Regulatory Alerts2024-09-24
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DMD Circular Letter No. 10: Instructions to be followed for sales and after sales service of National Savings Schemes
The Department of Management and Development (DMD) of the Bangladesh Bank replaces Section 'B' of DMD Circular No. 01 (dated July 20, 2022) with new instructions regarding the sale of National Savings Schemes instruments. Scheduled banks must ensure timely information confirmation upon the maturity or profit/interest payment dates for instruments sold via the Online Management System and guarantee that funds transferred via EFT are credited to the customer's account without delay. All other existing instructions in the referenced circular remain in full force.
50119
Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
Department of Management and Development
Date: 08 Ashwin 1431 23 September 2024
DMD Circular Letter No. 10
Managing Director / Chief Executive Officer All Scheduled Banks operating in Bangladesh.
Dear Sir,
Regarding the instructions to be followed for the sale and after-sales service of National Savings Schemes.
Reference is drawn to DMD Circular No. 01, dated: 20 July 2022, issued on the above-mentioned subject.
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Through the aforementioned circular, various instructions were provided regarding the sale of instruments (Savings Certificates and Savings Bonds) under the National Savings Scheme and the provision of other after-sales services.
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Now, Section 'B' of the aforementioned circular is hereby replaced as follows:
"It shall be ensured that information is provided on the date when the profit/interest and the principal/amount of Savings Certificates sold through the National Savings Scheme Online Management System become payable upon maturity, and that the funds sent by Bangladesh Bank to the customer via EFT based on such information are deposited into the relevant customer's account on time."
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In addition, all instructions of the aforementioned circular must be followed appropriately.
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These instructions are issued under the powers conferred by Section 45 of the Bank Company Act, 1991.
Yours faithfully,
(Isteyak Hossain) Director (DMD) Phone: 9530131 E-mail: istequemal.hussain@bb.org.bd
Phone: 88-02-9550448, 9524896, IP: 88-02-55685001-6, Fax: 88-02-9530479, www.bb.org.bd