Desk Report,
Pressure will increase on people with limited incomes
Financial Advisor Salehuddin Ahmed did not give any good news for people with limited income in the budget for the fiscal year 2025-26. Despite the rise in inflation for two years, the income tax limit has not been increased, leaving wrinkles on their foreheads. As a result, those with an annual income of more than 3.5 lakh taka have to pay income tax. But on the first day of the fiscal year, the new bad news for the elderly, retirees and people with limited income is the reduction in the interest rate on savings certificates.
Pressure will increase on people with limited incomes
The Finance Ministry’s notification said that the profit rate on savings certificates has been reduced for the next six months from July 1. This decision will be effective from July 1. 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.
All welfare states in the world have financial security arrangements for the elderly, disabled and retired people. That is through the opportunity to buy goods at low prices or cash somewhere. The social security program in Bangladesh is so fragile that very few people benefit from it. Due to the nepotism and corruption of the previous government, those who were supposed to get the benefits of that security program did not get it. In that case, a section of the middle and lower middle class people were and still are dependent on the dividends of investment in savings certificates. They will be in danger if the interest rate on savings certificates is reduced from July 1. The negative reaction to this has already been seen on social media.
Financial Advisor Salehuddin Ahmed did not give any good news for people with limited income in the budget for the fiscal year 2025-26. Despite the rise in inflation for two years, the income tax limit has not been increased, leaving wrinkles on their foreheads. As a result, those with an annual income of more than 3.5 lakh taka have to pay income tax. But on the first day of the fiscal year, the new bad news for the elderly, retirees and people with limited income is the reduction in the interest rate on savings certificates.
The Finance Ministry’s notification said that the profit rate on savings certificates has been reduced for the next six months from July 1. This decision will be effective from July 1. 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.
All welfare states in the world have financial security arrangements for the elderly, disabled and retired people. That is through the opportunity to buy goods at low prices or cash somewhere. The social security program in Bangladesh is so fragile that very few people benefit from it. Due to the nepotism and corruption of the previous government, those who were supposed to get the benefits of that security program did not get it. In that case, a section of the middle and lower middle class people were and still are dependent on the dividends of investment in savings certificates. They will be in danger if the interest rate on savings certificates is reduced from July 1. The negative reaction to this has already been seen on social media.
