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Customers have flocked to branches of Sammilito Islami Bank (SBI) after being given an opportunity to withdraw the principal amount of their long-frozen deposits.
The bank began accepting withdrawal applications from individual depositors on Tuesday, September 1. According to officials at several branches in Motijheel and Dilkusha in Dhaka, customers will receive their principal deposits in a lump sum from September 7 after their applications are verified.
Many depositors arrived at branches early in the morning to apply for the return of their savings.
Sammilito Islami Bank was formed through the merger of five troubled Islamic banks—EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank. Depositors of these banks had been waiting for a long time to recover their funds.
Following a recent decision by Bangladesh Bank allowing individual depositors to withdraw their money, customer visits to the branches increased significantly.
At around 11am, a large crowd was seen at the Dilkusha branch of First Security Islami Bank, with many customers submitting applications to withdraw their deposits in full without interest. Others were seeking to withdraw only their profits while keeping their principal with the bank.
A customer at the branch told Dhaka Post that he had Tk19 lakh in a fixed deposit and had been visiting the bank for two years trying to recover the money. He said he had now applied to withdraw the entire amount and was told it would be paid after September 7.
Shafayet Ahmed Chowdhury, a head-office representative of First Security Islami Bank, said three categories of deposits had already been opened for withdrawals, excluding savings, SMD and Mudaraba term deposits.
“Customers can submit requests according to their requirements. Payments will begin after September 7 in line with the Bangladesh Bank circular,” he said.
He added that customers with urgent financial needs could also withdraw the principal from fixed deposits with government approval, even if they chose not to take the accumulated interest.
He urged depositors to remain confident in the bank and avoid unnecessary panic.
At the Dilkusha branch of Union Bank, the crowd was comparatively smaller. The branch manager, Mostafa Javed Bin Shahid, said customers could withdraw money from current accounts according to their needs and that applications for full withdrawal were also being accepted.
However, he said no customer had so far applied to completely withdraw their deposits from the bank, adding that customers were generally showing confidence in the institution.
