Tk10 charge fixed for Internet banking fund transfer

The Bangladesh Bank has fixed a Tk10 service charge for transaction of interbank internet banking fund transfer through National Payment Switch Bangladesh (NPSB).

Bangladesh Bank's Payment Systems Department issued a circular on Monday and sent it to all concerned including scheduled banks and mobile financial services providers, says a press release.

According to the new guidelines, the acquiring company will charge 0.7% merchant discount rate (MDR) per transaction in the case of Bangla QR transactions for micro merchants. Of which 0.4% will be paid to the card issuing bank for Interchange Reimbursement fee (IRF).

In this regard, BB Spokesperson Sirajul Islam said many banks were uninterested as there was no charge for internet banking fund transfer. Now, Tk10 service charge has been fixed per transaction for the banks.

According to the circular, the acquiring bank will get 1.6% of the total transaction as merchant discount rate (MDR), in case of merchant payments using the point of sale (POS) of another bank under the NPSB. Of the amount, 1.1% will be paid to the card issuing bank as IRF.

Payment Systems Department GM Md Mezbaul Haque said earlier different banks took different amount of charges for POS transactions, now the central bank has fixed 1.6% for the convenience of the customers.

The circular also said that if the network of International payment scheme (IPS) is used, an additional 0.2% of the charge for IRF will have to be paid.

At the same time, a maximum of Tk20 per transaction has been fixed for cash withdrawal using POS. This charge will be confirmed by the issuing bank to the acquiring bank.

Meanwhile, under the NPSB, a bank has to pay a service charge of Tk20 per transaction for withdrawing cash from another bank using an ATM. Bangladesh Bank has fixed Tk5 for money information, Tk5 for short message, maximum Tk10 for money transfer and maximum Tk20 for cash deposit.