Interest rates on postal savings to rise from March 17 | Daily Star
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2 killed in motorcycle crash on Padma Bridge ‘Home never felt so close’ Flood damages: Once healthy homesteads now fighting hunger Paturia-Daulatdia: Almost deserted Mobile court to conduct drive on Padma Bridge from tomorrow Motorcycles banned on Padma Bridge Bangladeshis may soon be able to live in Bali tax-free and work remotely Minority leaders demand Momen’s resignation over remarks made in India 3km-long tailback as thousands of vehicles wait to cross Padma Bridge Khaled grabs maiden fifer as Windies all out for 408 Will Johnny Depp accept Disney’s apology and revive ‘Captain Jack Sparrow’? Khaled eyes fifer as Mayers’ outstanding knock ends after Lunch Evenings on DU campus no longer abuzz as shops close by 8pm 6 mins to cross Padma on a local bus Saudi Arabia detains Bangladeshi hajj pilgrim for “begging”
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Business

Interest rates on postal savings to rise from March 17: finance minister

UNB, Dhaka
Wed Feb 26, 2020 08:59 PM Last update on: Wed Feb 26, 2020 09:22 PM
Finance Minister AHM Mustafa Kamal
Finance Minister AHM Mustafa Kamal was talking to reporters after a meeting of the Cabinet Committee on Public Purchase on February 26, 2020. Star file photo

Finance Minister AHM Mustafa Kamal today said the interest rate on postal savings will go up again from March 17, once the automation process of the Directorate of Posts is completed.

He made the remarks while talking to reporters after a meeting of the Cabinet Committee on Public Purchase.

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The minister said the interest rate, which was brought down to 6 percent on February 13, will jump to 11.28 percent again. "We're now doing the automation work in the Directorate of Posts to see who are actually buying savings instruments," he said.

He also expressed hope that the task will be completed by March 17 when the nation celebrates the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

Mustafa Kamal also said the ceiling for buying postal savings certificates for individuals will remain at a highest of Tk 30 lakh and low-income people can buy savings tools of up to Tk 2 lakh without any documents.

But if anyone wants to buy tools of higher amounts, they must have tax identification number (TIN) certificates and submit those to post offices.      

On February 13, the government slashed the interest rate on savings certificates by half to facilitate implementation of the single-digit interest rate in the country's banking sector.

 

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