Govt slashes rates on savings certificates
FE ONLINE REPORT | Tuesday, 21 September 2021
The government on Tuesday lowered the rate of return on savings schemes.
The Internal Resources Division (IRD) under the Ministry of Finance (MoF) issued a notification to this effect on Tuesday.
The new rates will be applicable for the procurement of savings certificates afresh while the existing owners will continue receiving previous rates until the maturity of their instruments.
Under the re-fixed rate, the return of 5-Year Bangladesh Sanchayapatra, when matured, will be 11.28 per cent for investment up to Tk 1.5 million, 10.30 per cent for investment up to 3.0 million, and 9.30 per cent for investment over 3.0 million.
The present rate for a matured 5-Year Bangladesh Sanchayapatra is fixed at 11.28 per cent.
For the three-month profit bearing Sanchayapatra, the rate of return is between 10 per cent and 11.04 per cent in first year and third year. With the new decision, the rate is going down between 11.04 per cent and as low as 8.15 per cent.
For the Pensioner Sanchayapatra, the new rates now stand between 8.04 per cent and 11.76 per cent from 9.70 per cent and 11.76 per cent earlier.
The new rate of return for Poribar Sanchayapatra (Family Saving Certificate) is now fixed at between 7.83 per cent and 11.52 per cent from 9.50 per cent and 11.52 per cent earlier.
The present rate on the post office savings certificate stands at 7.50 per cent which has been kept unchanged.