The number of people missing has not been confirmed yet.
The ferry, carrying between 250 to 300 passengers, capsized in Meghna river in Munshiganj, some 27 km from capital Dhaka, after it was hit by a nor'wester, Xinhua reported.
Rescue vessels were carrying out the operation to fish out people from the river.
Ferdous Hossain, officer-in-charge of Gajaria police station in Munsihganj, said many passengers were able to swim ashore after the accident occurred around 3 p.m. but he could not tell immediately exactly how many passengers were missing.
The ferry services in Bangladesh are notorious for never maintaining passenger lists and none can say how many passengers a ferry carries.