The government has formed a committee to revise the interest rate of savings certificates, says Finance Minister AMA Muhith.
“The committee has been asked to report to the ministry by two months,” Muhith told the media on Tuesday (Aug 7).
“A coordination committee with Finance Division, Financial Institution Division, and Internal Resources Division has been formed as the government wants to reduce the savings certificate interest.”
“Difference between rates of deposit and savings certificate will increase since the bank’s lending and borrowing rates at 9 and 6 percents respectively will be effective from Aug 9,” said Muhith.
At present, the interest on five-year family savings certificates on maturity is 11.52%. The rate is 11.76% for five-year pensioner savings certificates, 11.28% for five-year Bangladesh savings certificates, 11.04% for three-year savings certificates paying quarterly profits and 11.28% on three-year post office savings certificates.
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