Deposit Holders Can Now Withdraw Monthly Profits

Deposit holders of the newly formed Sammlito Islami Bank will soon be able to withdraw their profits on a monthly basis, Bangladesh Bank Governor Dr Ahsan H. Mansur announced on Thursday. The facility will apply not only to savings and current accounts but also to fixed deposits, allowing withdrawals of up to BDT 2 lakh per account. The measure is expected to take effect from February.

In addition, profits earned from remittances and savings certificates can now be withdrawn immediately, offering greater flexibility to depositors. Governor Mansur shared these updates during a press conference organised by Bangladesh Bank.

“All depositors’ principal amounts are fully secure,” he emphasised. “Despite any rumours or misinformation, funds will be returned gradually as planned.”

Governor Mansur also addressed concerns regarding misinformation surrounding Sammlito Islami Bank, which was created by consolidating five struggling Islamic banks. He noted that some parties are attempting to undermine the bank’s operations for vested interests.

“No implementation plan is flawless from the start,” he added. “Problems are identified and resolved gradually. Some actors, however, are deliberately trying to obstruct the process.”

Currently, depositors can withdraw a maximum of BDT 2 lakh from any scheme. Profit rates have been standardised across the market since 1 January. Fixed deposits of more than one year now carry a profit rate of 9.5%, while deposits of less than one year yield 9%.

Governor Mansur further highlighted the government’s support: a 4% subsidy for two years, amounting to approximately BDT 4,500 crore, underscores the state’s commitment to safeguarding depositors’ interests.

Sammlito Islami Bank was established after the government merged Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank, all weakened by loan defaults and financial irregularities. Collectively, these banks held deposits of BDT 1.42 lakh crore from around 7.6 million depositors, with 77% of the BDT 1.92 lakh crore in loans now classified as non-performing.

Sammlito Islami Bank: Key Data

Governor Mansur concluded that depositors’ welfare remains the top priority and urged the public not to be swayed by rumours, assuring that the bank is now on a secure footing.