Sammilito Islami Bank FDR account holders must remain under scheme to receive profits: BB
Customers withdrawing entire FDR at once won’t receive profits.
Customers of Sammilito Islami Bank can withdraw the full amount held in their fixed deposit receipts (FDRs) at once, but they will not receive any profit if they do so. FDR account holders must remain under the Bank Resolution Scheme to receive profits.
Meanwhile, depositors with current and savings accounts will be able to withdraw their principal amount in full at once, along with the applicable profit.
The Banking Regulation Department of Bangladesh Bank issued a circular on the matter today (31 August).
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Sammilito Islami Bank is set to begin returning the principal deposits of individual customers from 7 September. Initially, customers will be allowed to withdraw or encash their entire principal amount in a single transaction. However, they will not receive any profit in this case. The bank's branches will start accepting applications for this from today.
According to Bangladesh Bank's announcement, normal transactions for individual customers are scheduled to resume from today.
However, several days are needed to complete preparations, including sending cash requisitions to branches and sub-branches, ensuring the supply of cash from Bangladesh Bank and establishing secure cash-management arrangements. As a result, the bank has decided to begin the full-scale return of depositors' funds from 7 September.
