Tk10 charge set for internet banking fund transfer

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Tk10 charge set for internet banking fund transfer

Many banks were uninterested as there was no charge for internet banking fund transfer but the new rate will push banks on adopting digital transaction process

To encourage people towards internet banking, Bangladesh Bank has set a maximum charge of Tk10 on fund transfers through internet banking.

According to central bank officials, many banks charge more than Tk10, with some banks even charging less than Tk10, or even no charge for transfers, which was previously allowed in the interest of the consumers.

In addition, many banks were uninterested as there was no charge for internet banking fund transfer but the new rate will push banks on adopting digital transaction process.

Meanwhile, different banks took different amounts of charges for point of sale (POS) transactions, which the central bank has fixed at 1.6% for the convenience of the customers.

Transactions through digital platforms of banks, payment gateways as well as mobile financial services that rely on the National Payment Switch Bangladesh (NPSB) have been brought under a uniform rate.

Bangladesh Bank’s payment systems department issued a circular on Monday in this regard which came into effect immediately, for the online platforms of banks, mobile financial services, and payment service providers and operators that execute transactions.

The central bank has also fixed the cost to settle transactions through Bangla QR (quick response).

The acquiring company will charge 0.7% merchant discount rate (MDR) per transaction in the case of Bangla QR transactions for micro merchants.

From this, 0.4% will be paid to the card issuing bank for Interchange Reimbursement fee (IRF).

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