Savings certificates sales drop 22%  in Sept
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
Savings certificates sales drop 22%  in Sept

Economy

TBS Report
02 November, 2021, 09:00 pm
Last modified: 03 November, 2021, 10:14 am

Related News

  • Govt borrowing from savings tools drops as inflation bites 
  • Borrowing from savings tools falls short 62% of FY22 target
  • Income tax return made mandatory for savings certificate over Tk5 lakh 
  • Banks instructed to clear cheques for saving certificate purchase within a day
  • Govt borrows 51% of target thru’ savings certificate sales in 9 months

Savings certificates sales drop 22%  in Sept

TBS Report
02 November, 2021, 09:00 pm
Last modified: 03 November, 2021, 10:14 am
Savings certificates sales drop 22%  in Sept

Sales of national savings certificates dropped in September thanks to the recent capping on profits of the savings tolls by the government.

The net sales of the savings tools declined by more than 22% in September to Tk2,825 crore compared to Tk3,629 crore in August.

The August sales saw 72% rise compared to July, the first month of the 2021-22 fiscal year.   

For the current year, the government has set Tk32,000 crore target for the savings certificates sales. Of the amount, the government has already sold Tk8,556 crore savings tools in the first three months — which is around 26% of the annual target.

In August this year, the government fixed a 5% minimum interest ceiling for bank deposits while the premium earlier was 2%-4%. As the banks had been offering low interests, people rushed for the national savings certificates.     

To rein in the rush for the savings tool, the government capped interests for savings certificates. However, the premium for investment less than Tk15 lakh remains unchanged.   

In addition to bank loans, the government also borrows from savings certificates to meet the budget deficit. The certificates offer lucrative interests considering the social safety of people belonging to the limited income bracket.

Usually, the government borrows from foreign and domestic sources to meet the budget deficit. The target for borrowing from the domestic sector in the current financial year is around 1.12 lakh crore. Of this, the government will borrow Tk76,452 crore from banks while Tk32,000 crore will be borrowed from national savings certificates.

Government bank borrowing has gone up by 12.20% during the first two months of the 2021-22 fiscal year compared to the corresponding period last year, following the gradual improvement of Covid-19 situation across the country.

Top News

savings certificates

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Bloomberg
    Adani rout hits $71 billion as fight with Hindenburg intensifies
  • Prime Minister Sheikh Hasina. Sketch: TBS
    Continued democracy helps rapid development: PM Hasina
  • Photo: Collected
    Zamzam Well water sale halted at Baitul Mukarram market

MOST VIEWED

  • Top 20 defaulters owe Tk16,588 crore to lenders: Finance minister
    Top 20 defaulters owe Tk16,588 crore to lenders: Finance minister
  • TBS file photo
    Z&Z Fabrics introduces Sorona fabric line
  • Cry for dollar for Ramadan imports
    Cry for dollar for Ramadan imports
  • Manufacturers feel the pinch as consumers tighten belt
    Manufacturers feel the pinch as consumers tighten belt
  • Illustration: TBS
    Biz leaders want crisis management, energy security for survival
  • Infograph: TBS
    State banks spend 80% of their forex for govt imports in H1

Related News

  • Govt borrowing from savings tools drops as inflation bites 
  • Borrowing from savings tools falls short 62% of FY22 target
  • Income tax return made mandatory for savings certificate over Tk5 lakh 
  • Banks instructed to clear cheques for saving certificate purchase within a day
  • Govt borrows 51% of target thru’ savings certificate sales in 9 months

Features

Photo: Courtesy

The Hawkers: Where minimalism meets motifs

7h | Brands
TBS illustration

Where do Shariah-compliant mutual funds stand in Bangladesh

6h | Panorama
Sketch: TBS

A subsidy war without winners

6h | Panorama
Photo: Collected

Oppo Reno 8T first look revealed!

7h | Brands

More Videos from TBS

Youths at the invitation of TBS

Youths at the invitation of TBS

1h | TBS Graduates
Predicting next three years is tough- Kutubuddin Ahmed

Predicting next three years is tough- Kutubuddin Ahmed

3h | TBS Round Table
Pakistan plunges into economic mess

Pakistan plunges into economic mess

5h | TBS World
Shahrukh's 'Pathaan' has been making records ever since its release

Shahrukh's 'Pathaan' has been making records ever since its release

5h | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]