Dhaka, Bangladesh (BBN) - The government has raised the rates of return on all existing savings tools by maximum 2.64 percent with effect from March 01 this year to help lower the government's borrowing from the banking system.
The rates of return on all five categories of saving instruments have been revised. These are -- five-year Sanchayapatra, three-monthly Sanchayapatra, Pensioner Sanchayapatra, Poribar Sanchayapatra and Postal Savings Bank (fixed deposit).
Under the latest instruction, the rate return on five-year Sanchayapatra has been revised to 13.19 percent including 0.99 percent Social Security Premium(SSP) from existing 11.55 percent.
The rates in case of getting returns before the expiry of five-year period for five-year Sanchayapatra have also been increased to a level between 9.20 percent and 11.45 percent compared to the current rates ranging between 8.0 per cent and 10.25 percent, according to the circular, issued by the Internal Resources Division (IRD) under the finance ministry.
The rate of return for three monthly Sanchayapatra (3-year) has been raised to 12.59 percent from existing 10.78 percent.
The rates in case of getting returns before the expiry of three-year period for three monthly-return-giving Sanchayapatra have also been increased between 9.80 percent and 10.80 percent compared to the existing rates available from 8.40 percent to 9.40 percent.
The rate of return for Pensioner Sanchayapatra has been revised to 13.19 percent from existing 11.81 percent. The new rate will be applicable after five-year maturity period, it added.
The rates in case of getting the return before the expiry of five-year period for Pensioner Sanchayapatra have also been increased to a level between 9.20 percent and 11.45 percent compared to the current rates ranging between 8.0percent and 10.25 percent.
The rate of return for Poribar Sanchayapatra has been raised to 13.45 percent from current 12.07 percent. The rates will be between 9.20 percent and 11.45 percent in case the encashment of the tool is made before the expiry of the five-year term.
The rate of return for Postal Savings Bank (fixed deposit) has been increased from current 11.08 percent to 13.24 per cent, according to the circular.
The government fixed the net selling target of the savings certificates at BDT 60 billion for fiscal year (FY) 2011-2012. However, the sale during the first six months of the current fiscal year from savings certificates was, in value terms, only BDT 3.34 billion.
BBN/SSR/AD-26Feb12-1:30 pm (BST)
