What is the number of savings certificate projects launched in Bangladesh so far? And answers to 41 important questions about savings certificates.
What is the number of savings certificate projects launched in Bangladesh so far? And answers to 41 important questions about savings certificates. People are looking for sources of investment as bank rates and bank savings rates have come down. As the salaries and allowances of the bank officials and employees are high, they are not able to increase the savings rate in any way. If the government fixes the single-digit loan rate for banks at 9% but does not set a minimum interest or profit rate on savings, then the people and the general savers are in trouble. Banks will not be able to increase the savings rate if they want to because it is no longer possible to reduce their annual expenditure in any way. If you keep money in the bank, it is not increasing, it is decreasing. So if you want, you can invest your hard-earned money in the government treasury or the National Savings Department and you will get a profit of up to 10-12%. Below is a clear idea about this.
1. What are the number of savings certificate projects introduced in Bangladesh so far?
(A) Bangladesh Savings Certificates
(B) defence savings certificates
(C) five-year Bangladesh Savings Certificate;
(D) bonus savings certificates;
(E) three-year term savings certificates;
(F) profit-based savings certificates at six-month intervals;
(G) family savings certificates;
(H) profit-based savings certificates every three months;
(I) Bail savings certificates and
(J) Pensioner Savings Certificate.
2. How many savings schemes are currently running and what are they? A. 4. Namely: -
(A) five-year Bangladesh Savings Certificate;
(B) family savings certificates;
(C) Profit-based savings certificates every three months
(D) Pensioner Savings Certificate.
3. How many years is the family savings certificate?
A. 5 (five) years.
4. How many years is the profit-based savings certificate for three months?
A. 3 (three) years.
5. How many years is the pension savings term?
A. 5 (five) years.
6. Where to buy savings certificates?
In all offices of Bangladesh Bank, all commercial banks, 71 savings bureau offices and post offices across the country under the Directorate of National Savings.
7. Can everyone (male/female) buy all types of savings certificates?
A. No.
8. What kind of savings can everyone buy?
Five year Bangladesh Savings Certificate and three months profit-based Savings Certificate (National Identity Card only).
9. Are all types of savings certificates re-investable?
No, only a five-year term Bangladesh Savings Certificate is automatically re-applicable for the next 1 (one) term.
10. What class of families can buy family savings certificates?
Any Bangladeshi woman aged 18 (eighteen) or above, any Bangladeshi adult physically handicapped adult (male and female) and any Bangladeshi male aged 65 (sixty-five) and above can buy this savings certificate in a single name only.
In case of purchase of family savings certificate, the number of national identity card and its copy should be provided.
11. To whom do pensioner savings certificates apply?
Retired Government, Semi-Government, Autonomous, Semi-Autonomous Institutional Officers / Employees, Retired Hon'ble Judges of the Supreme Court, Retired Members of the Armed Forces and Family Pension Beneficiary Husband / Wife of the deceased employee in the said category.
In the case of a pensioner savings certificate, the number of national identity cards and their copy should be provided.
12. To whom is the three-month profit-based and five-year Bangladesh Savings Certificate applicable?
A. Bangladeshi citizens of all classes/professions of 18 years and above (holders of National Identity Cards) can purchase these savings certificates in a single or joint name.
13. Is it possible to make institutional investments in savings certificates?
The future fund is recognized in accordance with sub-rule (2) and paragraph 34 of the 6th schedule of Rule 49 of the Income-tax Rules, 1974 (Part-II) and the Agro-Based Institutions (fish farms, ducks) certified by the concerned Deputy Tax Commissioner respectively.
Poultry Farms, Piled Poultry Feeds Production, Seed Production, Locally Produced Seed Marketing, Cattle Farms, Dairy and Dairy Farms, Frog Production Farms, Horticulture Farm Projects, Silk Insect Farms, Fungus Production and Fruits Only 10% money can be invested in Bangladesh Savings Certificate for a period of five years.
Institutional investment is mandatory to provide an E-TIN number and its copy of the fund concerned and there is no investment ceiling.
14. How to buy/buy savings certificates?
Cash (up to Rs. 1.00 lakhs) and checks will be automatically credited to the buyer's own check and the check number paid will be automatically credited to the account number and the original Electronic Fund Transfer (EFT).
15. Do I have to fill out a form to buy a savings certificate?
Yes, for different types of savings certificates you have to fill a specific form and a simple online form (person/company).
In the case of Pensioner Savings Certificates, in addition, a certificate of gratuity and provident fund received by the employing authority and a photocopy of PPO (Pension Payment Order) / EPPO (Electronic Pension Payment Order) have to be provided.
16. What are the documents to be provided along with the savings certificate purchase form?
A. a) 02 (two) passport size attested photo of each buyer and nominee (buyer's photo attested by 1st class officer and nominee's photo attested by buyer).
