Khulna: Sales of all kinds of savings certificates have increased in Khulna after the government enhanced the interest rates. From January 1 this year, the interim government increased the interest rates for various savings (Sanchayapatra) certificates to 12 percent, aiming to give the fixed-income group relief from escalating inflation.
According to Bangladesh Sangbad Sangstha, the savings instruments include the five-year Bangladesh savings certificate, the three-monthly profit-bearing Sanchayapatra, the five-year family savings certificate, and the five-year pensioners’ savings certificate. Bangladesh Bank’s Khulna Branch reported that after the increase in interest rates, savings certificates worth Taka 176.67 crore were sold to 1,065 clients in January and February of this year. In contrast, savings tools worth Taka 52.72 crore were sold to 853 clients in November-December 2024.
Sources further detailed that 358 clients purchased three-monthly profit-bearing Sanchayapatra worth Taka 19.83 crore in January and February 2025. In the previous two-month period, tools worth Taka 14.83 crore were sold to 265 clients. Additionally, five-year pensioners’ savings certificates valued at Taka 19.83 crore were sold to 87 clients in January-February, while 67 clients bought savings tools worth Taka 10.22 crore in the last November-December.
The sale of five-year Bangladesh savings certificates amounted to Taka 17.04 crore to 33 clients in January-February 2025, whereas savings tools worth Taka 1.53 crore were sold to 32 clients in November-December 2024. The five-year family savings certificate was sold for Taka 29.47 crore among 587 customers in January and February, compared to Taka 26.14 crore sold among 489 customers in the previous two months.
Interest rates of four savings certificates under the Department of National Savings ranged from 11.04 percent to 11.76 percent. After the upward adjustment, investors in savings tools are receiving interest rates from 12.30 percent to 12.55 percent. The government introduced a new system linking savings certificates to the government’s treasury bond interest rates, effective from January 1, 2025, according to Md Muntasir Mamun, Joint Director and focal person of Bangladesh Bank in Khulna.
The interest rates against the treasury bonds will be reviewed every six months, and the savings certificates’ interest rates will also be re-fixed. In the case of re-fixing, a premium of at most 50 basis points will be added to the weighted average treasury bond interest rates. As per the new system, the interest rate for the five-year Bangladesh savings certificate stands at 12.40 percent for investment up to Tk 7.5 lakh. For investments of Tk 7.5 lakh and above, the interest rate is 12.37 percent.
Previously, a beneficiary received 11.28 percent interest for up to Tk 15 lakh after the maturity period, 10.30 percent for investments between Tk 15 lakh and Tk 30 lakh, and 9.3 percent for more than Tk 30 lakh. For the three-monthly profit-bearing Sanchayapatra, a beneficiary now receives an interest rate from 12.3 percent to 12.25 percent, compared to the previous rates of 11.04 to 9 percent.
The family savings certificate’s new interest rates range from 12.5 to 12.37 percent, while the previous rates were 11.5 to 9.5 percent. The interest rates for the pensioners’ scheme have increased from 12.55 to 12.37 percent under the new system, with the previous rate ranging from 11.76 to 9.75 percent.
He also mentioned that women and men up to the age of 65 can purchase five-year family certificates, both men and women can buy three-monthly profit-bearing Sanchayapatra and five-year Bangladesh savings certificates, and only retired government employees can buy pensioners’ savings certificates.