Keeping money in Bangladesh's banking system to get more expensive as the excise duty on bank balances increased in the FY25.
However, these changes will not affect small depositors but will impact large depositors, as additional duty will be required for deposits exceeding Tk10 lakh.
The announcement came during the unveiling of the national budget for FY25.
Currently, no excise duty is applicable on balances of up to Tk1 lakh annually. Excise duty of Tk150 on balances above Tk1 lakh to Tk5 lakh and Tk500 on balances above Tk5 lakh to Tk10 lakh has remained unchanged.
However, the annual excise duty on bank balances of between Tk10 lakh and Tk50 lakh in local currency will be Tk3,000.
Meanwhile, the excise duty on bank accounts having debit or credit balance between Tk50 lakh and Tk1 crore was increased to Tk5,000, showed the budget proposal of the finance ministry.
For bank balances between Tk1 crore and Tk5 crore, the National Board of Revenue (NBR) seeks to create two slabs: Tk1 crore to Tk2 crore and Tk2 crore to Tk5 crore.
As per the proposal, the excise duty will be Tk10,000 on debit and credit balances of between Tk1 crore and Tk2 crore.
For debit or credit balances between Tk2 crore and Tk5 crore at any time of the year, the amount of excise duty will increase to Tk20,000 from Tk15,000.
However, the NBR seeks to keep the amount of excise duty unchanged for debit or credit balances exceeding Tk5 crore at any time of the year.
