RegAlert

Rule · BB · 19 Jun 2025

DMD Circular Letter No. 10: Checklist and undertaking for submitting report for white listing and disposal of exemption applications of institutional investment on savings certificates

disclosure

Bangladesh Bank directs all scheduled banks to verify institutional investments in savings certificates against a new checklist and submit a report categorizing investments as correct, irregular, or requiring TIN replacement within the period from 05-09-2025 to 06-11-2025. The directive requires banks to ensure investments are made from recognized provident funds, replace institutional TINs with provident fund TINs where applicable, and provide supporting documents such as bank statements and board resolutions. Institutions investing from funds other than their own provident fund must be listed separately, and any deviations from the Savings Certificate Rules, 1999 must be reported with explanations.

BangladeshBangladesh Bank

Bangladesh Bank

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

DMDD Circular Letter No. 10

Managing Director/Chief Executive Officer
All Scheduled Banks operating in Bangladesh

Dear Sir,

Regarding the submission of a checklist for verifying and submitting reports on institutional investments in savings certificates for whitelisting and disposal of exemption applications.

In this regard, you are hereby informed that the National Savings Directorate, Department of Internal Resources, Ministry of Finance, vide Memorandum No. 08.04.0000.012.14.008 (Part-5(3)/2).25.2183 (with annexure) dated 27 May 2025, regarding the disposal of applications for whitelisting and exemption of institutional investments in savings certificates, is being sent herewith for your information and necessary action.

Enclosed: As described.

Yours faithfully

(Yusmal Hossain)
Director (DMDD)
Phone: 9530131

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

Governor's Office, Bangladesh Bank

Diary No.-25113Date: 30/05/2025
Deputy Governor-1☐ Routine
Deputy Governor-2☐ Urgent Action
Deputy Governor-3☐ Discuss
Deputy Governor-4☐ Examine and Submit
Head of Regulated☐ Necessary Action
Executive Director-☐ Submit
Director-Signature: D.D.

Government of the People's Republic of Bangladesh National Savings Directorate Department of Internal Resources, Ministry of Finance. NSC Tower (18th Floor) 61/3 Purana Paltan, Dhaka-1000. www.nationalsavings.gov.bd

Executive Director- 12

Date: 10 Jyestha 1432 Bangabda
27 May 2025 AD

Subject: Sending checklist for verifying and submitting reports on institutional investments in savings certificates.

Reference:
(1) Memorandum No. 08.00.0000.000.041.22.0006.20.35 of the Department of Internal Resources dated 26-02-2025 AD.
(2) Memorandum No. 08.04.0000.012.14.008 (Part-5(3)/2).25.2183 of the National Savings Directorate; Date: 28-04-2025 AD.

In light of the above subject and references, it is informed that in a meeting held on 16-02-2025 AD at the Department of Internal Resources, Ministry of Finance, regarding the whitelisting of institutional investments in savings certificates, the following decisions were taken:

(a) For those institutions that have invested money in savings certificates in exchange for savings certificates, i.e., by depositing future provident fund money by borrowers in accordance with Rule 5(5), 5(6) and 5(7) of the Savings Certificate Rules, 1977, the whitelisting of such savings certificates must be completed immediately in accordance with the checklist.

(b) For those institutions (autonomous/quasi-autonomous/institutions/boards or CPF) where the Provident Funds Act, 1925 is not mentioned in any document regarding the formation of employee provident funds, or where the mentioned proof was not submitted during the investment of institutional savings certificates, if any law/rule/notification regarding provident funds is issued for the employees of such institutions, profit will be paid to such institutions upon submission of the same.

(c) For those institutions where the investment is made using the institution's TIN, the provident fund's TIN of the relevant institution must be used instead of the institution's TIN for whitelisting. If the provident fund does not have a TIN, a new TIN must be obtained and attached to the invested institutional savings certificates. Furthermore, if the name of the institution is mentioned instead of the provident fund's name in the institutional investment, the institution must correct the mentioned name and correct the title of the institutional savings certificate according to the provident fund's TIN.

(d) In the case of institutional investment in savings certificates, the minutes/resolution of the meeting containing the decision related to investment and encashment against each registration of the relevant institution, along with relevant proof and proof of payment of tax, must be provided with the whitelisting application.

(e) For all institutional savings certificates issued by issuing offices up to 2021, the National Savings Directorate must send a checklist/instruction to those issuing offices for verification. If the investment is not made according to the rules, all documents must be collected according to the rules and sent to the National Savings Directorate for validation. Additionally, a report verifying the correctness of institutional investments after 2021 must be sent by the Savings Directorate to the Department of Internal Resources.

