Banks asked for faster delivery of savings tools related services

The Bangladesh Bank today asked banks to provide clients with required financial services related to the investment of savings bonds and instruments as fast as possible.

Allegations have been found that many clients are being harassed by banks as they do not provide services in time, according to a BB notice.

As per the central bank instruction, the lenders have to submit the funds deposited by clients to the central bank's clearing houses within a day, after which they have to issue the savings bonds or certificates to savers.

The lenders have to fulfil the requirements of clients, such as change of nominee and account number, replace of mobile phone number, or problems related to the electronic fund transfer (EFT).

The BB asked banks to settle the said issues within three working days.   

The cheques presented for clearing houses will not be returned to clients without any valid reason.

Clients will not be compelled to open separate deposit accounts with the banks while depositing money for purchasing savings instruments.

A BB official said that a good number of clients had recently submitted complaints to the central bank, saying they were frequently facing several kinds of problem while investing money in the government instruments.

Against the backdrop, the central bank issued the notice asking banks to provide services promptly.