Govt not to change interest rates on savings certificates: NBR chairman

BSS . Dhaka | Update:

Md Mosharraf Hossain BhuiyanThe National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan on Saturday said the government would try its best to keep the present interest rates of various savings schemes intact considering the desire and aspirations of the beneficiaries.

"The number of owners of various saving schemes in the country is now around 20 million and their desires and aspirations in this regard are very important to the government. We'll try to keep the present interest rates of various schemes intact," he said.

Mosharraf, also the senior secretary of the Internal Resources Division (IRD), said this while addressing the inaugural function of the Savings Week-2018 as the chief guest held on the premises of the NSC Tower Complex in the city.

Director deneral of the Department of National Savings Shamsunnahar Begum was also present. The NBR chairman also assured that the government would continue the current stimulus being provided to the subscribers of various savings tools.

Despite various criticisms from the think tanks and economists that the operation of the savings tools is creating an imbalance with the banking system, he said looking into the welfare and wellbeing of the common people through providing them interests against various savings certificates is above all considerations of the government.

"The government has kept the savings tools as promotional schemes. I can assure you that the government would try so that the interest rates of the existing savings certificates do not decline," he added.

The NBR chairman said the response in various savings schemes is very much encouraging during the July-February period of the current fiscal year (FY18) as savings tools around Tk 550 billion were sold during this period against the fiscal target of Tk 600 billion.

He also informed that the cumulative amount of various savings tools over the years has reached Tk 1927.98 billion. Besides, Mosharraf Hossain said the government received Tk 6.24 billion as Advanced Income Tax (AIT) from the savings tools during the July-February period of the current fiscal which is expected to cross Tk one-thousand mark at the end of the year.

"The Department of National Savings has been conducting its operations through some 2,553 outlets across the country and there is no such complain from the beneficiaries of the savings tools in getting their interests," he said, adding among the different savings tools, the department is providing 11.76 per cent interest against the pensioners savings scheme while 12 per cent interest against the wage earners development bond for the non-resident Bangladeshis.

Earlier in the morning, the Savings Week-2018 (7-13 April) kicked off in the country in a bid to create more awareness among the people about savings and further enhance the quality of services by the Department of National Savings.

The Department of National Savings under the Internal Resources Division (IRD) has chalked out elaborate programmes to mark the week in a befitting manner.

The theme of this edition's Savings Week is "Let us do savings, help building Digital Bangladesh (Cholo sobai sanchay kori, Digital Bangladesh gorai sohayota kori)".

After the formal inauguration, a colourful rally marched from the NSC tower and ended at the same venue after parading Paltan-Press Club-Shikhya Bhaban-Secretariat-Zero Point.

According to the Department of National Savings, it will motivate teachers and students of various educational institutions in the capital on Sunday through giving them proper idea about savings.

On the following day on Monday, the department will apprise the investors about the policies on various savings tools including their purchase, sell and cash.

On 10 April, the department will encourage the low-income people about savings through holding Uthan Boithok. On 11 April, a view-exchange meeting will be held with the owners of the different savings tools while the evaluation and closing ceremony of the week will be held on 12 April.

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