Regulatory Alerts2020-11-16
Added · Updated
PSD Circular No. 09: About Opening of Personal Retail Account
The document introduces the 'Personal Retail Account' to facilitate digital payments for micro/small entrepreneurs, service providers, and sellers. Banks, Mobile Financial Service (MFS) providers, and Payment Service Providers (PSPs) are authorized to open these accounts under specific KYC and transaction limits. For MFS accounts, the maximum balance is 500,000 BDT with transaction caps ranging from 30,000 BDT for payment receipt to 10,000,000 BDT for retail-to-bank transfers. PSP accounts are capped at a 5,000,000 BDT maximum balance and 10,000,000 BDT monthly transaction limit. Beneficiaries cannot simultaneously hold a Personal Retail Account and a Merchant Account.