Interest rates of savings certificates not lowered: Govt
Published : Sunday, 16 February, 2020 at 7:57 PM Count : 332
The government has clarified that interest rates of different savings schemes with Post Office Savings Bank were lowered, not that of any savings certificate.
The Internal Resources Division of the Finance Ministry issued a circular on February 13 in this regard, reports UNB.
It was mentioned in the circular that the interest rates of the Post Office Savings Bank have been slashed to that of other state-owned banks.
However, the interest rates of government’s savings certificates remain the same, it said.
The interest rate on three-year fixed deposit with the Post Office Savings Bank was cut down to 6 percent from 11.28 percent on maturity.
The interest rate for the first year and second year of the deposit was reduced to 5 percent and 5.5 percent from previous 10.20 percent and 10.70 percent respectively for encashing before the maturity.
The interest rate on savings in case of normal accounts was fixed at 5 percent from 7.5 percent.