• Sunday, Jul 05, 2020
  • Last Update : 01:33 am

Govt caps investment on post office savings to Tk20 lakh

  • Published at 10:57 pm May 28th, 2020
web-savings
Dhaka Tribune

People can now invest a maximum of Tk10 lakh instead of Tk30 lakh in accounts held by a single individual and Tk20 lakh instead of Tk60 lakh in joint accounts under the post office savings products

The government has reduced the limit of investment on post office savings schemes to Tk20 lakh from Tk60 lakh.

The Internal Resources Division (IRD) of the Ministry of Finance issued a notice in this regard on Thursday.

People can now invest a maximum of Tk10 lakh instead of Tk30 lakh in accounts held by a single individual and Tk20 lakh instead of Tk60 lakh in joint accounts under the post office savings products, as per the notice.

Usually, people from the middle class, retired employees and women deposit their money under the scheme, according to industry insiders.

Every Bangladeshi citizen can deposit his or her money under the post office savings schemes.

Under the schemes, the interest rate of the ordinary account is 7.50% while the interest rate of the three-year term account is at 11.28%. 

In the case of redemption before maturity, the interest rate for one year is 10.20% and the interest for two years is at 10.70%.

Earlier on February 13 this year, the IRD reduced the interest rate on post office savings schemes but the decision drew huge criticism as it would affect marginalized people who had saved money at the post office.

Subsequently, on March 16, the government reinstated the interest rates on post office savings schemes.

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