E-banking fund transfer: BB increases transaction limit
With the revision, an internet bank account holder (person) can now transact up to 5,000,000 Tk and an institution up to 10,000,000 Tk per day
The Bangladesh Bank (BB) on Sunday increased the transaction limit for Internet Banking Money Transfer (IBFT), as interbank transactions via technology increased more dramatically amid the pandemic.
With the revision, an Internet bank account holder (person) can now transact up to 5,000,000 Tk and an institution up to 10,000,000 Tk per day, says a BB notice.
Previously, the maximum transaction limit was 2,000,000 Tk per day for individuals and institutions.
The BB notice stated that an internet bank account holder (person) could complete a maximum of ten transactions and an institution up to 20 transactions per day, compared to five transactions applicable to both individuals and institutions account holders. .
A single transaction limit (person) has been increased from Tk 50,000 to Tk 1,000,000 and the institution limit from Tk 2,000,000 to Tk 50,000, in accordance with the BB notice.
The revised transaction limit will be implemented from September 10 of this year.
Transactions through online banking services have increased amid the coronavirus pandemic, prompting the BB to revise the transaction limit for IBFT through National Payment Switch Bangladesh (NPSB), a senior BB official said.
Operational since 2012, NPSB is intended to establish interoperability between participating banks for their account and card based transactions. Currently, it manages interbank automated teller machines (ATM), point of sale (POS) and Internet banking funds transfer (IBFT) transactions while the interoperability of mobile financial services is under consideration.