Limit withdrawn on number of internet banking transaction

People now can make unlimited number of transaction a day through internet banking, as the Bangladesh Bank today withdrew the ceiling on such transaction.

Clients were earlier permitted to settle 10 transactions a day through internet banking fund transfer (IBFT) and businesses 20.

From now on, there will be no ceiling, according to a Bangladesh Bank notice.

The central bank has taken the decision as internet banking transactions have surged in recent months, a BB official said.  

An individual is now allowed to transfer a maximum of Tk 10 lakh a day and a maximum of Tk 3 lakh per transaction.

The maximum limit for business entities, however, is Tk 25 lakh per day and the ceiling of a single transaction is Tk 5 lakh.

The banking regulator also removed the maximum limit of fund transfer from one account to another of the same bank.

Banks can set the daily intra-bank transaction limit on their own. The highest intra-bank fund limit was Tk 5 lakh per day.

The transactions through internet banking amounted to Tk 17,763 crore in February, up 109 per cent year-on-year, showed the BB data.