The government has lowered the interest rates on savings certificates to maintain a logical difference with the interest rate on bank deposits.
From now on, the fresh rate will be applicable only for those who buy new savings certificates, said the Internal Resources Division of the Finance Ministry in a notice on Tuesday.
However, the existing savings certificates holders will continue to enjoy previous rates until the maturity of their instruments.
The return of five-year savings schemes after the maturity will remain the same at 11.28 per cent on the investment up to Tk 15 lakh, however.
Under the fresh rates, the individuals who have invested more than Tk 15 lakh in the savings certificates will get a profit at the rate of 10.30 per cent after maturity.
And, if the investment is more than Tk 30 lakh, the interest rate will be 9.30 per cent.
At present, the rate of return ranged from 10 per cent to 11.04 per cent for the first year and the third year for the three-month profit-bearing savings certificates. Under the fresh decision, the rate is declining between 11.04 per cent and as low as 8.15 per cent.
The investors who have invested more than Tk 30 lakh in the savings certificates will get profit at 9 per cent at the end of the term.
In case of retirees, the five-year term pension savings certificates will yield a profit at the rate of 11.76 per cent at present.
As per the notification, those who have invested more than Tk 15 lakh in the schemes will get profits at the rate of 10.75 per cent after maturity. And if the investment is more than Tk 30 lakh, the rate will be 9.75 per cent.
With the highest interest rate, the family saving certificates will yield 11.52 per cent profit at the end of five-year term.
The profit rate has been lowered to 10.50 per cent for the investment of more than Tk 15 lakh in this savings tool. The rate is 9.50 per cent in the case of investment of more than Tk 30 lakh.
However, the profit rate (7.50 per cent) remains the same in the ordinary accounts of Post Office Savings Account.
Currently, the three-year term profit of Post Office Savings Account is 11.28 per cent.
An investment of more than Tk 15 lakh will now yield 10.30 per cent profit while the investment of more than Tk 30 lakh will be 9.30 per cent.
