Internet banking: Fund transfer limit revised

The central bank has revised the upward limit of fund transfer through internet banking significantly to promote touchless transaction, amid pandemic.

In a circular issued on Sunday, the institutional digital fund transfer a day will be raised up to Tk 1.0 million, or up by 400 percent from the existing limit.

As many as 20 transactions will be allowed a day against five times from the current rule.

On the other hand, the same applied to individuals who can transact Tk 500,000 a day, up by 150 percent from the existing limit, according to the circular signed by Badiuzzman Dider, who is in charge of a general manager.

In this category, as many as 10 daily transactions will be allowed. Previously, it was five times a day. This will be effective from September 10.

An official at the department concerned said the date of implementation has been fixed on September 10 as banks need time for installing their system.

He also said the transaction through the internet banking is on the rise in recent times.

He said there is no risk in such a transaction as it is a transfer from one bank to another. He also said in the past, there was no such division between institutions and individuals.

Bankers have said this is a good piece of news as it will help promote the touchless transaction.

"We need such types of actions to speed up the internet-based transactions," said Syed Mahbubur Rahman, CEO and managing director at the privately-owned Mutual Trust Bank.

Mr. Rahman said during the pandemic, people do not prefer to go banks.