Postal savings accounts will be digital

The manual system for postal savings accounts is coming to an end.

Accounts will not be opened manually in Post Office Savings Banks from July this year. All new savings accounts will be digital.

The current manual system will be completely stopped after June in 2024.

If a person does not digitize these accounts before this, he or she will not get any profit.

The Internal Resources Division of the Ministry of Finance issued a circular in this regard recently.

According to the sources of the Department of National Savings, general and long term accounts and postal life insurance accounts are opened under the Post Office Savings Bank scheme. Recently, the long term accounts have come under online system.  But the general accounts are operated manually. This makes it very difficult to identify the situation if a person invests more than the limit. Under the rules, a person can invest maximum Tk 10 lakh in single name and Tk 20 lakh in joint names. Interest rate is 7.50 percent. More interest is paid for long term savings.