2 postal savings schemes brought under automation

Two key postal savings accounts, demand deposits and time deposits, have been brought under automation in an aim to create a database of the savers under the Directorate of Posts.

Finance Minister AHM Mustafa Kamal and Posts and Telecommunications Minister Mustafa Jabbar jointly inaugurated the programme at the Secretariat yesterday.

Finance Minister Mustafa Kamal said, "The government introduced the savings system and fixed high interest rate for the lower and middle income people of the country. We always try to ensure their presence in postal savings."

Unfortunately, some businessmen and affluent people, claimed the minister, open accounts with post offices to get high interests. From now on, the automated database will help identify the actual savers.

If anyone crosses the limit of savings or deposits money by evading taxes, they will be detected in the automated system, added the finance minister.

In the new system, people will have to submit their NIDs and TINs while opening such accounts. However, deposits up to Tk2 lakh will not require the TIN certificate.

At present, 11 types of national savings schemes are available in the country.

The finance minister said a person will be allowed to invest minimum Tk100 and highest Tk30 lakh in postal savings. The maximum interest rate for such accounts will be 11.28 percent.

The savers will be able to open the accounts from March 17, celebrating the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. 

Both the finance minister and the post and telecommunications minister hoped that digitalised postal system will reclaim its lost glory in Bangladesh.

Senior Secretary to Internal Resources Division Abu Hena Md Rahmatul Muneem, Finance Division Secretary Abdur Rouf Talukder, Director General at Directorate of National Savings Shamsunnahar Begum, Director General of Postal Directorate Sudhangshu Shekhar Bhadra, Programme Director at the Public Expenditure Strengthening Programme Md Habibur Rahman and other high officials were present at the inaugural function.