• Tuesday, Nov 12, 2019
  • Last Update : 01:41 am

BB increases mobile banking transaction limit

  • Published at 10:13 pm May 19th, 2019
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The amount and frequency of transactions were extended both on “cash-in” and “cash-out” front at individual level

Bangladesh Bank on Sunday increased the limit and frequency of Mobile Financial Services (MFS) transaction.

The central bank in a circular to the managing directors and CEOs of MFS provider banks and subsidiaries made the provisions effective immediately, confirmed its Executive Director Sirajul Islam.

The amount and frequency of transactions were extended both on “cash-in” and “cash-out” front at individual level. 

In the revised transaction rules, a personal account can cash-in maximum five times per day with an amount of Tk30,000. 

Previously, a personal account could cash-in maximum Tk15,000 and two transactions were permitted a day.

Also, the monthly total cash-in limit has been raised to Tk200,000 from Tk100,000. 

Cash-out limit has also been extended to maximum Tk25,000 and a personal account holder can cash-out a maximum of five times, as well. Earlier, it was Tk10,000 and two times per day. 

A MFS subscriber can cash-out Tk150,000 per month now, which was Tk50,000 before. 

Earlier in January 2017, Bangladesh Bank significantly cut down the transaction ceiling of personal account of MFS , in a bid to combat illegal financial transaction, mainly foreign remittance through “hundi”.