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2023-05-28

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DMD Circular Letter No. 05: Regarding Withdrawal of Automatic Reinvestment Facility of Manually Issued 5-Year Bangladesh Savings Certificate

The document notifies the withdrawal of the automatic reinvestment facility for manually issued 5-year Bangladesh Savings Certificates, meaning these certificates will no longer be automatically renewed upon maturity. Holders of such certificates will continue to receive interest until the maturity date of June 29, 2024, but must manually open a new online 5-year account on the same day if they wish to reinvest. This directive is issued pursuant to a notification from the Ministry of Finance's Internal Resources Division dated May 7, 2023.

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Bangladesh Bank

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50119

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

Date: 14 Jyestha, 1430 28 May, 2023

DMD Circular Letter No.-05

To, All Scheduled Banks Operating in Bangladesh Managing Director / Chief Executive

Dear Sir,

Regarding Withdrawal of Automatic Reinvestment Facility of Manually Issued 5-Year Bangladesh Savings Certificate.

In this regard, the Notification No.-08.00.0000.041.22.018.22 dated 07/05/2023 of the Internal Resources Division, Ministry of Finance, Government of the People's Republic of Bangladesh, is enclosed herewith for your kind information and necessary action.

Yours faithfully,

(Khandakar Siddiqur Rahman) Director (DMD) Phone: 9530131

Enclosure: 01 (One) page.

Phone: 88-02-9550448, 9554896, IP: 88-02-55665001-6, Fax: 88-02-9530479, www.bb.org.bd

Government of the People's Republic of Bangladesh Ministry of Finance Internal Resources Division Savings Branch www.ird.gov.bd

No.-08.00.0000.041.22.018.22 Date: 24 Boishakh 1430 07 May 2023

Notification

According to the Savings Certificate Rules, 1977 (Amended-2015), holders of 5-year Bangladesh Savings Certificates issued manually until 30.06.2019 will receive profit until the maturity date, i.e., 29-06-2024, and will not be eligible for the facility of subsequent reinvestment for any manually opened savings certificate. However, if the investor/investors are interested, they can open a 5-year online account on the same day.

  1. This order is issued in the public interest.

By Order of the President

Signature/- (Tarek Mohammad Zakaria) Senior Assistant Secretary Phone: 02 9542081

No.-08.00.0000.041.22.018.22.19/1(22) Date: 24 Boishakh 1430 07 May 2023

Copies are sent for kind information and necessary action (not in order of seniority):

  1. Secretary to the Cabinet, Cabinet Division / Principal Secretary to the Prime Minister, Office of the Prime Minister.
  2. Governor, Bangladesh Bank, Head Office, Dhaka.
  3. Secretary, Finance Division, Ministry of Finance, Dhaka.
  4. Secretary, Ministry of Information / Financial Institutions Division, Ministry of Finance / Ministry of Posts, Telecommunications and Information Technology / Bangladesh Secretariat, Dhaka.
  5. Director General, National Savings Department, Dhaka.
  6. Director General, Bangladesh Post Office, Department of Posts, Dhaka.
  7. Project Director, Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS), Finance Division, Ministry of Finance, Dhaka.
  8. General Manager, Data Management Department, Bangladesh Bank, Head Office, Dhaka.
  9. Team Leader (Performance Management) / and Chief Executive Officer / Grievance Redressal Officer, Internal Resources Division, Dhaka.
  10. Personal Secretary to the Senior Secretary, Internal Resources Division, Ministry of Finance.
  11. Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka (It is requested to print the notification in the next Gazette and send 1000 (One Thousand) copies of the said Gazette to the undersigned).
  12. Chief Accounts and Finance Officer, Office of the Chief Accounts and Finance Officer, Internal Resources Division, Segunbagicha, Dhaka.
  13. Accountant Officer, Internal Resources Division, Dhaka.
  14. Assistant Programmer, ICT Branch, Internal Resources Division, Dhaka.
  15. Personal Assistant to Joint Secretary (Savings), Internal Resources Division, Dhaka.
  16. Office Copy / Guard File / Master Copy.

(Tarek Mohammad Zakaria) Senior Assistant Secretary

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