Desk Report,
Even if you buy a savings certificate worth 10 lakh taka, you don’t have to show a return form, what is the advantage?
Savings certificates are one of the most attractive investment instruments for the middle class. There is no risk of losing money here. Good profits are available at the end of the month or year. Therefore, many middle-class families buy savings certificates for a small amount of money to reduce the pressure of household expenses. Again, investing in savings certificates is very useful in sudden disasters like medical expenses. Many people also pay for their children’s education expenses with the profits of savings certificates.
Even if you buy a savings certificate worth 10 lakh taka, you don’t have to show a return form, what is the advantage?
Thinking of the middle class, the government has announced that proof of annual income tax return filing will not be required for buying savings certificates up to 10 lakh taka. The government has lifted the obligation to show proof of return filing. This facility was provided in the budget announced in June. After that, no official instructions were given by the National Savings Department. This week, clear instructions were given by the Savings Department in this regard. In the meantime, these instructions have been sent to the relevant offices including Bangladesh Bank. What are the benefits
If you buy savings certificates up to 10 lakh taka, proof of return filing will not be required. Buyers will get several benefits due to this exemption. These are—
1. Investment opportunities will be easier. Now many middle class people, who may not have filed returns yet (or do not have taxable income), can easily invest up to 10 lakh taka.
2. The opportunity for safe savings without tax hassles has increased. Many people did not invest for fear of not getting returns. Now that fear has been removed, as a result, interest in safe and profitable investments will increase.
3. There is a special benefit for women. Women buy family savings certificates. Many women, whose income is not regular or who do not have income tax returns, can now easily buy savings certificates.
4. Financial security for the future will increase. The importance of savings certificates as a source of fixed income for middle class families will increase further. This investment is effective in meeting future urgent expenses (education, medical care and retirement).
5. A few days ago, the profit of savings certificates was reduced. This created a fear of turning away from savings certificates. But now the middle class will get some relief as exemptions are given for return deposit certificates up to 10 lakh taka. The minimum cost of filing returns (lawyer’s fees, cost of collecting documents, etc.) will be reduced.
How many types of savings certificates are there
Currently, the National Savings Department sells four types of savings certificates. These are – five-year Bangladesh Savings Certificate, three-month profit-based savings certificate, family savings certificate and pensioner savings certificate. However, the demand for family savings certificates is the highest. Only women can buy these savings certificates.
How much is the profit
The government has announced a new profit rate on savings certificates for six months from last July to next December. In this, the profit rate on savings certificates has been reduced slightly. According to the new rate, the highest interest rate on savings certificates will be 11.98 percent and the lowest interest rate will be 9.72 percent.
It is seen that the interest rate is relatively high in the case of low investment. The interest rate is low in the case of high investment. In this case, the limit has been set at 7 lakh 50 thousand taka. If this amount or less, the interest rate will be higher. The interest rate will be reduced for investments of more than 750,000 taka.
The most popular is the family savings certificate. So far, the profit rate for investments of less than 750,000 taka in this savings certificate is 11.93 percent at the maturity of five years. And for investments of more than 750,000 taka, the profit rate has been increased to 11.80 percent.
For investments of less than 750,000 taka in the pensioner savings certificate, the profit rate at the end of the fifth year, that is, at maturity, is 11.98 percent. For investments of more than 750,000 taka, the profit rate is 11.80 percent.
For investments of less than 750,000 taka in the five-year Bangladesh savings certificate, the profit rate at maturity is 11.83 percent. For investments of more than 750,000 taka, the profit rate at maturity is 11.80 percent.
In addition, for investments of less than 750,000 taka in the profit-based savings certificate every three months, the profit rate at maturity is 11.82 percent. 11.77 percent for investments of more than 7.5 lakh taka.
