Bangladeshi central bank fixed the service charges

Bangladesh Bank has fixed the rate of fees, charged by commercial banks to their clients for different services. In a circular on Tuesday, the central bank fixed fees of about 20 types of services, including letters of credit and saving deposits to protect the interest of depositors and investors. This is for the first time the central bank intervened into the matter as the service charges of 40 commercial banks of the country varied widely. In some cases, importers, exporters, depositors and remittance senders are forced to pay additional and higher than usual charges. Business bodies have long been demanding for rationalisation of charges. According to the central bank circular, the fixed charges will come into force from January 1 next year. The commercial banks are advised to acknowledge the central bank about their rates of service charges half yearly. They are also asked to post rate of service charges on the banks' websites. Following are rate of charges: Current account half yearly charge- Tk 500, Saving account half yearly charge-Tk 300, Balance certificate-Tk 200, Current account closer fees-Tk 300, Saving account closer fees-Tk 200, Three-month commission for opening of Site LCs- 0.40 per cent, Three-month commission for deferred LCs- 0.50 per cent, Three-month commission for 100 per cent cash LCs-0.25 per cent, There-month commission for back-to-back LCs-0.40 per cent. LCs advising, amendment and transfer charge Tk 750, Three-month commission for LCs acceptance 0.40 per cent, LCs confirmation charge-0.20 per cent, Export bill negotiation fees and export bill collection fees-0.15 per cent, Issuance of certificates for back-to-back LCs, CNF and export bills- Tk 500, BO account certificate.