Regulatory Alerts2009-10-15
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DMD Circular: Clarification of 'Note' of Rule-21 on Re-investment according to the Sanchaypatra Rules, 1977 (Amended up to 30 June, 2002)
The Ministry of Finance clarifies that only 5-year maturity Bangladesh Savings Certificates are eligible for automatic re-investment without a new application. This provision applies to certificates maturing on or after August 10, 2005, where the principal and profit were not cashed out, and requires duplicate certificates to be issued for lost documents based on the original principal. Banks are exempt from submitting re-investment details to the Bangladesh Bank or collecting new customer photographs and signatures, and no additional commission is payable for these re-investments.
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