Govt cuts interest rates on savings certificates
The government has reduced the interest rates on savings certificates and wage earners development bond by 1 to 3 per cent.
The new interest rates would be applicable for individual and institutional investors for new investment of over Tk 15 lakh, according to a circular of the Internal Resources Division (IRD) under the finance ministry.
However, the investor will get interest at the existing rate of 11.28 per cent for investment lower than Tk 15 lakh.
For five-year savings certificate, the interest rate would be 10.30 per cent instead of 11.28 per cent if the investment is over Tk 15 lakh.
For investment over Tk 30 lakh, the interest rate would be 9 per cent.
Interest rate for three-monthly profit-based savings certificate is 11.04 per cent. If the investment is over Tk 15 lakh then the rate go down to 10 per cent.
In case of investment over Tk 30 lakh, the rate will be 9 per cent, according to the new circular.
The interest rate of five-year pensioners' savings certificate is 11.76 per cent.
For investment over Tk 15 lakh, the rate would be 10.75 per cent and it would be 9.75 per cent for investment over Tk 30 lakh.
The country's top selling family savings certificate provides 11.52 per cent interest rate.
If the investment cross Tk 15 lakh then the rate will be 10.50 per cent and for over Tk 30 lakh it will be 9.50 per cent.
Interest rate for post office bank-term account, the present rate is 11.28 per cent, which would be 10.30 per cent if the investment crosses Tk 15 lakh and 9.30 per cent for over Tk 30 lakh.
In new investment in wage earners development bond, interest rate would be 10.27 per cent instead of 11.20 per cent if the investment amount crosses Tk 15 lakh, according to the circular.
If the investment crosses Tk 30 lakh then the interest rate would be 9.33 per cent and in case of investment over Tk 50 lakh the interest rate would be 8.40 per cent.
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