From June later this year, the Post Office Savings Bank will not accept manual deposits from its general account holders.
According to a statutory regulatory order (SRO) issued by the Internal Resources Division (IRD) recently, the bank will go for digital deposits to bring all transactions under the electronic system by June next year.
IRD officials said that general account holders would require digital transformation of their manually operating accounts by next June to keep up transactions beyond June 2024.
As per the order, those who will open manual accounts before June 2023 will receive benefits for the next one year only.
Popular schemes such as savings certificates operated by the Post Office Savings Bank have already been brought under the electronic system to check abuses of the certificates of deposit.
Besides, the Post Office Savings Bank has its own instruments under which depositors can make a certain amount of investment to receive 7.5% interest.
Officials said that both short and long-term savings of the Post Office Bank were on the decline, ever since the mandatory requirement of NIDs to operate accounts.
They also said that over Tk2,000 crore deposits were withdrawn from the bank in the July-December period of 2022 by the general account holders while there was a new investment of Tk210 crore in the savings tools during the same period.
At the same time, the net savings decreased by about Tk6,900 crore.
