The government has reduced the interest rates of national savings certificates with immediate effect.
The rate of the five-year Poribar Sanchayapatra has been reduced to 11.52% from the existing 12.45%, according to a circular issuedby the Internal Resources Division yesterday.
The new interest rates will be applicable only to the instruments sold after the issuance of the circular while those sold earlier will retain the previous rates.
According to the circular, Pensioner Sanchayapatra (five-year) witnessed a cut to 11.28% from 13.19%, Post Office Sanchayapatra (three-year) to 11.28% from 13.28% and Bangladesh Sanchayapatra to 11.28% from 13.19%.
The rate of the three-year Sanchayapatra paying quarterly profits was lowered to 11.04% from 12.59%. But to encourage wage earners, the government has not changed the interest rates of the five-year Wage Earners Development Bond. The provision for income tax at source in case of buying savings certificates remained unchanged while the provision for charging social security premium has been withdrawn.
