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To discourage savings certificates, the government has lowered the investment limit on national savings certificates. According to the new rules, it is not possible to buy more than Rs 50 lakh in a single name and Rs 1 crore in a joint name. At present, a maximum of Tk 1.55 crore can be invested in sole name and Tk 2.15 crore in joint name. As a result, a 5 lakh crore on behalf of single and 15 lakh crore on behalf of joint decreased.
The Department of Internal Resources (Savings Subdivision) of the Ministry of Finance issued a notification in this regard on Thursday (December 3).
The circular signed by Nusrat Jahan, Senior Undersecretary of the Department of Internal Resources, states that the government has provided a 5-year Bangladesh Savings Certificate, 3-month Interval Savings Certificate and Certificate of Benefit Savings Certificate regardless of what stated in the Savings Certificate Rules 198 and the 2009 Family Savings Certificate Policy. In contrast to the three schemes, the upper limit of integrated investment has been set at a maximum of Rs 50 (fifty) lakhs in a single name or a maximum of Rs. 1 (one) crore in joint name. This order was issued in the public interest. Which will be effective from the date of issue.
It is worth mentioning that under the Online Management System of the National Savings Scheme, the sale of savings certificates has been carried out throughout the country since last July 1. Whether the buyer buys a savings certificate from the Bangladesh Bank, Commercial Bank, National Savings Department or Post Office, all information is stored in a specific database. If it is more than one lakh, the buyer must provide the Taxpayer Identification Number (TIN). Furthermore, all transactions through bank accounts have been made mandatory.
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