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Post Office savings cannot be more than Tk 20 lakh

Post Office savings cannot be more than Tk 20 lakh

The government has reduced the investment limit for postal savings scheme by two-third. From now on, a person can invest up to Tk 10 lakh under a single name in Post Office Savings Bank, which was earlier up to Tk 30 lakh.

The Internal Resources Department (IRD) of finance ministry issued a circular in this regard today, local media reported.

As per the circular, the upper limit of investment under joint names has been reduced to Tk 20 lakh. It was Tk 60 lakh earlier.

The investment limit in the Post Office Savings Bank has been reduced by two-thirds to reduce government's interest payments and send depositors to banks, it said.