Regulatory Alerts2022-07-20
Added
DMD Circular No. 01: Instructions to follow in Sale & after Sale service of Sanchaypatra
The Department of Management and Data (DMD) of Bangladesh Bank issues mandatory instructions to all scheduled banks regarding the sale and post-sale services of Sanchaypatra to prevent customer harassment. Banks must clear customer checks within one working day of application, issue instruments immediately upon clearing or debit authorization, and resolve post-purchase requests within three working days. The circular prohibits returning checks without valid cause, forcing account openings during purchase, using another person's ID, or refusing electronic fund transfers for interest and principal repayment, while requiring adherence to existing Bangladesh Bank circulars regarding BACH transaction charges.
50119 Department of Management and Data Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
DMD Circular No.-01 Date: 05 Srabon, 1429 20 July, 2022
Chief Executive Officer All Scheduled Banks operating in Bangladesh.
Regarding the instructions to be followed in the sale and after-sale service of Sanchaypatra.
Dear Sir,
It has recently been observed that customers are being harassed by scheduled banks at various times in the context of availing services related to Sanchaypatra. In this regard, you are hereby instructed to follow the following instructions during the sale of Sanchaypatra and the provision of other after-sale services:
a. For the purchase of Sanchaypatra, the check submitted by the buyer must be presented for clearing within one working day from the date the application is received by the issuing office, and the relevant instrument must be issued in favor of the customer on the date of clearing of the check. Additionally, if the customer applies for the purchase of Sanchaypatra through debit authorization, the relevant instrument must be issued in favor of the customer on the date of account closure/debit of the customer;
b. Ensure that information is provided on the date when the profit/interest and maturity principal/amount are payable for Sanchaypatra sold through the National Savings Scheme Online Management System;
c. Necessary arrangements must be made within a maximum of 3 (three) working days from the date of receipt of any application by the customer after the purchase of Sanchaypatra (e.g., nomination change, account number change, mobile number change, EFT-related issues, etc.);
d. Banks shall clear the checks of customers of the district savings office/bureau and national savings special bureaus under the jurisdiction of the National Savings Directorate in a timely manner and inform the relevant office;
e. Checks submitted for clearing for the purchase of Sanchaypatra shall not be returned without valid reason;
f. Interest/profit and principal/amount of Sanchaypatra sent through Electronic Fund Transfer (EFT) instructions in favor of the customer shall not be returned;
Previous Page -02-
g. Regarding the issue of collection of charges on transactions conducted through the Bangladesh Automated Clearing House (BACH), the 4th instruction of PSD Circular No.-1/2013 issued by Bangladesh Bank on February 28, 2013, and instructions issued by Bangladesh Bank from time to time regarding this matter must be followed properly;
h. The issuing bank or branch shall not force the customer to open an account at that bank or branch during the sale of Sanchaypatra, and
i. For security reasons, the ID of one person or one branch of the bank shall not be used by another person or another branch.
- This instruction is issued in the public interest under the powers conferred by Section 45 of the Banks Company Act, 1991.
Trusted by you,
(Khandaker Siddiqur Rahman) Director (DMD) Phone: 9530131
Phone: 88-02-9550448, 9554896, IP: 88-02-55662001-6, Fax: 88-02-9530479, www.bb.org.bd