Considering the current situation, Bangladesh Bank has instructed all banks and financial institutions to not charge any extra fees for late payment of credit card bills, and loan installments.

The central bank issued a directive to banks and financial institutions in two separate notifications in this regard on Wednesday.

Those who had time to pay their loan installments, credit card bills, and savings deposit installments during the curfew and public holidays can make the payments till July 31. Bangladesh Bank has said that banks and financial institutions will not collect any additional interest, penalties or late fees for installments/card bills payable between July 18 and 25. No savings scheme can be canceled due to failure to pay installment during this time.

According to the central bank notification, many borrowers and credit card users have not been able to pay their dues to the banks on time due to the current situation.

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Besides, many depositors could not deposit installments of various savings schemes including Deposit Pension Scheme (DPS) on time. Under the circumstances, the new guidelines will be effective from July 18 to 25 in respect to dues of loans, credit card bills, and installments of various savings schemes including DPS.

The Bangladesh Bank directive stated that if the loan and credit card dues are paid by July 31, any interest or profit and penalty interest, additional interest, excess profit, late fee on the outstanding amount will be deducted. If installments of savings schemes are paid by July 31, no late fee or penalty can be collected.

Apart from this, interest or profit and penalty interest or late fee on any loan or credit card and any kind of late fee or penalty on various savings schemes that has already been collected has to be refunded or adjusted.

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