BRPD Circular No. 05: Bank Account for Beneficiaries Under Social Security Program

BRPD Circular No. 05

Banking Regulation and Policy Department
Bangladesh Bank
Head Office
Dhaka.
June 19, 2011
BRPD Circular No. 05 Dated: ------------------- Ashar 05, 1418

Managing Director / Chief Executive Officer
All Government-owned Commercial and Specialized Banks operating in Bangladesh

Dear Sir,

Regarding the opening of bank accounts for beneficiaries under the Social Security Program.

To facilitate, make hassle-free, and ensure transparency in the distribution of old-age allowances, disability allowances for the disabled, and allowances for widows and abandoned poor women under the Social Security Program administered by the Department of Social Services under the Ministry of Social Welfare, beneficiaries holding a National Identity Card or a passbook with a PPPO (Permanent Payment Order) number may open bank accounts in their own names by depositing 10 (ten) Taka.

No minimum balance requirement shall be imposed on such bank accounts, and no charges/fees shall be collected. In cases where a checkbook is unavailable, transactions in these accounts may also be conducted through vouchers.

In this regard, you are advised to take necessary measures to ensure the distribution of allowances to beneficiaries under the Social Security Program and to provide banking services to them.

This directive shall be implemented immediately.

Please acknowledge receipt.

Yours faithfully,
(K. M. Abdul Wadud)
General Manager
Phone: 7117825