BB orders waiver on maintenance fees for retail merchants' bank accounts

The Bangladesh Bank (BB) has issued a circular to all commercial banks, directing them to waive the maintenance fees charged on the bank accounts of retail merchants.

The Banking Regulation and Policy Department of the central bank released the circular on Sunday (19 March) with the aim of facilitating the inclusion of labour-dependent micro and floating entrepreneurs, service providers engaged in various fringe professions, and self-made or self-initiated product sellers and service providers through social media in the digital payment ecosystem through banking services.

The circular also mandates that these privileged personal retail accounts be exempted from the minimum deposit obligation, with no minimum deposit amount required for these bank accounts. 

The central bank has issued these directives under the rules in Section 45 of the Bank Company Act, 1991, and they will be immediately effective.