"Bodies of two women have been recovered so far," said Tofazzal Hossain, officer-in-charge of Lauhajang Police Station in Munshiganj district, some 27 km away from capital Dhaka.
Hossain said the Pinak-6 ferry, carrying some 200-300 passengers, capsized in the river at around 11.15 a.m., Xinhua reported
He said a rescue vessel has been called in to boost local efforts to salvage the ferry.
According to the official, about 110 people, who survived by swimming, were rescued after the ferry capsized in high winds and rain on the Padma's Maowa-Kewrakandi river route.
Senior Fire Brigade official Nurul Alam Dulal said high waves and wind still hampered the rescue efforts.
Officials, however, could not tell the exact number of the missing passengers.
The ferry services in Bangladesh never maintain list of passengers and none can exactly say how many passengers a ferry carries.
Ferry disasters are common in Bangladesh.