Pensioner Savings Certificate will get profit every month

by times news cr

The government‍ has made a provision to pay the profit of ⁤pensioner’s savings certificates ‌every​ month ‌instead of quarterly. As a ⁤result, the profit of pensioner’s savings certificate will be​ available every month instead of every three months. At​ the same time, the ‍government has‌ withdrawn the​ ceiling on investment in ‌’Wage Earner Development Bonds’ like US Dollar Premium Bonds and US Dollar Investment ⁣Bonds under​ the ‘National Savings⁤ Scheme’. ⁤ ⁤ ⁣

Besides, the facility of ​automatic reinvestment of principal has been introduced in the case of Family Savings Certificates, Pensioners Savings ​Certificates, Quarterly Profit Based Savings Certificates, Wage⁢ Earner ‍Development Bonds, US​ Dollar Premium Bonds ⁢and US Dollar Investment Bonds under the ‘National Savings Scheme’.

An instruction in ⁣this regard has been issued by ‍the⁣ Internal Resources Department ‌of the Ministry of Finance on Sunday (November ​3). Deputy Secretary Mokima ‍Begum signed it. ‌This decision will be ​effective from December 1.

In addition to making these provisions, non-resident ⁤Bangladeshi mariners, pilots ‍and cabin⁢ crew working in overseas‌ offices of foreign-owned ⁤shipping or ⁤airline ⁢companies have been ⁣given the opportunity ​to⁤ invest in wage earner bonds.
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According to sources from‍ the Ministry ⁤of⁤ Finance, non-resident Bangladeshis can invest any⁤ amount ​of money ⁤in this bond if there is no upper limit of ‍investment in⁢ the case of Wage Earner⁣ Development ‍Bond. ⁤ ⁣ ⁢ ‌ ‌ ⁤ ⁢⁣

The notification⁢ states about the introduction of automatic⁣ reinvestment facility

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>> ⁢Only principal invested will get automatic ‌reinvestment⁣ facility in respect​ of Profit Based Savings Bonds, Family Savings Bonds, Pensioner‌ Savings‍ Bonds, Wage Earner Development Bonds, US Dollar Premium Bonds and US Dollar Investment Bonds every three months.

>> ‌5-year Bangladesh Savings Paper and Post Office Savings Bank will get reinvestment facility along ‍with the profit in case of term account.

>> In case​ of Wage Earner Development⁢ Bonds, the remittance ‍received once can be invested for one term and reinvested for a maximum ⁢of two consecutive terms. In the case of US Dollar Premium ⁢Bonds⁤ and US Dollar Investment Bonds, ⁣the one-time remittance ⁣money can be⁣ invested for ‍one term and reinvested for a maximum of four consecutive terms.

>> ⁤ Investment and Reinvestment in Wage Earner Development Bonds, US ⁣Dollar Premium ‍Bonds and US Dollar Investment ‌Bonds If ‌reinvested after ⁤maturity,⁢ remittances can be re-invested. ‌ ‌⁤ ​ ​ ⁣

>> In case of National⁤ Savings Scheme automatic reinvestment, investment ceiling will be applicable ⁢from the date ​of ​reinvestment.

According‍ to the notification, non-resident ⁣Bangladeshi mariners, ‍pilots and cabin crew working in​ overseas offices of foreign-owned ⁢shipping or ​airline companies, if they have a foreign currency (FC) account in their ‌own name at an authorized dealer (AD) branch⁣ of a scheduled bank in Bangladesh,​ ‘wage earner’ through remittances received in that FC account. Will get an opportunity to invest⁣ in Development​ Bonds’.

Interview⁤ Between Time.news Editor​ and Financial Expert

Editor: Welcome to‌ Time.news! Today, ⁣we’re​ diving ⁣into some exciting developments in the financial ‍landscape of Bangladesh. We have with us Dr. Amina⁢ Rahman, ⁢a noted economist and expert in savings schemes. Thank⁣ you for joining us,⁤ Dr. Rahman.

Dr. Rahman: Thank you for having me. It’s a pleasure to be here.

Editor: So, let’s get right into ⁣it. The government has recently decided⁢ to alter the payment schedule ⁤for pensioner’s savings certificates, moving from quarterly ​to monthly distributions. What are the implications ‌of this change ⁢for pensioners?

Dr.​ Rahman: ‌This is a ‍significant and positive alteration for⁤ pensioners. By receiving their profits⁢ monthly, pensioners can improve⁣ their cash flow and better⁣ manage their monthly expenses. Many ⁤pensioners rely on these savings for their livelihood, and⁤ more frequent⁢ access to funds can enhance their financial stability.

Editor: That’s a great perspective. Another aspect of the changes ⁣is the removal of the‍ investment ceiling ‍on Wage Earner Development Bonds. How do you ⁤think this⁣ will impact non-resident Bangladeshis?

Dr. Rahman: Removing the investment ceiling offers immense ‌potential for non-resident ‍Bangladeshis, ‌such as⁤ mariners, pilots, and⁢ cabin crew. They can now invest any amount they choose, allowing for greater financial autonomy and‍ the ability to build substantial savings.⁣ This move could attract a lot of ​international interest in these bonds,‌ effectively boosting​ financial inflows into ⁢the country.

Editor: ​It sounds like a strategic move by the government to encourage investment. Alongside these changes, there’s also the introduction of ‌an automatic reinvestment facility for various savings schemes. Can you explain how this ‌could​ benefit investors?

Dr. Rahman: Absolutely! The automatic reinvestment of principal can be quite advantageous for investors. It simplifies the ‍investment process⁣ and encourages long-term saving. Individuals ‌won’t⁤ have to manually reinvest their earnings, which can often be overlooked. This feature can help ⁢compound their investments more efficiently, potentially⁤ leading to greater wealth accumulation over ⁢time.

Editor: Definitely,‍ compounding is a‍ powerful tool. By the‌ way, the effective‍ date ‌for these updates ⁣is December 1. What should potential investors or current holders of these savings ‌certificates consider as they approach ⁣this date?

Dr. Rahman: Investors should take this‍ opportunity to ⁤assess their current financial strategy. ⁤They might want⁤ to consider reorganizing their portfolios to take full⁣ advantage ⁤of the ⁤new schemes and changes. Additionally, for those who are heavily reliant on fixed⁤ incomes, ensuring they understand the new monthly‌ payout ‌structure will be crucial for effective budgeting.

Editor: Great advice, Dr. Rahman. One last question—given these ⁢significant policy changes, how​ do you foresee the overall growth of the ⁢National Savings Scheme in the coming months?

Dr. Rahman: If ⁢these changes⁤ are communicated effectively⁤ and properly implemented, ​I believe we can see a robust growth​ in the National Savings Scheme. The⁣ improved accessibility and ‍flexibility for non-residents and pensioners can potentially‍ draw in more investors, which ⁢will enhance the government’s finances and contribute positively to⁢ the economy as a whole.

Editor: Thank you, Dr. Rahman, for your‌ insightful analysis. It’s great to hear about the potential benefits these changes ‌bring​ to so many individuals. We appreciate you ‌taking the time to join us today.

Dr. ⁢Rahman: ‍Thank you for⁣ having​ me! It’s been a pleasure sharing insights on these important developments.

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