DMD Circular Letter No. 02: Instructions to follow in Sale & after Sale service of Sanchaypatra

50119

Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Bangladesh.

Department of Market Development

09 Magh 1430
Date: -----------------------
23 January 2024

DMD Circular Letter No. 02

Managing Director / Chief Executive Officer
All Scheduled Banks of Bangladesh.
(Excluding Shariah-based Banks)

Dear Sir,

Regarding the instructions to be followed during the sale and after-sale service of National Savings Schemes.

Reference is drawn to your attention DMD Circular No. 01, dated: 20 July 2022, issued on the above subject.

2. The aforementioned circular provided various instructions regarding the sale of instruments (Sanchaypatra and Sanchaybond) under the National Savings Scheme and the provision of other after-sale services. However, complaints have been received regarding the collection of charges from customers for the issuance of Tax Deducted at Source (TDS) certificates from the profit earned from the Savings Scheme, delays in providing after-sale services for Sanchaypatra (e.g., correction/change of investor's mobile number, correction of bank account, issuance of duplicate Sanchaypatra, provision of TDS certificate, etc.). Furthermore, complaints have been received regarding the failure to sell Sanchaypatra to eligible persons in accordance with the Pensioner Sanchaypatra policy and the sale of Sanchaypatra to ineligible persons. In this regard, you are advised to follow the following instructions:

a) Follow the instructions of DMD Circular No. 01/2022, dated: 20 July 2022, in the case of various services after the issuance of Sanchaypatra, such as: correction/change of investor's mobile number, correction of bank account, issuance of duplicate Sanchaypatra, provision of TDS certificate, etc.;

b) Provide the Tax Deducted at Source (TDS) certificate for the profit earned from the Savings Scheme to investors as quickly as possible without charging any fee;

c) Properly follow the instructions of the Pensioner Sanchaypatra Policy, 2004 (amended-2015) and DMD Circular Letter No. 08/2021, dated: 15 November 2021, in the case of issuing Pensioner Sanchaypatra.

3. This instruction is issued under the powers conferred by Section 45 of the Bank Company Act, 1991.

Yours faithfully,

(Intekmal Hossain)
Director (DMD)
Phone: 9530131
E-mail: istequemal.hussain@bb.org.bd

Phone: 88-02-9550448, 9554896, IP: 88-02-51865001-6, Fax: 88-02-9530479, www.bb.org.bd