Post office savings cannot be more than Tk 20 lakh in Bangladesh

This time the government of Bangladesh has reduced the investment limit of the post office savings scheme by two-thirds. Earlier, the customer could invest 100 Taka in this scheme, now you can invest 33 Taka.

The Internal Resources Department (IRD) of the Finance Ministry issued a notification in this regard on Thursday. The notification, however, is dated May 20 and is effective from that day.

From now on, it is possible to invest up to Tk 10 lakh in a single name in the post office savings program, which was earlier up to Tk 30 lakh, the circular said. And the upper limit of investment in the joint name was 60 lakh taka before. Now it has been reduced to Tk 20 lakh.

Under the scheme, there were three types of accounts – Post Office Savings Bank (General Account), Post Office Savings Bank (Term Account), and Post Office Savings Bank (Bonus Account). The bonus account has been closed since 1992. The other two turned on.

According to Bangladesh Bank sources, the rate of return on term deposits under the scheme has been changed 16 times since its inception in 1974. However, the government has not changed the investment limit that much.

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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