DMD Circular No. 01: Implementing "National savings scheme online management system" along with direct payment of Interest and principal amount of Sanchaya scheme through BEFTN to beneficiary account

Bangladesh Bank Head Office Motijheel, Dhaka-1000 Bangladesh Debt Management Department

Circular No.-DMD-01/2019 Managing Director/Chief Executive All Scheduled Banks operating in Bangladesh. Dear Sir, Regarding the implementation of "National Savings Scheme Online Management System" including direct payment of interest and principal amount of savings schemes through BEFTN to the customer's bank account. In reference to the Ministry of Finance, Government of the People's Republic of Bangladesh's memo no. 07.00.0000.103.18.002.18-101 dated March 24, 2019, and in the context of the 'National Savings Scheme Online Management System' formulated under the 'Strengthening Public Expenditure Management: Sustaining Priority Programs (PEMS)' program being implemented by the Finance Division, all concerned are requested to follow the following instructions regarding the implementation of the 'National Savings Scheme Online Management System': a) The mentioned system must be implemented in Dhaka Metropolitan Area by March 2019, in divisional cities by April 2019, and in all other offices across the country by June 2019; and from July 1, 2019, no savings scheme transactions shall be conducted by savings scheme transacting institutions outside the scope of this system; b) Based on the daily sales statements received from this system, ensure that the accounts of the concerned commercial banks are debited and government accounts are credited, and that the interest and principal amounts of savings schemes are directly transferred to the customer's bank account through BEFTN. Yours faithfully,

(Md. Khurshid Alam) General Manager Phone: 9530131 Email: khurshid.alam@bb.org.bd Date: 21 Chaitra, 1425 04 April, 2019