PSD Circular Letter No. 03: Redefining the limit of online fund transfer from one bank account to another bank account and cancellation of the maximum number of daily transactions of Internet Banking Fund Transfer (IBFT) through NPSB

Managing Director / Chief Executive Officer
All Scheduled Banks Operating in Bangladesh

Dear Sir,

Regarding the redefinition of the limit for online fund transfer from one bank account to another bank account and the cancellation of the maximum number of daily transactions of Internet Banking Fund Transfer (IBFT) through NPSB.

Online banking transactions via Internet and smartphones are becoming increasingly popular among the general public for the payment or receipt of e-commerce products/services. Consequently, there is a need to redefine the limits for online/internet banking transfers to make this type of transaction method easier and safer. In this context, the following instructions are issued to all scheduled banks operating in the country, superseding PSD Circular No. 05 dated 02 November 2009 and DCMPA Circular No. 02 dated 28 March 2011:

a) Funds can be transferred from one bank account to another bank account via online/internet banking systems for purposes such as payment or receipt of products/services (including e-commerce), utility bills, credit card bill payments, etc.;

b) The maximum limit for fund transfers between accounts within the same bank via online/internet banking shall be determined by the bank itself, considering its own risk and the customer's transaction profile;

c) While keeping the maximum daily transaction limit and the maximum single transaction limit for Internet Banking Fund Transfer (IBFT) through NPSB as mentioned in Serial No. 5(b) of PSD Circular No. 09 dated 30 June 2021 unchanged, the cap on the maximum number of daily transactions is hereby removed;

d) Banks shall ensure proper compliance with the Money Laundering Prevention Act and the directives issued thereunder during online/internet fund transfers.

These instructions shall take effect immediately.

Yours faithfully,

(Md. Majibur Rahman)
General Manager
Phone: 9530174

Payment Systems Department
Bangladesh Bank
Head Office
Dhaka

PSD Circular Letter No.: 03/2022

15 Baisakh, 1429
Date: -------------------
28 April, 2022