18k customers seek Tk 13b in deposits on first day

Applications to withdraw money from Sammilito Islami Bank opened on Tuesday, with 18,000 customers submitting applications on the first day.

Customers have been gathering at branches of the five banks that were merged to form the new bank, where bank officials have been welcoming them.

According to sources at Sammilito Islami Bank, the customers who submitted applications sought to withdraw a total of Tk 13b.

Applications for withdrawals from individual depositors began on Tuesday at the branches and sub-branches of Sammilito Islami Bank.

After the applications are scrutinised and verified, the bank is scheduled to start making payments to customers on 7 September.

Bank sources said applications for deposit refunds are being accepted in accordance with the prescribed rules. Customers must apply by visiting their respective branches or sub-branches. After verification, the amounts owed to them will be paid according to the applicable rules.

Sammilito Islami Bank was formed by merging five troubled Islamic banks: EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank.

Principal amount can be withdrawn, but not profit
According to Bangladesh Bank directives, individual depositors will be allowed to withdraw the money in their current and savings accounts, as well as the principal amount of their term deposits.

However, they will not be entitled to any profit earned or accrued on their deposits under this facility.

If a customer withdraws the principal amount, it will be considered a full and final settlement of the respective deposit. If the customer has any outstanding loan or liability with the transferring bank, that amount will be adjusted against the deposit before the money is returned.

Customers who do not withdraw their deposits immediately will remain eligible to receive profit at the applicable rate under the terms of their agreements if they keep their accounts active.

However, if a term deposit is withdrawn before maturity, the customer will receive the principal but will not receive any profit on that amount. If a customer makes a partial withdrawal, the remaining amount will remain eligible for profit in accordance with the applicable rules.