Customers lock Sammilito Bank branches demanding savings back in Chattogram

One of the banks says no withdrawals can be made before 2028, a customer claims

Depositors of several units of Sammilito Islami Bank have taken to the streets in Chattogram, locking branch gates and demanding immediate access to their savings and promised profits.

They demonstrated outside the First Security Islami Bank, Global Islami Bank, Union Bank, Social Islami Bank, and Exim Bank in the port city’s Khatunganj on Sunday morning.

Protesters locked the entrances of Union Bank and Exim Bank, which were later opened by police.

The protesters claimed that while bank officials continue to receive their salaries, bonuses, and all other benefits, the customers who deposited money in hopes of profit are now unable to retrieve their savings.

Md Tanveer, a customer, said despite having funds in his savings accounts at Union Bank and Exim Bank, he is unable to withdraw them or conduct normal transactions.

He said, “I used to withdraw profits from my FDRs (fixed deposit receipts) at different times. It is now being said that except for a 4 percent profit for the year 2024-2025, the remaining amount will be deducted from the principal capital.

“Also, FDRs that have not yet matured are not being allowed to be encashed.”

The crisis-stricken private Sharia-based First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank were merged to form the state-owned Sammilito Islami Bank last year.

Following this, the central bank announced that no profits would be paid on deposits for the last two financial years.

This was cancelled under a “haircut” method, which was later withdrawn in the face of protests.

Sharmin Akhtar, a depositor of Social Islami Bank, said: “I deposited money in the bank in 2018. Now I am being told that apart from 4 percent of the profit for 2024-2025, the rest will be deducted from our original principal.”

“The bank says no money can be withdrawn before 2028. Even then, no one is giving us a guarantee that we will actually be able to withdraw our funds,” she added.

Branch managers were unable to provide any resolution to the protests and the demands of the customers and depositors.

Kotwali Police chief Aftab Uddin said, “We have spoken with both the protesters and the bank authorities.

“We have informed our senior officials of the situation.”