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Interest on PO savings to return to previous rates

Interest on PO savings to return to previous rates

The interest on the post office savings tools, which were slashed recently, are likely to return to their previous rates subject to the completion of automation formalities of those tools by Mar 17 this year, said Finance Minister A H M Mustafa Kamal on Wednesday (Feb 26).

“The automation of the post office savings tools is likely to be completed by Mar 17. After that the interest of those tools will return to their previous rates,” he said.

The Finance Minister was talking to reporters after chairing two separate meetings on Cabinet Committee on Economic Affairs and Cabinet Committee on Government Purchase held at the Cabinet Division Conference Room, local media reported.

The Minister said the savings instruments issued from the banks have already come under automation to check misuse of those. “Now, hopefully the savings tools under post office will go automation by Mar 17 this year,” he added.

Like the other savings schemes, Kamal informed that the beneficiaries of the post office savings tools would have to give IDs and TIN numbers, but there would require no TIN numbers for making deposit up to Tk. two lakh under this post office savings schemes while its ceiling of investment would remain intact.

The Finance Minister said the government wants to ensure discipline in every sector adding, “We’ll definitely ensure that. There is no time for us to look backwards and we’ll have to look forwards.”

The government earlier this month slashed the interest rate on savings in post office by half to facilitate implementation of the single-digit interest rate in the country’s banking sector.

The Internal Resources Division of the finance ministry earlier published a gazette notification by reducing the interest rate on investment in post office’s savings scheme with immediate effect.

According to the notification, interest rate on three-year fixed deposit was reduced to 6 percent from 11.28 percent on maturity.