The sales of state-run savings certificates declined in recent days following reduction of the yield rates, said officials.
They said sales dropped by 20 to 30 per cent following introduction of new yield rates with effect from May 23.
"Presently our daily sale of savings certificates is worth Tk 35 million. It was Tk 50 million before the rate cut," said a postal operator at the Dhaka GPO.
He said following reduction of the rates of yield, a section of investors feel discouraged to invest in the sector. So the sale has declined to some extent in present days.
"But after a few days savers will be attracted towards the schemes again as the rates are still higher than those of banks," he added.
District Savings Officer at Manikganj Rafiqul Islam said his daily sale has come down to Tk 2.0 million from Tk 2.5 million a few days back.
As the rates of yield decreased to Tk 912 from Tk 1070 in investment of per Tk 100,000, there is a negative impact on the overall transaction, he said.
Mr Islam said some investors are waiting to see if government restores the yield rates, he said.
An official at the Department of National Savings (DNS) also acknowledged the issue and said they came to know from their different selling booths about sales drop of the national savings certificates.
The actual scenario will be noticeable after release of complete data of last month, he mentioned.
"But the sale will not come down drastically as the rate is still more lucrative than that of the banking sector," the official said.
The rates of return on Family Savings Certificate declined from 13.45 to 11.52 per cent whereas Five-Year Bangladesh Savings Certificate from 13.19 to 11.28 per cent, Three-Month Savings Certificate from 12.59 to 11.04 per cent, Pensioner Savings Certificate 13.19 to 11.76 per cent and Post Office Savings Certificate from 13.24 to 11.28 per cent.
Besides, social security premium (SSP) has been withdrawn which was at 0.99 per cent in every savings certificate after maturity.
Ceiling and source tax remained unchanged on the instruments, the DNS officials said.
According to the official figure, government's net borrowing from the savings tools was Tk 241.41 billion in the July-April period of fiscal year (FY) 2014-15 whereas it was Tk 87.34 billion in the corresponding period of FY 2013-14.
Because of such higher sales government increased the borrowing target to Tk 210 billion from this sector in the revised budget. The original target was Tk 90.56 billion in the FY 2014-15.
Higher yield rates helped achieve such development.
A significant rise in the government's borrowing from savings tools pushed up its debt liability during the period mentioned, according to officials.
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