Internet banking: limit on the number of funds transfers withdrawn

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Bangladesh Bank yesterday lifted the cap on the number of daily interbank fund transfers through online banking.

Previously, customers were allowed to settle up to 10 such transactions per day, while business entities 20.

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From now on, such caps will no longer apply, according to a notice from the Bangladesh Bank.

The central bank made the decision as internet banking transactions surged in recent months, with people increasingly embracing digital while refusing to visit branches, a central bank official said.

An individual is now allowed to transfer a maximum of Tk 10 lakh per day and the highest of Tk 3 lakh per transaction.

The limit for business entities is Tk 25 lakh per day and the cap for a single transaction is Tk 5 lakh.

The central bank also lifted the limit on the maximum amount of funds that can be transferred from one account to another within a particular bank.

Banks can set the daily limit for intrabank transactions themselves.

Previously, the intra-bank funds transfer limit was Tk 5 lakh per day.

Transactions via online banking stood at Tk 17,763 crore in February, up 109% year-on-year, BB data showed.

Customers started relying heavily on internet banking transactions after the coronavirus pandemic hit the country.

A good number of banks have already introduced app-based financial services, allowing customers to settle financial transactions hassle-free through online banking.

Some of the facilities include transferring funds from one account to another, paying tuition fees and utility bills, and adjusting credit card loans.

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