Poribar Sanchayapatra: Govt mulls lowering age limit for investment

The government is planning to lower the age limit for investing in Poribar Sanchayapatra (Family Saving Certificate) to facilitate purchasing such tools by the pensioners.

In this regard, the Internal Resources Division (IRD) has recently sought opinion from the Finance Division whether the measure, if implemented, would have any negative impact on the financial market/government treasury, or would contradict with the IMF policy.

Currently, Bangladeshi citizens (men/women) aged 65 and above as well as disabled persons (men/women) can invest in the instruments.

The government is planning to lower the age limit to 59/60 for investing in Poribar Sanchayapatra for pensioners to increase sales of the tools. Earlier, the pensioners could not buy the tools before reaching 65.

If the new plan is implemented, they would be able to buy the tools just after starting their retirement and more investment would come in the instruments. The scope of government borrowing through the tools would increase then, a source said.

On the other hand, Institutional investors would not get reinvestment facilities in the national savings certificates. Only individual investors will get such benefits.

Meanwhile, Bangladeshi sailors (mariners) working in international sea-going shipping companies and Bangladeshi pilots and cabin crew working in the airways will be able to invest in the Wage Earners Development Bonds, which was not clear until now. The IRD issued a notification mentioning the issues on Sunday last. Earlier, on November 03 last, the IRD had given a new reinvestment facility for various savings products under the Department of National Savings.

Investors of four types of savings certificates will get the facility to reinvestment up to the upper limit until death. However, the consent of the customer must be obtained online or in-person for each reinvestment.

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