Saving certificates online database named 'national saving certificates online management system' will be launched tomorrow (Sunday).
The move has been taken to see whether savings schemes are abused by exceeding investment limit or making 'benami' (fictitious) investments.
Initially, the online database will be launched at the headquarters of Bangladesh Bank, Bangladesh Post Office, Sonali Bank and Department of National Savings.
Finance Secretary Abdur Rouf Talukdar will inaugurate the programme at 11:00am on the day at the conference room of Finance Division.
People familiar with the developments told the FE that they will bring all saving certificates selling outlets under the programme shortly.
"After successful operation at the HQs, we will introduce the database system at divisional level and then district level," an official familiar with the matter told the FE.
He said they expect to conduct test run at the HQs for a three-month period.
In the meantime, a project office under the Finance Division named Public Expenditure Management Strengthening Programme --- conducted an intensive training programme on it on January 12 last.
Under the system, the buyers of fixed-income instruments will need eTINs along with national identity cards while purchasing the same.
Besides, cash transaction of up to Tk 100,000 will be allowed. But savers must submit cheques for buying savings tools worth over Tk 100,000.
The savers will also require bank accounts, mobile numbers while purchasing national savings certificates and bonds.
And those who have already invested in savings certificates and bonds will need to submit the same to draw profits or encash matured ones.
People familiar with the issue at the Directorate of National Savings and the Ministry of Finance said this will help the government scan who are actually investing in the instruments and detect as to whether they are violating the thresholds or not.
Currently, people can purchase savings tools from Bangladesh Bank (BB) and its all offices, DNS offices, branches of nationalised banks and all post offices across the country.
DNS sources said around 20 million people have now investments in different types of fixed-income instruments.
At present, some 11 saving schemes are in operation.
They are 5-year Bangladesh Sanchayapatra (11.28 per cent yield), 3-monthly Profit Bearing Sanchayapatra (11.04 per cent), Family Savings Certificate (11.52 per cent), and Pensioner Sanchayapatra (11.76 per cent yield).
The other schemes are: post office savings general account at 7.5 per cent interest rate, post office savings-term account with 11.28 per cent profit, post life insurance with 4.2 per cent profit, Bangladesh Prize Bond having 6.5 per cent profit, US Premium Bond at 7.5 per cent profit, US Dollar Investment Bond at 6.5 per cent profit and Wage Earners' Development Bond at 12 per cent profit.
The schemes went into operation in the subcontinent under the government savings bank act of 1873.
In 1972, it began its operation as bureau as a means of resource mobilisation from the public. In 1982, it was made as directorate under inland resources division and promoted into a department under the same division in 2014.
jasimharoon@yahoo.com