Sammilito Islami Bank depositors to get investment facilities: BB

Depositors of the newly formed Sammilito Islami Bank will be able to access an investment facility of up to 20% against their existing balances and invest up to 80% against new deposits, Bangladesh Bank announced yesterday (30 December).

Bangladesh Bank Executive Director and spokesperson Arief Hossain Khan conveyed the information in a written statement to the media, detailing the bank's operational framework following its formation.

The statement said that the current, savings, and fixed deposits of five merged banks have been transferred to Sammilito Islami Bank. Under the bank resolution scheme, depositors will be protected for deposits up to Tk2 lakh and will have access to initial withdrawal facilities. 

The necessary funds for this have been transferred from the Deposit Protection Fund to the banks under resolution. Customers who do not withdraw the funds immediately will receive market-based profits on their balances.

The statement also clarified that, from the date the resolution scheme takes effect and until any further directive from Bangladesh Bank or the authorised authority, all banking documents of the merged banks will remain valid. This includes cheque books, deposit slips, withdrawal slips, vouchers, forms, receipts, applications, and any other documents issued in the name of the merged banks. All such documents will be recognised and authorised for use under Sammilito Islami Bank.