Banks will have to follow new rules for buying and selling National Savings Certificates. On Wednesday (July 20), Bangladesh Bank issued a circular in this regard and instructed the banks to follow the new rules.
The instructions state that a person who wants to buy savings bonds should present the check submitted by the buyer for clearing within one working day from the date of receipt of the application by the issuing office. Besides, if the customer applies for purchase of savings paper through the debit authority, the corresponding instrument in favor of the customer should be issued on the date of debiting the customer's account.
Profit based savings certificate every 3 months
Quarterly Profit Based Savings Certificate (Introduction: 2004 AD)
Value: Tk 1,00,000; 2,00,000/- 5,00,000 and Rs.10,00,000.
Where to get: Can be purchased and encashed from National Savings Bureau, Bangladesh Bank branches, commercial banks and post offices.
Tenure: 3 (three) years.
Bangladesh Bank also says that through the National Savings Scheme online management system, intimation should be ensured on the date of payment of the profit and the original or principal amount on maturity of the savings certificates sold.
In addition, any application (such as change of nominee, change of account number, change of mobile number, EFT related issues, etc.) after the purchase of the customer's savings card must be taken within three working days from the date of receipt.
Bangladesh Bank has mentioned that District or Bureau Savings Offices under National Savings Directorate and National Savings Special Bureau responsible link banks, offices or bureaus will clear the checks of the customers on time and notify the concerned office. Also, checks presented for clearing for purchase of savings bonds cannot be returned without proper cause. Also, the profit and original of savings certificates sent through Electronic Fund Transfer (EFT) instructions in favor of the customer are non-refundable.
Bangladesh Bank also said that the issuing bank or branch cannot force the customer to open an account in that bank or branch during the sale of savings certificates. Besides, for the sake of security, the user ID of one person or one branch of the bank cannot be used by another person or another branch.
Rate of profit:
Serial No. Name of Savings Scheme Tenure (if passed) Existing Rate of Profit Cumulative Investment Amount in all Savings Schemes mentioned in Serials 1-9:
Up to Tk 15,00,000 Tk 15,00,001 to Tk 30,00,000 Tk 30,00,001 and above
Rescheduled Profit Rate (%)
02 Quarterly Profit Based Savings Certificate 1st Year 10.00% 10.00 9.06 8.15
10.50% in 2nd year 10.50 9.51 8.56
11.04% in 3rd year 11.04 10.00 9.00
In case of encashment before maturity, the profit will be earned at the rate mentioned in the above table and if the excess amount is paid, the remaining principal amount will be deducted from the principal amount and adjusted.
Profit-at-source tax: 5% on total investment up to Tk 5,00,000/- (Five Lakhs) in 5-year Bangladesh Savings Paper, 3-monthly Profit Based Savings Papers and Family Savings Papers and 10% on profits for investments above that Tax is deducted at source.
Who can purchase: Bangladeshi citizens of all classes and professions and educational institutions for autistics/ any other autistic cooperative organization (whose savings card profits must be used to help autistics) certified by the concerned District Social Services Office.
Maximum purchase limit: Maximum 30 (thirty) lakhs in single name or maximum 60 (sixty) lakhs in joint names.
Other benefits:
(a) Profit payable quarterly.
(b) Nominees can be appointed.
(c) After the death of the purchaser of the savings certificate, the nominee can immediately encash the savings certificate and withdraw the money or withdraw the profit as usual every three (3) months until maturity.
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