Bank closed for Eid holidays, how to withdraw cash

Due to Eid, the country will experience a continuous seven-day holiday period. Consequently, banks and other financial institutions will remain closed during this time.

Does this mean that financial transactions will come to a halt? Certainly not. All alternative banking and transaction facilities will remain operational.

During such holidays, the demand for cash generally increases. In this period, Automated Teller Machine (ATM) booths and Mobile Financial Services (MFS) cash-out facilities become the primary means of accessing money.

Customers will be able to withdraw cash from ATM booths using their cards, and they may also conduct transactions at Point of Sale (POS) terminals.

All internet-based transaction systems will remain active during this time. In addition, Mobile Financial Services such as bKash, Rocket, and Nagad will continue to operate.

Therefore, stakeholders in the sector believe that financial transactions will continue smoothly even though bank branches remain closed.

However, during extended holidays, ATM booths sometimes experience cash shortages.

To prevent this, Bangladesh Bank has instructed all banks to ensure that sufficient cash is available in ATM booths during the Eid-ul-Fitr holiday.

Instructions have already been issued to the managing directors of all banks regarding this matter.

Demand for cash withdrawals from ATM booths rises significantly during Eid. Long queues of customers are often seen in front of ATM booths.

In addition to ATMs, banks have been instructed to ensure uninterrupted transactions through Point of Sale (POS) terminals, QR codes, internet banking services, online payment gateways and Mobile Financial Services (MFS).

Private banks now require customers to obtain an ATM card along with their cheque book when opening an account. As a result, most new customers possess ATM cards.

When bank branches remain open, customers can withdraw and deposit cash directly at the branch.

Similarly, Cash Recycling Machines (CRMs) now allow customers to both withdraw and deposit money. Many banks are gradually replacing traditional ATMs with CRMs.

Customers can also make purchases and conduct transactions at POS terminals using their cards. Across the country, banks currently operate 12,713 ATM booths and 8,483 CRMs.

In addition, there are 142,773 POS terminals nationwide. So far, banks have issued nearly 50 million (5 crore) cards, although many customers hold cards from more than one bank.

A large segment of the banking population has now come under digital financial services.

As a result, even when bank branches remain closed during the Eid holidays, customers will be able to meet their cash needs through card-based services.

In addition, banks now offer their own apps and internet-based banking services. Through these services, a customer of one bank can instantly transfer money to a customer of another bank.

Therefore, money transfers will not be interrupted during the Eid holiday period. Currently, 12.5 million (1.25 crore) customers use internet banking services. In January alone, transactions through these services exceeded Tk 1 trillion.

Among the most popular platforms are CellFin of Islami Bank, NexusPay of Dutch-Bangla Bank, Astha of BRAC Bank, Citytouch of The City Bank, Go Plus of Dhaka Bank, Sky Banking of Eastern Bank and MTB Neo of Mutual Trust Bank.

Mobile Financial Services (MFS) such as bKash, Nagad, and Rocket are also widely popular and will remain fully operational during the holidays.

Through these services, customers can deposit money from their bank accounts.

In addition, agents will continue to provide services during the Eid holidays, allowing customers to withdraw and deposit cash without interruption.