Bangladesh Bank
Head Office, Dhaka
Director (DMDD)

E:\Anwar\5 year sanchaypatra\Letter for 5 year.docx

Additional Director-1, 2, 3, 4, 5
System Generated No.: 1692

Bangladesh Bank
Executive Director- 12 - Bangla

Diary No.- 15Date: 27/5/2025
Routine☐ Urgent Action
Discuss☐ Necessary Action
Submit☐ Discuss
Director-☐ Examine and Submit
Signature:D.D.

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(f) Banks must submit bank statements and promissory notes, inspection reports/agreement reports/financial reports/inspection approvals to verify whether the institutions that have invested in savings certificates have invested from the relevant institution's provident fund.

(g) If any institution from the 90% listed institutions is not subject to Section 49(2) of the Income Tax Rules, 1984 under Rule 5(5) of the Savings Certificate Rules, 1999, the Savings Directorate will prepare a list of such institutions after verification. Additionally, if any institution invests in savings certificates from any fund other than its own provident fund, a separate list of such institutions will also be prepared. In this case, if there is any deviation from Rule 5(5) of the Savings Certificate Rules, 1999, a report explaining the deviation will be prepared and sent to this department along with the mentioned list.

  1. In light of the above decisions of the Department of Internal Resources, a checklist of necessary documents has been prepared by the National Savings Directorate for verifying applications for whitelisting and disposal of exemption of institutional investments in savings certificates, and an undertaking has been prepared to maintain similar government interests, which is being sent herewith.

  2. In light of the checklist sent for verifying applications for whitelisting and disposal of exemption of institutional investments in savings certificates, along with the implementation of the meeting decision of the Department of Internal Resources dated 16-02-2026 AD, the following measures need to be taken:

(a) Verify all institutional investment savings certificates issued from 05-09-2025 AD to 06-11-2025 AD in light of the checklist, and submit a report dividing them into 05 (five) categories: correct investment, irregular investment, replacement of institution's TIN with provident fund's TIN, and correction of savings certificate titles;

(b) Submit a separate report mentioning the reason for irregular investment in the case of irregular investment;

(c) If any institution invests in savings certificates from any fund other than its own provident fund, send a separate list of such institutions;

  1. In this situation, it is directed to submit a report to the Director General (Grade-1), National Savings Directorate, Dhaka, within 09 (nine) working days regarding the matters mentioned in paragraph-05.

Signed:

(Md. Abu Talha)
Deputy Director (Policy)
Phone: 02-85062866
Email: ddnsdpolicy@gmail.com

Distribution (in order of knowledge, not rank):

  1. Director, Data Management Department, Bangladesh Bank, Head Office, Dhaka (requesting to provide necessary instructions to all deposit banks dealing in savings certificates).

  2. Deputy Director, National Savings Divisional Office (all) [requesting to provide necessary instructions to subordinate offices].

E:\Anwar\5 year sanchaypatra\Letter for 5 year.docx

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No.-06.08.0000.052.58.006 (Part-5(3)/2).25.2183

Date: 10 Jyestha 1432 Bangabda
29 May 2024 AD

Copies are sent for information and necessary action (in order of knowledge, not rank):

  1. Governor, Bangladesh Bank, Head Office, Motijheel, Dhaka.

  2. Director (Policy, Audit & Law), National Savings Directorate, Dhaka.

  3. Joint Secretary (Savings & Stamp Sub-division), Department of Internal Resources, Bangladesh Secretariat, Dhaka.

  4. Secretary's Personal Secretary, Department of Internal Resources, Bangladesh Secretariat, Dhaka (for kind information of the Secretary).

  5. Executive Director, Bangladesh Bank, Motijheel/Sadarghat/Rajshahi/Khulna/Tangail/Barishal/Sylhet/Bogura/Rangpur Office.

  6. Personal Assistant to Director General, Office of the Director General, National Savings Directorate, Dhaka (for kind information of the Director General (Grade-1)).

  7. Office Copy / Master Copy.

Md. Abu Talha
Deputy Director (Policy)

E:\Anwar\5 year sanchaypatra\Letter for 5 year.docx

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Appendix-B

Checklist for Whitelisting and Disposal of Exemption Applications for Institutional Investments in Savings Certificates

