For the first time, the interim government has pegged the interest rates of five national savings schemes to market rates in Bangladesh.
A notification detailing the revised rates was issued by the finance ministry’s Internal Resources Division on Wednesday.
These new rates, which took effect from January 1, will apply for the first half of the year (January-June).
The adjustment affects the Five-Year Bangladesh Savings Certificate, Quarterly Profit Savings Certificate, Pensioner Savings Certificate, Family Savings Certificates, and Post Office Fixed Deposit.
The updated rates will now be linked to the interest rates of five-year and two-year treasury bonds and will be reviewed twice a year.
Investors will receive the interest rate applicable at the time of purchase for the entire duration of the savings certificate.
For example, new certificates purchased six months later will follow the revised rates, but existing certificates will continue to yield returns based on the original rates at the time of purchase.
To ensure fair benefits for disadvantaged groups, savings certificate investors are now categorized into two groups: those investing up to Tk 750,000 and those investing more than Tk 750,000 replacing the previous three-tier system.
In cases where savings certificates are cashed in before maturity, investors will still receive annual interest according to existing rules.
The Internal Resources Division anticipates that the revised rates will help marginal investors and encourage broader participation in national savings schemes.
