The Ministry of Finance (MoF) launched on Sunday a pilot scheme aiming to create an online database of savings certificate holders.
Finance Division Secretary Abdur Rouf Talukder inaugurated the scheme named 'national savings certificates online management system' at a ceremony at the Bangladesh Secretariat.
The programme has been taken up to check whether savings schemes are abused by exceeding investment limit or making 'benami' (fictitious) investments.
Initially, the online database will be launched at the headquarters (HQs) of Bangladesh Bank, Bangladesh Post Office, Sonali Bank and Department of National Savings (DNS).
A senior Finance Division official told the FE that the government will bring all savings certificates sales outlets under the programme shortly.
After successful operation at the HQs, he said the online database programme will be extended to divisional and district level.
The pilot scheme will run at the HQs for a three-month period, he added.
Under the system, the buyers of fixed-income instruments will need eTINs along with national identity cards while purchasing the same.
Besides, cash transaction of up to Tk 100,000 will be allowed. But savers must submit cheques for buying savings tools worth over Tk 100,000.
The savers will also require bank accounts, mobile numbers while purchasing national savings certificates and bonds.
And those who have already invested in savings certificates and bonds will need to submit the same to draw profits or encash matured ones.
Currently, people can purchase savings tools from Bangladesh Bank (BB) and its all offices, DNS offices, branches of nationalised banks and all post offices across the country.
DNS sources said around 20 million people have now investments in different types of fixed-income instruments. At present, some 11 savings schemes are in operation.
They are 5-year Bangladesh Sanchayapatra (11.28 per cent yield), 3-monthly Profit Bearing Sanchayapatra (11.04 per cent), Family Savings Certificate (11.52 per cent), and Pensioner Sanchayapatra (11.76 per cent yield).
The other schemes are: post office savings general account at 7.5 per cent interest rate, post office savings-term account at 11.28 per cent profit, post life insurance at 4.2 per cent profit, Bangladesh Prize Bond at 6.5 per cent profit, US Premium Bond at 7.5 per cent profit, US Dollar Investment Bond at 6.5 per cent profit and Wage Earners' Development Bond at 12 per cent profit.
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