Sr.Savings Certificate Rules, 1999 (Amended 2018)Checklist of Documents for Whitelisting and Disposal of Exemption Applications for Institutional Investments in Savings CertificatesList of Documents Submitted by InstitutionRecommendation/Comment
01Rule 5(5): “Recognized provided fund as defined in Sub-Rule-2 of Rule-49 of the Income Tax Rules, 1984 (Part-II)...”1. Certificate issued by the authority as a Statutory and Registered Company under Section 2(2) of the Companies Act, 1994 (Act No. 9 of 1990) or Section 2(1)(a) of the Companies Act, 1998 (Act No. 16 of 1998) [Institution defined under Rule 49(2) of The Income Tax Rules, 1984 (Part-II) and as required by Rule 49(2)];; 2. Certificate of recognition of the institution's fund by the Commissioner of Taxes [According to Letter-2(1) of First Schedule, Part B of The Income Tax Ordinance, 1984];; 3. Taxpayer Identification Number (TIN) in the name of the Provident Fund [According to each PIMH by all departments on 06-11-2025 AD];; 4. Account statement of the bank account in the name of the Provident Fund [According to each PIMH by all departments on 06-11-2025 AD];; 5. Photocopy of MICR center of the bank account in the name of the Provident Fund [According to each PIMH by all departments on 06-11-2025 AD];; 6. Copy of the committee meeting of the Board of Directors regarding the investment of provident fund money in savings certificates and the name-designation of the signatory on the savings certificate purchase application [According to each PIMH by all departments on 06-11-2025 AD];; 7. Office order regarding draft court pass [According to recommendation based on office permission/official association/memorandum issued by SPFMS];; 8. Copy of the minutes of the meeting of the Board of Directors regarding the encashment of money invested in savings certificates

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Sr.Savings Certificate Rules, 1977 (Amended 2015)Checklist of Documents for Whitelisting and Approval of Institutional Investment in Savings CertificatesList of Documents Submitted by InstitutionRecommendation/Comment
2. Copy of the office order containing the specimen signature of the Signatory [According to online access link by SPFMS];; 10. Proof of deduction of TIN for the continuous provident fund of the savings certificate [According to the decision of the meeting of the Department of Internal Resources included in the definition of SWI on 16-02-2025 AD for whitelisting of institutional investment in savings certificates];; 11. Specific financial statement of the continuous institution of the savings certificate [According to Notification No. 34 dated 25-07-2022 AD of the Department of Internal Resources included in the definition];; 12. Specific financial statement of the continuous institution of the savings certificate [According to Notification No. 34 dated 25-07-2022 AD of the Department of Internal Resources included in the definition];; 13. Some autonomous (verified) of the savings certificate [According to the committee's recommendation];; 14. Copy of the approval of the competent authority for the change of the institution's name [According to the committee's recommendation];; 15. The TIN of the continuous provident fund of the savings certificate must be replaced by the TIN of the institution, and the selection of the savings certificate must be corrected [According to the decision of the meeting of the Department of Internal Resources included in the definition of SWI on 16-02-2025 AD for whitelisting of institutional investment in savings certificates].
Rule a(2): “... and those governed by the Provident Funds Act, 1925 (XIX of 1925).”; 2. Copy of the government order [Gazette/Notification/Rules/By-laws] operating according to (XIX of 1925) [According to Rule a(2) of the Savings Certificate Rules, 1977 (Amended up to 2015)];; 3. Taxpayer Identification Number (TIN) in the name of the Provident Fund [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 4. Account statement of the bank account in the name of the Provident Fund [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 5. Photocopy of MICR center of the bank account in the name of the Provident Fund [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 6. Copy of the minutes of the meeting of the management level regarding the investment of provident fund money in savings certificates and the name-designation of the person signing the application for savings certificates [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 7. Order regarding the formation of the Traffic Board [According to online access link by SPFMS] /Archive of Administration/According to [According to the committee's recommendation];; 8. Copy of the minutes of the meeting of the management level regarding the renewal of money favorable for savings certificate investment [According to the decision of the meeting of the Department of Internal Resources included in the definition of SWI on 16-02-2025 AD for whitelisting of institutional investment in savings certificates];; 9. Copy of the office order containing the specimen signature of the Signatory [According to online access link by SPFMS];; 10. Proof of deduction of TIN for the continuous provident fund of the savings certificate (summary description of salary vouchers)
02Rule a(3): Any income from fisheries, poultry, production of pelleted poultry feed, production of seeds, marketing of locally produced seeds, cattle farming, dairy farming, horticulture, frog farming,1. Approval of the Commissioner of Taxes collected according to Paragraph 34 of Part-A of the Sixth Schedule of the Income Tax Ordinance, 1984 [According to Rule a(3) of the Savings Certificate Rules, 1977 (Amended up to 2015)];; 2. Copy of the Income Statement (Income Statement) submitted with the application/Specific financial statement [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 3. Taxpayer Identification Number (TIN) of the server [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];; 4. Annual Bank Statement [According to the receipt plan obtained by the competent authority on 38-11-2021 AD];
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Sr.Savings Certificate Rules, 1977 (Amended 2025)Checklist of Documents for Whitelisting and Approval of Institutional Investment in Savings CertificatesList of Documents Submitted by InstitutionRecommendation/Comment
mushroom farming, floriculture, sericulture as described in Paragraph 34 of Part-A of Sixth Schedule of the Income Tax Ordinance, 1984 and subject to condition that persons will produce a certificate from the concerned Deputy Commissioner of Taxes stating that persons have income from such sources.5. Bank statement of the farm in the name of the farm [According to the receipt plan obtained by the competent authority on 08-11-2021 AD];; 6. Copy of the photo and National Identity Card (NID) of the owner of the farm [According to the receipt plan obtained by the competent authority on 08-11-2021 AD];; 7. Photocopy of the fingerprint of the savings certificate (verified) [According to the committee's recommendation];; 8. Copy of the approval of the competent authority for the change of the farm's name [According to the committee's recommendation];
33Rule 5(k): (a) An educational institution established for autistic or any other institution which works to support autistic, Provided that the profit should be used to support autistic and it must be certified by concern District Social Services Office.; (b) Registered income of the dead and living people, people's families, orphanages, etc.; (c) Registered shelter centers for the elderly1. Certificate of institution registration issued by the concerned District Social Services Office [According to Rule 5(k) of the Savings Certificate Rules, 1977 (Amended up to 2025)];; 2. Certificate of the concerned District Social Services Office stating that the value of the invested money will be used for the support of the dead and living people/elderly [According to Rule 5(k) of the Savings Certificate Rules, 1977 (Amended up to 2025)];; 3. Taxpayer Identification Number (TIN) of the institution [According to Notification No. 34 dated 25-07-2022 AD of the Department of Internal Resources];; 4. Financial statement of the institution [According to the committee's recommendation];; 5. Bank Statement of the institution's bank account [According to the receipt plan obtained by the competent authority on 08-11-2021 AD];

