Nowadays we are familiar with the word NPSB (National Payment Switch Bangladesh) for banking transactions. Especially in Inter Bank Fund transfer through Mobile Banking Apps, in cash withdrawal in ATM booths as well as payment clearance through POS.
Simply we can define NPSB fund transfer as a domestic ATM sharing network governed by the Bangladesh Bank for establishing interoperability among participating banks for their account and card-based transactions. Through this network, bank customers are to perform ATM transactions at other NPSB member banks’ ATM terminals using their Debit/Credit/ATM cards. We are on the NPSB network since 2012 in our country.
Currently, it caters to interbank;
- Automated Teller Machines (ATM),
- Point of Sales (POS) and
- Internet Banking Fund Transfer (IBFT) transactions while the Mobile Financial Services interoperability is under active consideration.
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53 Banks are now interconnected through NPSB for their ATM transactions. Currently, four types of interbank ATM transactions could be done through NPSB. These are 01. cash withdrawal, 02. balance inquiry, 03. fund transfer and 04. mini statement.
Fees for NPSB Fund Transfer:
| Sl | Transaction Type | Fee |
| 01 | Cash Withdrawal | 15 Taka |
| 02 | Balance Inquiry | 5 Taka |
| 03 | Mini Statement | 5 Taka |
| 04 | Purchase | Free |
Transaction limits:
There are different limits for individual and institutional IBFT transactions.
| Sl | Transaction Type | Maximum Limit | Maximum Number of Transaction |
| 01 | For Individual | 300000 each Transaction | 10 times in a day but not more than Tk.10,00,000/- in a day. |
| 02 | For Corporate | Tk.5,00,000/- each Transaction | 25 times in a day but not more than Tk.25,00,000/- in a day. |
It is mandatory for the participating banks to ensure Two Factor Authentications (2FA) for any online/e-commerce/inter-banking/card not present transactions.
List of Banks in Bangladesh having NPSB fund transfer facility:
- NPSB Certified Banks For ATM Transactions
| Sl. No. | Bank Name |
| 1 | AB Bank Limited |
| 2 | Agrani Bank Limited |
| 3 | Al-Arafah Islami Bank Limited |
| 4 | Bangladesh Commerce Bank Limited |
| 5 | Bangladesh Development Bank Limited |
| 6 | Bangladesh Krishi Bank |
| 7 | Bank Al-Falah Limited |
| 8 | Bank Asia Limited |
| 9 | BASIC Bank Limited |
| 10 | Bengal Commercial Bank Limited |
| 11 | BRAC Bank Limited |
| 12 | Citizens Bank PLC |
| 13 | Commercial Bank of Ceylon Limited |
| 14 | Community Bank Bangladesh Limited |
| 15 | Dhaka Bank Limited |
| 16 | Dutch-Bangla Bank Limited |
| 17 | Eastern Bank Limited |
| 18 | EXIM Bank Limited |
| 19 | First Security Islami Bank Limited |
| 20 | Habib Bank Limited |
| 21 | ICB Islamic Bank Limited |
| 22 | IFIC Bank Limited |
| 23 | Islami Bank Bangladesh Limited |
| 24 | Jamuna Bank Limited |
| 25 | Janata Bank Limited |
| 26 | Meghna Bank Limited |
| 27 | Mercantile Bank Limited |
| 28 | Midland Bank Limited |
| 29 | Modhumoti Bank Limited |
| 30 | Mutual Trust Bank Limited |
| 31 | National Bank Limited |
| 32 | National Credit & Commerce Bank Ltd |
| 33 | NRB Bank Limited |
| 34 | NRB Commercial Bank Limited |
| 35 | NRB Global Bank Limited |
| 36 | One Bank Limited |
| 37 | Padma Bank Limited |
| 38 | Prime Bank Limited |
| 39 | Pubali Bank Limited |
| 40 | Rupali Bank Limited |
| 41 | Shahjalal Islami Bank Limited |
| 42 | Shimanto Bank Limited |
| 43 | Social Islami Bank Limited |
| 44 | Sonali Bank Limited |
| 45 | South Bangla Agriculture & Commerce Bank Limited |
| 46 | Southeast Bank Limited |
| 47 | Standard Bank Limited |
| 48 | Standard Chartered Bank Limited |
| 49 | State Bank of India |
| 50 | The City Bank Limited |
| 51 | The Hong Kong and Shanghai Banking Corporation Limited. |
| 52 | Trust Bank Limited |
| 53 | Union Bank Limited |
| 54 | United Commercial Bank Limited |
| 55 | Uttara Bank Limited |
| 56 | Woori Bank |
- NPSB Certified Banks For POS Transactions
| Sl. No. | Banks Name |
| 1 | AB Bank Limited |
| 2 | Agrani Bank Limited |
