DMD Circular Letter No. 13: Regarding Policy Revisions in National Savings Schemes

50119

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

Data Management Department

21 Kartik, 1431 Date: ------------------- 06 November, 2024

DMD Circular Letter No.-13/2024

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

Dear Sir,

Regarding Policy Revisions in National Savings Schemes.

This is to inform you that the Government of Bangladesh has issued a notification dated 03 November, 2024, bearing number 08.00.0000.041.22.007.20.35, regarding amendments to the policies of the 'National Savings Scheme' operated by the National Savings Department. You are requested to take necessary action accordingly.

Yours faithfully,

(Intekmal Hossain) Director (DMD) Phone: 9530131

Enclosure: As described.

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

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

No.-08.00.0000.041.22.007.20.35 Date: 18 Kartik, 1431 03 November, 2024

Notification

The Government has taken the following decisions regarding the 'National Savings Scheme' operated by the National Savings Department:

1. The upper limit for investment in 'Wage Earners Development Bond' under the name of US Dollar Premium Bond and US Dollar Investment Bond operated by the National Savings Department has been withdrawn.

2. The following automatic reinvestment facilities have been introduced in the 'National Savings Scheme' operated by the National Savings Department:

(a) For 3-Month Profit Bearing Savings Certificate, Family Savings Certificate, Pensioner Savings Certificate, Wage Earners Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond, only the principal amount will be eligible for automatic reinvestment facility;

(b) For 5-Year Maturity Bangladesh Savings Certificate and Post Office Savings Bank Term Account, the principal amount invested along with profit will be eligible for reinvestment facility;

(c) For Wage Earners Development Bond, reinvestment facility will be provided for 1 (one) term using remittance received once, and for a maximum of 2 (two) consecutive terms. For US Dollar Premium Bond and US Dollar Investment Bond, reinvestment facility will be provided for 1 (one) term using remittance received once, and for a maximum of 4 (four) consecutive terms;

(d) For Wage Earners Development Bond; US Dollar Premium Bond; and US Dollar Investment Bond, after the maturity of investment and reinvestment, reinvestment can be made 1 (one) time; reinvestment can be done for a maximum of 2 (two) terms; for US Dollar Premium Bond and US Dollar Investment Bond, reinvestment can be done for a maximum of 4 (four) terms 1 (one) time; reinvestment can be done for a maximum of 2 (two) terms; for US Dollar Premium Bond and US Dollar 1 (one) time; reinvestment can be done for a maximum of 4 (four) terms;

(e) In the case of automatic reinvestment in the National Savings Scheme, the upper limit for investment will apply from the date of reinvestment.

3. Non-resident Bangladeshi mariners, pilots, and cabin crew working abroad in foreign-owned shipping or airline companies will be allowed to invest in 'Wage Earners Development Bond' using remittances received in their Foreign Currency (FC) accounts at any Authorized Dealer (AD) branch of a scheduled bank in Bangladesh.

4. Instead of quarterly profit payment currently available in 'Pensioner Savings Certificate', monthly profit will be paid on a monthly basis.

5. This order will come into effect from 01 December, 2024.

6. This order is issued in the public interest.

By Order of the President, (Signature) 03.11.24 Mokima Begum Under Secretary Email: mokima.begum@ird.gov.bd

Current Page

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No.-08.00.0000.041.22.007.20.35/1(15) Date: 18 Kartik, 1431 03 November, 2024

Copies are sent to:

1. Secretary to the Cabinet, Cabinet Division/Chief Secretary to the Chief Adviser, Office of the Chief Adviser.
2. Governor, Bangladesh Bank, Head Office, Dhaka.
3. Secretary, Finance Division, Ministry of Finance, Bangladesh Secretariat, Dhaka.
4. Secretary, Financial Institutions Division, Ministry of Finance, Bangladesh Secretariat, Dhaka.
5. Secretary, Ministry of Information, Bangladesh Secretariat, Dhaka.
6. Secretary, Post and Telecommunications Division, Bangladesh Secretariat, Dhaka.
7. Director General, National Savings Department, Dhaka.
8. Director General, National Savings Department, Dhaka.
9. National Program Director (Additional Secretary), Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS), Finance Division, Ministry of Finance, Dhaka.
10. Director, Data Management Department, Bangladesh Bank, Head Office, Dhaka.
11. Private Secretary to the Secretary, Internal Resources Division, Ministry of Finance, Dhaka.
12. Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka (Request to print 1000 (one thousand) copies of the notification in the next Gazette and send to the undersigned).
13. Chief Accounts and Finance Officer, Office of the Chief Accounts and Finance Officer, Internal Resources Division, Segunbagicha, Dhaka.
14. Assistant Programmer, ICT Division, Internal Resources Division, Dhaka (Along with request to upload on the division's website).
15. Personal Staff Officer to the Deputy Secretary (Savings), Internal Resources Division, Dhaka.