Once the databank is launched, savers will not be able to purchase savings certificates showing different identification documents
Staff Correspondent: The government is expected to develop a database for the investors of national savings instruments by January next year to prevent people from buying such schemes exceeding the limit, officials said.
For example, an individual is allowed to buy family savings certificates up to Tk 4.5 million. The thresholds for other schemes, including pensioners, are Tk 5.0 million and Tk 6.0 million. But officials say people tend to violate the rule and buy multiple schemes, investing beyond the limit.
Next month, the state-run Department of National Savings (DNS) will sign a memorandum of understanding with the authority of National Identification (NID) for the database.
After signing the agreement, the department will be able to launch the database as necessary groundwork has been laid for the purpose, including enlisting existing savers.
The submission of NID will now be mandatory for every saver while purchasing state-owned savings tools, said Shamsunnahar Begum, Director General of the department.
Currently, many options are open for the identification of savers including NIDs, passports and birth certificates.
For this reason, people buy savings certificates violating the ceiling of the instruments if they want, said the DG, also an additional secretary.
For example, one person can buy savings scheme using his or her passport. When the ceiling exceeds, he or she can buy the same certificate using NIDs or birth certificates, she added.
“But once the databank is launched, savers will not be able to purchase savings
certificates showing different identification documents,” she said.
The system will make it difficult for the savers to snap up schemes even if it exceeds the permissible limit, she noted.
She, however, said by 2021, they will introduce script-less savings certificates to ensure hassle-free services to the clients.
Already, e-savings have been introduced at the DNS bureaus as a part of the digitalisation, she added
The government’s net borrowing from the sales of the savings certificates was Tk 90.57 billion in the July-August period of current fiscal year.
The current fiscal year’s target for the net borrowing from savings instruments has been set at Tk 261.97 billion, the DNS data showed.
Currently, around 20 million people are investing in saving schemes.
The DNS sells four types of savings certificates and the rates of yield are up to 11.76 per cent.
It also sells different types of bonds to the expatriate Bangladeshis.