The government on Wednesday backtracked on its decision to slash the interest rates on ordinary and fixed deposits in Post Office Savings Bank, with the previous rates to return from next month. The disclosure came two weeks after the Finance Ministry decided to slash the interest rates on the three-year tenure fixed deposit in postal savings banks to 6 per cent from 11.28 per cent. There are more than 50 lakh deposit accounts in the Post Office Savings Bank and marginal and low income people mostly deposit their savings there. Interestingly, the government now clarifies that it took the decision to reduce the interest rate due to mad rush of wealthy people to open accounts in postal savings bank. The rich men became crazy to deposit their money after the rules on investment in the high interest-bearing national savings certificates were tightened. Usually, the benefit is given by the State to pensioners and middle-income families. May we ask a question – why the government earlier had allowed the rich men to invest their money in saving schemes?
As the automation of post offices is underway and is likely to complete by March 17, depositors in postal savings accounts will see the previous rates of interest. “We will ask for the national identification number and TIN after the automation. We want to know the persons who are keeping money there. This is to prevent the misuse of the benefit,” Finance Minister Mustafa Kamal said. The ceiling for the highest deposit by an individual would remain unchanged at Tk 30 lakh. Whatever the Minister says it is impossible to hide the fact that the government has eyes on the deposits of middle-income group people. Despite giving a lot of unethical facilities to businessmen and rich section of the society, most of the banks are now empty. The big business houses and even bank directors themselves have shifted away a huge amount of money.
We want the government to be rational not to cut back on interests payable on bank deposits. The government must take full responsibility for paying back the full amount of customers’ deposit if the banks collapse. To give one lakh taka for one crore is not acceptable.
As the automation of post offices is underway and is likely to complete by March 17, depositors in postal savings accounts will see the previous rates of interest. “We will ask for the national identification number and TIN after the automation. We want to know the persons who are keeping money there. This is to prevent the misuse of the benefit,” Finance Minister Mustafa Kamal said. The ceiling for the highest deposit by an individual would remain unchanged at Tk 30 lakh. Whatever the Minister says it is impossible to hide the fact that the government has eyes on the deposits of middle-income group people. Despite giving a lot of unethical facilities to businessmen and rich section of the society, most of the banks are now empty. The big business houses and even bank directors themselves have shifted away a huge amount of money.
We want the government to be rational not to cut back on interests payable on bank deposits. The government must take full responsibility for paying back the full amount of customers’ deposit if the banks collapse. To give one lakh taka for one crore is not acceptable.
