United News of Bangladesh

Bangladesh Bank (BB) Debt Management Department (DMD) on Tuesday issued a circular clarifying the amendment of the family saving certificate policy.  The following paragraph has been substituted for Article 3 of the Family Savings Certificate Policy, 2009: Savings Certificate sales resume Eligibility for purchasing savings certificates: The central bank said that any Bangladeshi aged 18 and above, any Bangladeshi physically disabled person of maximum 65 years old and above may apply for purchasing this savings certificate in the prescribed form. “A maximum worth of Tk 45 (forty-five) lakh can be purchased in a single name. This savings certificate cannot be purchased in a joint name and no institution's money can be used in it," said the BB notification.

The sales of saving all types of savings certificates which remained suspended since last Thursday due to software upgrades are likely to resume on Thursday. Savings Certificate Director of the Department of National Savings (DNS) Mohammad Shariful Islam told UNB that the software upgrade work is underway and it will take one or two more days.  He said that all types of activities including sales will start from next Thursday. Savings certificate sales suspended amid server upgrade; customers frustrated The service was scheduled to resume after 12 noon on Monday but the upgrade work was not completed. Roknuzzaman, Director of Bangladesh Bank's Motijheel Office, said that DNS is looking into the matter. The unexpected suspension has caused significant inconvenience to savings certificate customers, including both men and women, many of whom expressed their annoyance at the lack of timely communication. Visitors reported being informed only upon arrival that services were unavailable, despite receiving assistance at the helpdesk with filling out forms.  

From now on, if anyone wants to invest in savings certificates above Tk 5 lakh, he or she must show proof of last year's income tax return submission. Besides opening an account in Post Office Savings Bank, returns have also been made mandatory. The department of debt management of Bangladesh Bank (BB) issued a circular in this regard on Monday. This circular has been sent to the top executives of all commercial banks operating in the country. Also read: Income tax returns made mandatory to get 40 types of services According to the circular, the Directorate of National Savings Certificates, and the Government Gazette, the Central Bank has directed the banks to take necessary measures for proper compliance of section 48 of the Finance Act, 2022 in the case of investments exceeding Tk 5 lakh at Savings Certificates and Post Office Savings Banks. As per the instructions, from now on if a person wants to open a postal savings account or investment of more than Tk 5 lakh in savings certificate, he will have to show proof of deposit of income tax return of the last year. It means the government thinks your income is within the taxable income limit. Similarly, if a person has a bank account, in any case, if the credit balance exceeds Tk 10 lakh, the bank will have to provide the return deposit certificate. Also read: DSCC conducts drive at Gonoshasthaya Nagar Hospital for non-payment of holding taxes since 1998-99 The same will happen in the case of applying for a bank loan of more than Tk 5 lakh or taking a credit card. That is, he cannot do any of this without filing an income tax return.