BB asks banks not to charge compound interest on due credit card bills

Some banks charging compound interest daily or monthly

Banking transaction hours

Bangladesh Bank (BB) has asked the commercial banks not to charge compound interest daily or monthly on the outstanding bills against credit cards for the period from March 15 to May 31 this year due to the situation created amid the outbreak of coronavirus.

The banks have also been asked to refund or adjust the amount they already realised on the bills calculated as on March 15, according to a circular the central bank issued on April 15.

The BB said that some banks were charging compound interest on outstanding credit card bills, which is not acceptable in this crisis situation. Earlier on April 4, the central bank asked the banks not charge any fine or penalty if the credit card holders cannot pay bills, which have become due on March 15 and thereafter.

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