Interest of postal saving will be revisited: Kamal

Dhaka, Wednesday   08 April 2020


Interest of postal saving will be revisited: Kamal

 Staff Correspondent

 Published: 09:50 PM, 19 February 2020  

File Photo

File Photo

Finance Minister AHM Mustafa Kamal on Wednesday said that cutting the interest rate of the postal saving scheme would be revisited.

“Since there are talks about cutting the interest rate of the postal saving scheme by almost half, the issue will be revisited. The interest rate of the savings is also higher. Let’s see if we can do anything about it,” he said after a meeting of the Cabinet Committee on Economic and Government Procurement at the Secretariat in the capital.  

The Finance Minister said, “In the savings, it was stated that if the interest rate was to be reduced, we would have to pay the bank with less interest. Otherwise, how the banks will give a loan to the customer. That is why this work is being done.” 

“People were committing suicide because they could not pay interest. In any other country of the world, if you put money in the bank, no interest was given, instead, they have to pay.”  

There are countries that do not keep money in the bank. All are equal to us. This is our commitment to the traders to pay the effective rate. Otherwise, the business will not expand. Boys and girls will not be employed, AHM Mustafa Kamal said. 

“I will revisit again. If I cannot make this time, will do to the next budget,” he said. These (savings) do not give good results to the economy as a financial tool. However, the government taking a loan from here. Our main task now is to give a discount to get something from somewhere.

The reduction rate in the postal saving scheme was effective from February 13. The interest rate for the postal saving scheme for the three-year period would be 6 percent, which was the highest rate of 11.28 percent till now, according to the directive of the Internal Resources Department of the Ministry of Finance.