People will no longer be able to manually open an account at post offices from July services more online, said the Internal Resources Division (IRD).
To continue savings at the postal savings bank, depositors will have to open accounts online, according to two separate notifications by the IRD, a division under the Finance Ministry.
The investor-bearing manual term deposit account opened before June 30, 2021, will get benefits up to June 30 this year.
No auto-renewal benefit will be given. All the manual term deposits will be closed after June 30, 2023. They can open a new account online, IRD also said in the notifications.
The account will be closed after adding profit following one year, it said.
However, if a depositor wants, she or he will open a new digital term deposit account online on the same day, according to IRD.
The rules will become effective immediately, it said.
But according to an annual report by the Department of National Savings (DNS), the cumulative amount of general deposits in postal savings banks rose 39% year on year to Tk4,463 crore in FY20 from Tk3,202 crore.
The cumulative figure of term deposits at the post office stood at Tk17,184 crore in FY20, up 11% from Tk15,495 crore the same period a year ago, according to the DNS.
