Regulatory Alerts2012-02-29
Added · Updated
BRPD Circular Letter No. 02: Rate of Interest/Profit on Fixed/Term Deposit
The Banking Policy and Regulation Department of Bangladesh Bank instructs all scheduled banks to strictly adhere to the prohibition of charging interest outside declared rates and prohibits paying interest on fixed or term deposits exceeding the declared rate. Banks are required to submit a weekly signed list of fixed or term deposits issued or renewed with amounts of 1 crore Taka or more, including details such as account number, deposit amount, tenure, declared rate, and paid rate. Additionally, banks are restricted to changing deposit and loan interest rates only once per month, superseding previous instructions that allowed multiple changes. These directives are effective immediately.
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