Ceiling of investment in pensioners' savings certificate enhanced

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S M Jahangir
Retired government officials might be able to invest more in the state-run pensioners' savings certificate as the finance ministry has given its consent to the proposal for raising investment ceiling of the instrument, officail sources said.
"The proposal for raising the ceiling of investment in the 'pensioners' sanchaypatra' by nearly Tk 2.0 million has got the finance ministry's approval. An official circular in this connection is expected shortly," a government officail said Wednesday.
The National Savings Directorate (NSD) recently sent the proposal for enhancing investment limit to Tk 5.0 million for the pension holders under the investment tool, he said.
Currently, a retired government employee is allowed to invest upto Tk 3.0 million in the pensioners' savings instrument, officail sources said.
The authorities have initiated the process of increasing such investment limit, taking into account the investment capacity of many pensioners.
"Retirement benefits of many pensioners have exceeded the officail investment ceiling, but they are unable to invest their entire
earnings in that particular invetment tool," said an officail.
According to the officail provision, retired officials and employees of the government, semi-government, autonomous and semi-autonomous bodies of civil and armed forces or their beneficiaries are entitled to investment in the five-year pension sanchaypatra.
A 12.50 per cent rate of interest/profit is calculated after the maturity of the savings certificate while profit can be drawn after every three months, they mentioned.
Officail sources said the rate of profit gained from the pensioner sanchayapatra is comparatively higher than that of other state-run savings instruments.
Apart from the enhancement of the investment ceiling, the authorities are also considering reintroducing the 'family sanchayapatra' savings scheme for the sake of enhancing the financial security of insolvent women of the society, officials said.
The family sanchaypatra was first introduced in 1997 during the regime of Awami League government, but its operation was suspended in 2002 by the last four-party alliance government.
According to the official sources, the initial rate of interest on the family sanchyapatra was 13.20 per cent per annum while the rate was 11.94 per before its closure.
Currently, three different types of savings certificates - Five Years Sanchayapatra, Three Monthly Sanchayapatra and Pensioners Sanchayapatra - are in operation under the National Savings Directorate (NSD).
Besides, the NSD is also operating five other development bonds namely Wage Earner Development Bond, Three Years Investment Bond, Bangladesh Prize Bond, US $ Premier Bond and US $ Investment Bond, officials sources said.