Small savers are facing trouble in purchasing government saving certificates from a number of commercial banks as many complained about the shortage of the same. The reason for the shortage is not known.
The bankers' claim about shortage comes in contrast to the National Saving Directorate's statement on the issue.
Some investors alleged that they had visited some banks for purchasing savings instruments but failed as the banks' officials said they did not have the same in their possession.
When contacted, Director-General of the National Saving Directorate (NSD) Bablu Kumar Saha said there is no possibility of supply shortage of the savings instruments as the NSD has enough stock worth nearly Tk 600 billion.
"Bangladesh Bank (BB) on July 14 took savings tools worth Tk 7.0 billion for distributing to the banks," he added.
Responding on the allegation, the NSD DG immediately contacted the BB and requested the authorities there to ask all branches of the commercial banks to ensure smooth supply of the government savings tools.
NSD officials said higher rate of yields on the savings instruments compared to that of the bank interest rates attract small investors to invest in the government borrowing tools.
Small investors found the savings tools as one of the safe and secure sectors of investment in recent times with comparatively attractive yield rates.
Investors have to pay tax at source at a rate of 5.0 per cent on profit gains from the savings tools which are considered final settlement on their earnings from the instruments.
The investors in government savings tools have been enjoying the facility since FY 2015-16. With the facility, small savers are not required to add the income from savings certificates to the aggregate taxable income.
In the budget for current fiscal year, the government has incorporated a tax-free ceiling of Tk 500,000 for the investors in pensioner savings certificates. Tax at a rate of 5.0 per cent will be deducted at source from the gains on the pensioner savings certificates if that exceed the threshold.
However, interest and profit arising from wage earners' development bond, US dollar premium bond, US dollar investment bond, euro premium bond, euro investment bond, pound sterling investment bond and pound sterling premium bond are fully tax-free.
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