18,000 customers seek to withdraw Tk1,300cr from Sammilito Islami Bank
Verified depositors can start receiving their principal from 7 September, according to the bank.
Nearly 18,000 customers of Sammilito Islami Bank have applied to withdraw Tk1,300 crore from their deposits on the first day of accepting withdrawal applications yesterday (1 September), the bank's managing director (MD) said today (2 September).
The bank began accepting applications from depositors at its branches and sub-branches on 1 September, with payments scheduled to begin on 7 September after verification.
The bank has nearly 84 lakh customers, meaning only 0.21% have so far applied to withdraw their deposits, said MD Md Abedur Rahman Sikder.
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"The amount sought by 18,000 customers is very small compared with our capital. This indicates that people still have confidence in the bank," he said.
Of the applicants, customers seeking to close their accounts want to withdraw Tk254 crore, an amount the MD said was lower than the bank's normal daily transactions.
How many customers applied yesterday to withdraw their deposits will be known tomorrow.
The Sammilito Bank was formed by merging five troubled Islamic banks: EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank.
Under Bangladesh Bank's instructions, individual depositors will be allowed to withdraw the principal amount from current and savings accounts as well as the principal of term deposits. However, accrued or payable profit on the deposits will not be available under the facility.
Customers withdrawing their principal in full will be considered to have made a final settlement for the respective deposit. Any outstanding loan or liability with the predecessor bank will be adjusted against the deposit before payment.
Customers who keep their deposits with the bank can continue their accounts and earn profit at the applicable contractual rates.
However, if a term deposit is encashed before maturity, the customer will receive the principal but will not receive profit on the amount. In case of partial withdrawal, profit will remain payable on the balance according to applicable rules.
