%. Activation requires OTP consent. Banks issue statements monthly and provide at least 14 days before interest is charged. Card complaints should be clarified within 30 calendar days, and loss or suspected misuse can be reported and the card blocked at any time through the bank's 24-hour channel. Two-factor authentication is required for online, e-commerce, interbank, and card-not-present transactions. Banking security controls include anti-skimming measures, PIN encryption, fraud detection, transaction alerts, and ATM CCTV operating around the clock with recordings kept for at least one year. The Cybersecurity Framework V1.0 and ICT Security V4.0 set additional controls, including business-continuity planning and annual external IT or ICT audits for digital banks. Customers should keep PINs and OTPs secret, check alerts, and report suspected misuse immediately. Each bank should maintain a complaint cell at branch, zonal, and head-office level. A complaint can be escalated from the branch to the bank's complaint cell and then to Bangladesh Bank's Customer Interest Protection Centre (CIPC). CIPC accepts complaints online, in writing, by email at bb.cipc@bb.org.bd, or through hotline 16236 on working days during office hours. Keep transaction records, contact details, and the bank's final response. A current or SND account can become inoperative or dormant after at least six months without a customer transaction. For savings accounts, the period is at least 18 months. Government, minor, and court accounts are excluded from these rules. Reactivation requires a written request to the branch manager; after more than five years, the bank requires new KYC, but it may not charge a reactivation fee. After more than ten years without a transaction, the balance becomes an unclaimed deposit and transfers to BB. If no claim is made during the following year, it moves to a government account.