| 3 | Al-Arafah Islami Bank Limited |
| 4 | Bangladesh Commerce Bank Limited |
| 5 | Bangladesh Development Bank Limited |
| 6 | Bangladesh Krishi Bank |
| 7 | Bank Al-Falah Limited |
| 8 | Bank Asia Limited |
| 9 | BASIC Bank Limited |
| 10 | Bengal Commercial Bank Limited |
| 11 | BRAC Bank Limited |
| 12 | Citizens Bank PLC |
| 13 | Commercial Bank of Ceylon Limited |
| 14 | Community Bank Bangladesh Limited |
| 15 | Dhaka Bank Limited |
| 16 | Dutch-Bangla Bank Limited |
| 17 | Eastern Bank Limited |
| 18 | EXIM Bank Limited |
| 19 | First Security Islami Bank Limited |
| 20 | Habib Bank Limited |
| 21 | IFIC Bank Limited |
| 22 | Islami Bank Bangladesh Limited |
| 23 | Jamuna Bank Limited |
| 24 | Janata Bank Limited |
| 25 | Meghna Bank Limited |
| 26 | Mercantile Bank Limited |
| 27 | Midland Bank Limited |
| 28 | Modhumoti Bank Limited |
| 29 | Mutual Trust Bank Limited |
| 30 | National Bank Limited |
| 31 | National Credit & Commerce Bank Ltd |
| 32 | NRB Bank Limited |
| 33 | NRB Commercial Bank Limited |
| 34 | NRB Global Bank Limited |
| 35 | One Bank Limited |
| 36 | Padma Bank Limited |
| 37 | Prime Bank Limited |
| 38 | Pubali Bank Limited |
| 39 | Rupali Bank Limited |
| 40 | Shahjalal Islami Bank Limited |
| 41 | Shimanto Bank Limited |
| 42 | Social Islami Bank Limited |
| 43 | Sonali Bank Limited |
| 44 | South Bangla Agriculture & Commerce Bank Limited |
| 45 | Southeast Bank Limited |
| 46 | Standard Bank Limited |
| 47 | Standard Chartered Bank Limited |
| 48 | State Bank of India |
| 49 | The City Bank Limited |
| 50 | The Hong Kong and Shanghai Banking Corporation Limited. |
| 51 | Trust Bank Limited |
| 52 | Union Bank Limited |
| 53 | United Commercial Bank Limited |
| 54 | Uttara Bank Limited |
| 55 | Woori Bank |
READ ALSO: What are the advantages of RTGS system in Bangladesh? And its regulations.
- NPSB Certified Banks For IBFT Transactions
| Sl. No. | Bank Name |
| 1 | AB Bank Limited |
| 2 | Al-Arafah Islami Bank Limited |
| 3 | Bangladesh Commerce Bank Limited |
| 4 | Bangladesh Development Bank Limited |
| 5 | Bank Asia Limited |
| 6 | BRAC Bank Limited |
| 7 | Community Bank Bangladesh Limited |
| 8 | Dhaka Bank Limited |
| 9 | Dutch-Bangla Bank Limited |
| 10 | Eastern Bank Limited |
| 11 | EXIM Bank Limited |
| 12 | First Security Islami Bank Limited |
| 13 | IFIC Bank Limited |
| 14 | Islami Bank Bangladesh Limited |
| 15 | Jamuna Bank Limited |
| 16 | Meghna Bank Limited |
| 17 | Mercantile Bank Limited |
| 18 | Midland Bank Limited |
| 19 | Modhumoti Bank Limited |
| 20 | Mutual Trust Bank Limited |
| 21 | National Bank Limited |
| 22 | NRB Commercial Bank Limited |
| 23 | One Bank Limited |
| 24 | Padma Bank Limited |
| 25 | Prime Bank Limited |
| 26 | Pubali Bank Limited |
| 27 | Shahjalal Islami Bank Limited |
| 28 | Shimanto Bank Limited |
| 29 | Social Islami Bank Limited |
| 30 | Southeast Bank Limited |
| 31 | Standard Chartered Bank Limited |
| 32 | The City Bank Limited |
| 33 | The Hong Kong and Shanghai Banking Corporation Limited. |
| 34 | Trust Bank Limited |
| 35 | Union Bank Limited |
| 36 | United Commercial Bank Limited |
| 37 | Uttara Bank Limited |
| 38 | Woori Bank |
NPSB Dispute Management Procedures
After getting a dispute claim by the customer banks are following the prescribed procedure by Bangladesh Bank. It usually takes almost 07(seven) working days to settle a dispute claim.
Useful link: https://www.bb.org.bd/en/index.php/financialactivity/paysystems
FAQs:
01. Is there any cut-off time for NPSB?
No. You can make transactions 24/7 through NPSB to any NPSB-listed bank.
02. Is NPSB free in Bangladesh?
No. You have to pay the following charges for using the NPSB channel.
01. Cash Withdrawal-15 Taka.
02. Balance Inquiry-5 Taka.
03. Mini Statement-5 Taka.
04. Purchase-Free.
03. How long does it take for NPSB transfer?
NPSB offers instant fund transfer service within the NPSB listed bank.
04. How much time usually takes to settle a claim for NPSB transaction?
It usually takes almost 07(seven) working days to settle a dispute claim.