On Nov. 6, BNG CB issued circular re National Savings Scheme policy.
BNG CB issued a circular regarding National Savings Scheme policy amendments, directed to all scheduled commercial banks concerning reinvestment policies.
Circular introduces new guidelines related to term deposits and development bonds.
Key Amendments
Automatic reinvestment introduced for selected bonds, including the 3-monthly profit-based savings bonds, family savings bonds, pensioner savings bonds, and others.
Principal-only reinvestment permitted for USD premium bonds and investment bonds.
Extended reinvestment terms where wage earner development bonds may be reinvested for up to two consecutive terms, while US Dollar premium bonds and US Dollar investment bonds may be reinvested up to four consecutive terms.
Non-resident Bangladeshi mariners, pilots, cabin crew with foreign currency accounts in authorized banks eligible to invest remittance in wage earner development bonds.
Pensioner’s savings bonds to offer monthly profit payments, replacing old schedule.
Effectiveness
The updated policy provisions take effect on Dec. 1, 2024.
