The Financial Express

Postal savings interest returns to previous rates by March 17

FE ONLINE REPORT | Published: March 11, 2020 21:32:53 | Updated: March 12, 2020 11:11:40

Postal savings interest returns to previous rates by March 17

The interest of post office savings schemes will return to its previous rates by March 17.

Finance Minister AHM Mustafa Kamal gave the information after inaugurating automation of postal savings scheme at finance ministry’s conference room on Wednesday.

Earlier on February 13 this year, the Internal Resources Division of the finance ministry  published a gazette notification reducing interest rate on three-year fixed deposit scheme 6 per cent from 11.28 per cent on maturity. The interest rate on one-year savings was also reduced to 5 per cent from 10.20 per cent while it was slashed to 5.50 per cent from 10.70 per cent for two-year schemes.

Amid massive hue and cry across the country after the announcement on February 13, the government later announced to reinstate previous rate after launching automation.

The government launched the system with an aim to stop excessive investment and buying the instruments with untaxed money.

With automation in place customers will have to provide national identity (NID) card and taxpayer identification number (TIN) to invest in postal savings scheme.

Post and Telecommunications minister Mustafa Jabbar, internal resources division senior secretary Abu Hena Md Rahmatul Muneem, finance secretary Abdur Rouf Talukder, director general of savings directorate Shamsunnahar Begum, and director general of postal directorate Sudhangshu Shekhar Bhadra also attended the event.


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