Savings certificate interest remains unchanged: Finance Sec

FT ONLINE

The interest rates of various savings certificates remain unchanged, Finance Secretary Abdur Rouf Talukder said on Sunday.

“On Thursday, the government has reduced the interest rate of the Post Office Savings Bank. We have adjusted the interest rate with the interest rate of the government deposit. There is no change of the existing interest rate of the savings certificates,” he told reporters after attending a function at the Prime Minister’s Office (PMO) in the city.

The finance secretary said this referring to the recent media reports that the interest rates on the savings certificates have been slashed.

On Thursday, Internal Resource Division (IRD) issued a circular slashing the interest rate on savings in post office to facilitate implementation of the single-digit interest rate in the country’s banking sector.

According to the circular, the interest on the fixed deposit for one year has been fixed at 5 percent. For two years, it is 5.50 percent and for three years the interest has been fixed at 6 percent.

The investors may collect the profit every six months, for which they will get 4 percent in the first year, 4.50 percent in the second year and 5 percent in the third year.