Post Office deposits to go digital from July 1

On March 26, the finance ministry’s Internal Resources Division (IRD) issued a gazette notifying the general account holders of the Post Office Savings Bank. The gazette declares, “Starting 1 July, 2023, The Bangladesh Post Office will not accept any deposits under the manual process from its ordinary account holders.”

The government is going to bring deposits from investors in the post office savings certificate under the electronic system. This decision aims to ensure transparency and repel abuse of the deposit certificates. These are designed as high interest bearing financial tools for the marginal and low-income groups.

As for the account holders who have accounts opened under the manual system, the gazette read, “However, they will get the one year deposit yield of the savings certificates opened under the manual system before July 2023, until June 30, 2024.”

It added that, “after June 2024, the manual account will be closed, but the investors will be able to open digital general account online on the same day.”

According to a statutory order issued by the IRD in February, 2023, post offices will go for digital deposits to bring all transactions under the electronic system by June 2024.

The Post Office Savings Bank has brought many of its popular schemes under the electronic system.

Currently, depositors can make a certain amount of investment to receive 7.5 per cent interest in the post office Bank.

According to experts, “due to the automation, investors can now open accounts where they can deposit and withdraw funds much quickly, and it ensures to get rid of the misuse of benefits under the existing manual system”.