Depositors of five banks merged to form Sammilito Islami Bank will be able to withdraw their deposited principal amount from September 7, according to a special directive issued by the newly formed bank.
Initially, customers will be allowed to withdraw or encash their entire principal balance in a single transaction. However, no profit will be paid on the amount withdrawn at this stage.
Applications for deposit withdrawals will begin being accepted at the bank’s branches from Tuesday, September 1.
According to the directive, customers will be able to withdraw the principal amount deposited in various types of accounts, including:
The directive was signed by A F Sabbir Ahmed, Deputy Managing Director and Chief Coordinator of Operations at Sammilito Islami Bank.
The bank has instructed all divisional heads, zonal heads and branch managers to complete the necessary preparations and follow the prescribed procedures for returning deposits.
Customers Who Keep Accounts Open Can Continue Earning Profit
Customers who choose not to close their accounts will continue to receive profit at the predetermined rates specified in their respective agreements.
The bank said that once its overall operations become fully functional, customers will be able to deposit and withdraw money of any amount, along with receiving applicable profits, subject to the bank’s rules.
The latest move is expected to provide some relief to depositors of the five merged banks by allowing them access to their original deposited funds.
