Interest in investing in savings certificates (Sanchayapatra) is on the rise. In July and August of the current FY27, savings certificate sales reached Tk2,463.12 crore.
During the same period of the previous fiscal year, sales stood at Tk1,572.29 crore.
This marks a nearly 57% increase in sales over the two-month period compared to a year earlier.
According to data from the National Savings Directorate, along with the two-month total, August also saw significant growth. In August of this year, savings certificates worth Tk403.65 crore were sold.
In the same month of 2025, sales were Tk278.81 crore. Year-on-year sales for August grew by Tk124.84 crore, or approximately 45%.
Stakeholders attribute the rising interest to higher returns compared to bank deposits.
Profit rates on savings certificates were also revised for new investments between July 1 and December 31 of this year.
However, despite the jump in gross sales, savings certificates have yet to become a major source of net borrowing for the government.
A substantial portion of new sales is being spent on repaying the principal to existing investors.
In FY26, total savings certificate sales reached Tk92,513 crore, while Tk92,077 crore was paid out to clear principal on matured certificates.
Consequently, net government borrowing from savings certificates during that fiscal year stood at just Tk436.06 crore.
In contrast, the budget targeted borrowing Tk12,500 crore from this sector, which was later revised down to Tk11,500 crore.
Just a few years ago, savings certificates were a primary source of internal government borrowing.
In FY21, net government borrowing from this sector was nearly Tk42,000 crore.
Today, because most incoming investments are channeled back into paying principal and interest to previous investors, the net funds remaining with the government are considerably lower.
By the end of August 2026, total customer investment in savings certificates—representing the government's outstanding debt in this sector—stood at Tk336,465 crore, up from Tk333,846 crore in August of the previous year.