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27 February, 2020 00:00 00 AM

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Interest on postal savings to return to previous rates

Staff Reporter, Dhaka
Interest on postal savings to return to previous rates

The interest on post office savings, which were slashed recently, are likely to return to their previous rates by March 17 this year, on the first day of the ‘Birth Centenary’ of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, said Finance Minister AHM Mustafa Kamal yesterday. The government on February 13 slashed the interest rate on savings in post office by half to facilitate implementation of the single-digit interest rate in the country’s banking sector. The decision triggered huge criticism from depositors. Economists said it would severely affect the middle-class and pension holders.

“The decision to cut interest rate for post office savings has been reconsidered within weeks as it triggered huge criticism,” said Kamal to reporters after a meeting of the Cabinet Committee on Government Purchase held at the secretariat. Earlier, on February 19 finance minister told reporters at the secretariat that government might reconsider their decision on interest rates of post office savings schemes keeping in mind the interest of marginalised people. The Internal Resources Division of the finance ministry earlier published a gazette notification by reducing the interest rate with immediate effect. According to the notification, rate on three-year fixed deposit was reduced to 6 percent from 11.28 percent on maturity.

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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