FE Today Logo

Integrated savings tools policy in the offing

Rezaul Karim | January 08, 2020 00:00:00

The government is close to formulating a new policy on national savings instruments with setting an investment ceiling of Tk 10 million on three schemes, according to Department of National Savings.

The three schemes are: 5-year Bangladesh Sanchayapatra, 3-monthly profit-bearing Sanchayapatra and Poribar Sanchayapatra (Family Savings Certificate).

However, the government has raised the ceiling on savings tools to Tk 15 million for its employees including pensioners, it said.

Under the existing rules, an investor can invest up to Tk 16.5 million in three separate schemes-Bangladesh Sanchayapatra, 3-monthly profit-bearing Sanchayapatra and Poribar Sanchayapatra.

But a government employee can invest maximum Tk 5.0 million in pensioners' scheme.

"We've finalised the policy and are expecting to release it sometime in June next," Shamsunnahar Begum, director general (additional secretary) at DNS, told the FE on Sunday.

She said an investor will be able to invest Tk 5.0 million singly and Tk 10 million jointly in three savings instruments--5-year Bangladesh Sanchayapatra, 3-monthly Sanchayapatra and Poribar Sanchayapatra.

The new policy "integrated savings scheme" will be released as per a government rule, the DG said, adding that it will help expedite sales of national savings instruments and prevent its 'abuse".

She, however, said there will have opportunities for unlimited investment in wage earners development bond, US dollar premium bond and US dollar investment bond.

The aim of such 'unlimited' facility in the bond is to attract foreign investment, she added.

A deputy director at DNS said an integrated policy is on the cards, trimming down the ceiling of investment in state-owned savings tools.

Insiders said as e-TINs, bank accounts and NID cards have been made mandatory for investors to buy savings tools, sales of savings tools have decreased in recent months.

Sales of savings tools dropped sharply in the first four months of the current fiscal year due to introduction of online savings tools management system and increased rate of source tax on savings instruments, they mentioned.

Net sales of savings certificates fell by 69.03 per cent or Tk 123.08 billion year-on-year, according to the central bank data.

A DNS official said sometimes people cross the investment ceiling on buying savings tools from different outlets. "We want to prevent such practice by preparing an integrated policy."


Share if you like