DMD Circular Letter No. 11: Clarification of Section 33 of the Public Debt Act, 2022 Regarding Savings Certificate Interest Statute of Limitations

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

Debt Management Department

23 Asharh 1433
Date: -------------------
07 July 2026

DMD Circular Letter No. 11/2026

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

Dear Sir,

Regarding the clarification of the provisions of Section 33 of the Public Debt Act, 2022 concerning the calculation of interest on savings certificates.

In accordance with the memorandum No. 08.00.0000.004.99.002.18.72 dated 08 June 2026, sent by the Internal Resources Division of the Ministry of Finance, Government of the People's Republic of Bangladesh, regarding the clarification of the provisions on the calculation of interest on savings certificates under Section 33 of the Public Debt Act, 2022, the same is enclosed herewith for your information and necessary action.

Yours faithfully,

[Signature]

(Intekmal Hossain)
Director (DMD)
Phone: 9530131

Enclosure: As described.

Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, Web: www.bb.org.bd

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

Memorandum Number: 08.00.0000.004.99.002.18.72 Date: 25 Jyestha 1433 Bangabda 08 June 2026 AD

Subject: Clarification of the provisions of Section 33 of the Public Debt Act, 2022 concerning the calculation of interest on savings certificates.

Reference:
(1) Letter No. 08.04.0000.012.22.021.14.840 of the Directorate General of National Savings, dated 25/02/2026 AD; (2) Letter No. 08.00.0000.041.99.002.18.36 of the Internal Resources Division, dated 12/03/2026 AD; (3) Letter No. 07.00.0000.100.25.0005.22.4 of the Finance Division, dated 16/04/2026 AD.

In light of the above subject and references, it is informed that, in accordance with the provisions of Section 33 of the Public Debt Act-2022, the provisions regarding the calculation of interest on savings certificates are clarified as follows:

a) The coupon interest on Pension Savings Certificates and Family Savings Certificates is payable on a monthly basis and remains valid until maturity. Therefore, the statute of limitations for interest will apply after six (06) years have elapsed from the maturity date of Pension Savings Certificates and Family Savings Certificates.

b) The coupon interest on Savings Certificates with interest payable every three months remains valid until maturity. Therefore, the statute of limitations for interest will apply after six (06) years have elapsed from the maturity date of Savings Certificates with interest payable every three months.

c) The statute of limitations for interest on Five-Year Bangladesh Savings Certificates will apply after six (06) years have elapsed from the maturity date.

d) The separately specified annual interest rate for savings certificates remains valid until maturity. Therefore, the statute of limitations for interest will apply after six (06) years have elapsed from the maturity date of the savings certificate.

e) The monthly or quarterly interest on Five-Year Savings Certificates remains valid until the maturity date. Therefore, the statute of limitations for interest on Five-Year Bangladesh Savings Certificates will apply after six (06) years have elapsed from the maturity date.

2. It is noted that Section 33 of the Public Debt Act, 2022 states that "if no specific period is prescribed," the government's liability for the amount due as interest shall be subject to limitation after six (06) years have elapsed from the date until which the interest was due. The amount due as interest remains valid until the maturity of the savings certificate. Therefore, the statute of limitations under Section 33 of the Public Debt Act-2022 will apply after six (06) years from the maturity date of the savings certificate.

3. In view of the above, along with the explanation provided regarding the clarification of the provisions of Section 33 of the Public Debt Act-2022 concerning the calculation of interest on savings certificates by the Directorate General of National Savings, the same is forwarded as per the instructions received from the Finance Division.

Enclosure: 01 (One) page.

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[Signature]
08-06-2026
Md. Mubarak Hossain
Assistant Secretary
Email: mubarak.hosain@ird.gov.bd

Director General
Directorate General of National Savings, Dhaka.

Memorandum Number: 08.00.0000.004.99.002.18.72/1 (3) Date: 25 Jyestha 1433 Bangabda 08 June 2026 AD

For information (not in order of seniority):

1. Under Secretary (Savings and Stamp) Branch, Internal Resources Division, Dhaka.
2. Personal Secretary to the Secretary, Internal Resources Division, Dhaka.
3. Personal Officer to the Additional Secretary (Savings and Stamp) Sub-division, Internal Resources Division, Dhaka.

[Signature]
08-06-2026
Md. Mubarak Hossain
Assistant Secretary