Post office deposit schemes' rates to be reviewed: FM

Finance Minister AHM Mustafa Kamal said that steps will be taken over the interest rates of deposit schemes’ in post office after revisiting the issue.

The minister made the assertion while addressing reporters after a meeting at secretariat on Wednesday.

He said, “I will revisit the issue. If I can’t do it now, then I will pass it in the next budget. I don’t want to see the sufferings of poor people.”

Explaining the reason behind interest rate cut, he said, “I will check the issue. If we keep the interest rate of saving instrument higher, banks won't be able to do business and none would deposit money in banks.”

On February, the government issued a notification in this regard. According to it, the interest rate on three-year fixed deposit was reduced to 6 percent from 11.28 percent on maturity.


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