Sammilito Islami Bank: Depositors to withdraw funds from today

Business Report :

Depositors of Sammilito Islami Bank PLC, which was formed through the merger of five banks, will be able to withdraw money from their accounts starting Thursday (January 1), according to a notification issued by Bangladesh Bank.

Initially, depositors will be allowed to withdraw a maximum of Tk2 lakh from current and savings accounts. The central bank said this measure has been taken to ensure a smooth and orderly resumption of banking operations following the merger.

Under the guidelines, if a depositor holds more than Tk2 lakh in a current or savings account, an additional Tk1 lakh will be made available for withdrawal every three months, up to a maximum limit of Tk7 lakh.
However, this withdrawal ceiling will not apply to patients undergoing kidney dialysis or cancer treatment, who will be allowed to withdraw funds as needed.

The notification further states that individual depositors will be given priority in withdrawals.
In the case of institutional deposits, any amount exceeding Tk7 lakh will be converted into a five-year term deposit.
These converted deposits will earn profit at a rate 1 percentage point lower than the prevailing bank rate, meaning a return of 3 percent.

For individual depositors, full withdrawal of their entire deposits will be permitted after two years.
Meanwhile, normal banking transactions will be restored in phases for specific categories, including educational institutions, religious organizations, hospitals, employees and officers of various organizations, provident funds and gratuity accounts, joint ventures and multinational companies, banks and financial institutions under the resolution process, as well as foreign embassies.
Regarding term deposits, individual deposits with a three-month maturity other than current and savings accounts will become automatically withdrawable after three additional renewals.
Deposits with maturities ranging from six months to one year will be available for withdrawal after two renewals.
As December 31 is a bank holiday, no transactions will take place on that day.
Consequently, the withdrawal process for depositors of Sammilit Islami Bank will officially begin on Thursday, January 1.