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NBR chief hints at reducing savings instrument rate

NBR chief hints at reducing savings instrument rate

National Board of Revenue (NBR) Chairman Mosharraf Hossain Bhuiyan on Saturday (Feb 23) said the government is considering reducing the interest rates of state-owned savings certificates.

He said, the government has formed a committee to analyze all issues including interests for small savers. If the interest rate is reduced, it will be higher than that of banks as the government will consider the small savers' benefits.

He, however, said, it is not possible to say at this moment whether the rate will be changed this year or not.

The NBR chairman was speaking as the chief guest at the inaugural function of 'Savings Week 2019' at the National Sports Council in the city, local media reported.

The theme of the week is 'Sanchoy Shomriddhir Shopan'.

Mosharraf, also the senior secretary of Internal Resources Division, said the number of taxpayers will increase as the TIN has been made mandatory for savings certificates.

Besides, the anomalies related to the income tax ceiling and other issues will be eliminated with the introduction of online database system of savings certificates, he added.

Due to attractive rates of yields, the sales of savings tools have increased significantly.

Department of National Savings sells four types of savings certificates and the rates of yield are up to 11.76 per cent. It also sells different types of bonds to local and expatriate Bangladeshis.