B) Copy of National Identity Card of the Buyer and the nominee (If the nominee is a minor, his / her birth registration and copy of the National Identity Card of the certifier)
C) Copy of E-TIN certificate of the buyer (s)
D) Copy of MICR check-in customer's own bank account; As such the profit of the savings certificate and the original EFT will be credited automatically.
17. How much money can be invested in any type of savings certificate?
The purchasing power of different types of savings certificates is as follows: -
1 3 lakh profit-based savings certificates every three months
2 Five year term Bangladesh Savings Certificates 3 million
3 family savings certificates 45 lakh
4 Pensioner savings certificates 50 lakhs
18. Can a minor buy savings certificates?
The "National Savings Scheme Online Management System" does not currently have the opportunity to purchase adult or adult savings certificates on behalf of a minor.
19. Can a nominee be made in a savings certificate?
Yes, one or more nominees can be nominated. However, the nomination of nominees is not mandatory.
20 What is the need to nominate a savings certificate?
In order to avoid a cash crunch in future, it is advisable to nominate one or more persons as a percentage of nominees in the purchase form while purchasing savings certificates as per the savings policy.
21. Is it possible to nominate a minor?
Yes, it can be done.
22. If the buyer/owner of the savings certificate dies without nominating, who can redeem/cash them?
A. Succession Certificate must be obtained from the court within three months of the death of the buyer or owner. In this regard, the person/successor authorized or given legal authority by the government can redeem them.
23. Who can redeem if the original owner of the savings certificate dies?
A. Nominee. If the nominee is not mentioned, legally empowered person/persons.
24. Who can redeem if both the investor and the nominee die?
Legal heirs can redeem against Succession Certificate.
25. What are the benefits of a savings certificate?
Profits of family savings certificates can be withdrawn on monthly basis, profit-based savings certificates and pensioner savings certificates can be withdrawn on a quarterly basis every three months.
26. What are the common types of profit instalments in savings certificates?
After deducting withholding tax on Rs.1,00,000 / = (one lakh) i.e. the amount of monthly and quarterly instalment net profit due
28. Where can savings certificates be redeemed/cashed?
At present, the profit of the purchased savings certificate and the actual maturity is being automatically credited to the customer's bank through EFT. If the savings certificate needs to be cashed before maturity, the buyer has to apply in person at the office from which the savings certificate is purchased. Along with the application, the buyer has to provide 01 (one) copy of passport photo, copy of national identity card and original copy of savings certificate supplied from the system.
29. Is it possible to withdraw the profit and real cash of the savings certificate?
No. Profits on the maturity of savings certificates from 01/07/2901 and are being automatically credited through EFT as the original customer's own bank.
30 When you break the savings certificate is not profitable?
There is no profit in cashing/breaking all types of savings certificates before the completion of 1 year.
32. Is income tax deducted at source on the profit of savings certificates?
Income tax is deducted at source at a fixed rate (from profits) at the time of payment of profit on all savings certificates purchased. (As per government guidelines issued from time to time.) No, and in case of purchase of additional savings certificates of Rs.
33. Is it possible to transfer savings certificates?
Yes, registration can be transferred to the branches of the Savings Certificate Issue Office purchased before 3rd February / 2019.
34. What will happen if the savings certificate is lost, stolen, burnt or damaged?
Duplicate savings certificates will be available after completing the required formalities.
35. Is it possible to take a bank loan by taking a savings certificate or keeping a security deposit?
No, it is not possible to take a bank loan by taking a savings certificate or keeping security.
36. Can savings certificates be issued without the bank account number and E-TIN number of the buyer (s)?
A. No.
37. At what rate will income tax be deducted at the source of profit of savings certificates purchased before 01/07/2019?
Income tax at source will be deducted from the profit at the applicable rate as per existing government guidelines whether it is purchased or not while making a profit on all types of savings certificates.
38. Can it be used to purchase savings certificates by downloading the purchase form of savings certificates from the website?
Yes, it can be used.
39. What to do if you invest in excess of the purchase limit?
Under the Sanchayapatra Rules, 1977 (Amended up to 30 June 2002), no investor shall be entitled to any return on investment beyond the purchase limit; Immediately the buyer will be obliged to refund the original amount by cashing the excess savings certificate.
40 Will the nominee of the investor be able to withdraw the profit of the profit-based savings certificate or not?
Yes, you can. The nominee will be able to withdraw the profit of the profit-based savings certificate by submitting an Authorization Letter (verified by the signature of the nominee) by the investor. However, the real meaning of the savings certificate is not payable through any Authorization Letter.
41. How is the profit and principal of the savings certificate being paid?
Original (on maturity) and profits of all types of savings certificates issued by the Savings Institution i.e. all offices of Bangladesh Bank, all branches of Scheduled Bank, National Savings Bureau and Post Office are being automatically credited to the Bank of Buyers / Buyers. Even if it is redeemed before maturity, the actual and due profit will be credited to the bank of the buyer / s. As of 01/07/2019, no money (profit and principal) due is being paid in cash.You can purchase savings certificates or collect forms. Click Here To Download
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