Parliamentary Standing Committee on Finance Ministry has recommended that necessary measures should be taken to ensure that the rate of profit in the marginalized people’s savings scheme is not reduced.
The recommendation was made at a meeting of the Parliamentary Standing Committee on Finance Ministry at the Jatiyo Sangsad Bhavan on Sunday (Feb 23).
Sources in the meeting said that the committee has stated that interest on up to certain amount in post office savings has been maximized. However, it was not mentioned that what was that amount. The parliamentary committee has asked the ministry to take necessary steps.
There are currently 11 types of savings schemes launched by the Department of National Savings. Out of which (a) Post Office Savings Bank - General Accounting and Post Office Savings Bank Term Accounting are the two schemes.
Post office savings bank's general accounting profit is 5 percent. People of all classes can invest in it. The account is open to the minor as well. Maximum Taka 30 lakh can be invested in single name or maximum Taka 60 lakh in joint name.
Post Office Savings Bank-Term Account (3-year period) 5% of profit margin. However, one-year, 2-year or 3-year term accounts can be opened. In this case, the profit rate is 5 percent for 1 year, 5.5 percent for two years and 6 percent for 3 years.
Committee members chaired by Abul Hasan Mahmud Ali, committee members Finance Minister AHM Mustafa Kamal, Kazi Nabil Ahmed, Ahmed Feroz Kabir and Rumana Ali attended the meeting. The meeting also discussed 'Customs Bill, 2019'. The committee finalized the bill with some amendments.
Recommendation regarding not to reduce the rate of interest postal savings scheme is very important because recently the finance minister announced that soon the interest rate in postal savings scheme will be made half in view of making the bank interest rate to single digit at the demand of businesses of the country. Marginal people of the country generally tend to this scheme for running their family expenses.