It collided with a cargo boat crossing the Padma river, about 40km (25 miles) north-west of the capital Dhaka.
Most of those who drowned were on the ferry's lower decks - 40 or 50 people were rescued or swam ashore.
Witnesses said the ferry may have been overcrowded, with up to 150 people reportedly on board.
Accidents are common on Bangladesh's river network, with overcrowding and poor boat quality often to blame.
The ferry was raised to the surface and brought ashore on Monday.
The exact number of people aboard the boat is not known, as Bangladeshi ferries do not usually have formal passenger lists.
Police have arrested three people, including at least one person responsible for steering the cargo vessel.
Hafizur Rahman Sheikh, who survived the crash, told Bangladesh's Prothom Alo newspaper that many passengers were trapped on the lower decks when the ferry sank.
A similar accident earlier this month killed at least seven passengers in southern Bangladesh.
In August 2014 more than 100 people died when a ferry with a capacity of 85 capsized with more than 200 people aboard.

Hammersmith and Fulham council's planning committee have backed plans to demolish the current 41,600-capacity Stamford Bridge stadium.
The plans include a walkway from the nearby District Line station.
"We are grateful that planning permission was granted for the redevelopment of our historic home," Chelsea said in a statement.
"The committee decision does not mean that work can begin on site. This is just the latest step, although a significant one, that we have to take before we can commence work, including obtaining various other permissions."
London Mayor Sadiq Khan will have the final say on whether Chelsea can build their new stadium.
The new stadium has been designed by architects Herzog and de Meuron, who were also responsible for the "Birds Nest" Olympic stadium in Beijing.
The proposals could mean owner Roman Abramovich has to find a temporary home for the current Premier League leaders for up to three years, with both Twickenham Stadium and Wembley Stadium being looked at as possible options.
Chelsea might, however, struggle to use Wembley as north London rivals Tottenham Hotspur will occupy the national stadium for at least the 2017-18 football season as work finishes on Spurs' own new 61,000-capacity stadium.
Chelsea could stay at Stamford Bridge while the work takes place but this is thought to be the most expensive option.
Mr Abramovich has wanted to increase capacity at Chelsea on match days for a number of years.
He previously attempted to buy Battersea Power Station with a view to redeveloping the site into a new stadium, ultimately losing out to property developers who are currently building luxury apartments at the site.
Ten years ago Arsenal built the 60,000-seat Emirates Stadium, last summer West Ham moved to the 57,000-capacity Olympic Stadium in Stratford, east London, and Spurs are currently redeveloping their White Hart Lane ground.
The current 41,663-capacity Stamford Bridge is the seventh biggest stadium used by a Premier League team, well behind Manchester United's 76,000-seater stadium at Old Trafford.
At least 70 people are known to have died in a ferry accident in Bangladesh, after authorities managed to reach the vessel which capsized on Sunday.
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Chelsea Football Club have been given permission by the local council to build a new £500m 60,000-seat stadium.