Mobile banking transaction limit increased...

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Mobile banking transaction limit increased

 Economy Desk

 Published: 10:35 PM, 19 May 2019   Updated: 10:35 PM, 19 May 2019

File Photo

File Photo

Bangladesh Bank today enhanced the transaction ceiling for mobile financial service following requests from the leading players aiming to promote the expansion of the services.

The move came two and a half years after the central bank lowered the ceiling, saying that the facility was being abused.

From now, the maximum amount of Tk 30,000 can be deposited into an MFS account each day and Tk 2 lakh monthly which is double from the existing amount of Tk 15,000 and Tk 1 lakh respectively, according to circular of the central bank.

The number of daily cash-in transaction for an individual improved to five from existing two and monthly transaction number 25 from existing 20 times.

The daily cash-out limit also uplifted to Tk 25,000 and monthly ceiling to Tk 1.50 lakh which was previously was Tk 10,000 daily and Tk 50,000 monthly.

A person can withdraw money from the account for five times a day which was only two previously. MFS users also get relaxed dealings and can cash-out 20 times monthly, was only 10 times previously.

However, the banking regulator hasn’t mentioned anything about the cash-out charge which cost 1.8 per cent.