The Financial Express

Glitch stops investors from buying govt savings tools

| Updated: March 12, 2021 20:28:48

- Picture used for illustrative purpose - Picture used for illustrative purpose

Aspirant investors are facing difficulties to buy the government's savings tools due to technical glitch in the system concerned.

A number of investors have complained that they could not buy the tools despite several attempts in different scheduled banks.

Officials of different private commercial banks (PCBs) said they are experiencing problems to give inputs on the Directorate of National Savings (DNS) website during the last few days.

They also said the system is not accepting their applications.

Officials of the DNS, Internal Resources Division (IRD) and Bangladesh Bank (BB) acknowledged errors in the system, but assured of resolving these shortly.

They cited different reasons for the system errors.

IRD joint secretary (savings and stamp) Surayia Parvin Shelley said there might be problems in the central server, but these would be resolved by 2.00 pm.

Talking to the FE, a senior official of a PCB said they were trying throughout the day to connect with the system, but it was showing errors.

He said such errors had been occurring for the last few days.

A BB official said a number of investors queued up in different banks to purchase the savings tools.

The DNS is connected with the IBAS++ system of the Ministry of Finance, which may face technical problems, he opined.

Md Mizanur Rahman, Deputy Director of the DNS, said the disruption occurred, as the authorities concerned shifted the IBAS++ office.

Shamsunnahar Begum, Director General of the DNS, however, said she was not aware of such problems, as no bank so far complained to her in this regard.

"The IBAS++ office has been shifted on February 20 from Gazi Bhaban at Naya Paltan to Segun Bagicha in the city. So far, I've not received any complaints on disruption in the system," she added.

Officials said some PCBs are not willing to work on selling the savings tools, as their yields are higher than those of the banks' savings schemes.

They said the investors are rushing to buy the government's savings tools, especially the family savings tools.

This correspondent submitted an application in a PCB to invest in the family savings tools last week, but the official concerned of the bank said he could not enter the system despite several attempts.

The net sales of savings tools were Tk 204.87 billion during the July-December period of the current fiscal year (FY), 2020-21, surpassing the target of the entire FY, Tk 200 billion.

The net sales of savings schemes were Tk 54.33 billion in the corresponding period last year.

The family savings certificate yield is 11.52 per cent, while it is 3-4 per cent in bank deposits.

Gross sales of family savings certificate increased to Tk 201.49 billion in the first six months of the current FY, against Tk 75.81 billion in the corresponding period last year.

The government sold three-month term savings certificate worth Tk 150.59 billion, while five-year term savings tool worth Tk 49.77 billion in July-December period of this FY.

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