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Sr.Savings Certificate Rules, 1977 (Amended 2025)Checklist of Documents for Whitelisting and Approval of Institutional Investment in Savings CertificatesList of Documents Submitted by InstitutionRecommendation/Comment
Services Office.; (b) Registered income of the dead and living people, people's families, orphanages, etc.; (c) Registered shelter centers for the elderly6. Photocopy of the MICR center of the bank account in the name of the institution [According to the receipt plan obtained by the competent authority on 08-11-2021 AD];; 7. Name-designation, photo and copy of the National Identity Card (NID) of the person operating the account of the savings certificate [According to the receipt plan obtained by the competent authority on 08-11-2021 AD];; 8. Photocopy of the fingerprint of the savings certificate (verified) [According to the committee's recommendation];; 9. Copy of the approval of the competent authority for the change of the institution's name [According to the committee's recommendation];

28/06/2022
(Md. Aman Uddin)
Assistant Director (Policy)
National Savings Directorate
"Marf Madrasa"

28/06/2022
Tahsina Shirin
Assistant Director (Currency)
National Savings Directorate, Dhaka.

28/06/2022
(Md. Malikur Rahman)
Assistant Director (IT)
National Savings Directorate
Zone: Dhaka, Riyadh, Sarb Zones.

28/06/2022
Md. Abu Taleb
Deputy Officer (Policy Audit & Finance)
National Savings Directorate
"Marf Madrasa"
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Undertaking

We, the undersigned on behalf of the ……………………………… Employee Provident Fund, hereby declare that the money of the recognized provident fund of the ……………………………… institution has been invested in savings certificates. If any information violating the rules/laws is revealed to the authority, or if there is reasonable cause to believe, or if it is proven that the money of the recognized provident fund of our institution has not been invested in savings certificates in accordance with the rules; yet the money claimed as profit against the invested fund has been paid in favor of our institution. In that case, the money paid as profit will be recoverable, and our institution will be immediately obliged to return it to the government sector. Otherwise, necessary action will be taken in accordance with the applicable rules and regulations in the field of government money recovery against us/our institution, and our institution will have no objection to it.

We, of sound mind, free will, and without any inducement from others, have voluntarily signed this undertaking in the presence of the following witnesses on behalf of the institution.

On behalf of the Institution

Signature of the Account Operator:

  • Name:
  • NID Number:
  • Designation:
  • Name of Institution:
  • Seal:
  • Mobile No-

On behalf of the Institution

Signature of the Account Operator:

  • Name:
  • NID Number:
  • Designation:
  • Name of Institution:
  • Seal:
  • Mobile No-

On behalf of the Institution

Signature of the Account Operator:

  • Name:
  • NID Number:
  • Designation:
  • Name of Institution:
  • Seal:
  • Mobile No-

Signatures of Witnesses:

1.

  • Signature:
  • Name:
  • Mobile Number:
  • NID Number:

2.

  • Signature:
  • Name:
  • Mobile Number:
  • NID Number:

3.

  • Signature:
  • Name:
  • Mobile Number:
  • NID Number:

(Signatures at bottom)
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