BB to halt sale of savings certificates, prize bonds

Bangladesh Bank logo. Wikimedia Commons

Bangladesh Bank is set to discontinue five types of customer-level services, including the sale of Savings Certificates (Sanchayapatra) and Prize Bonds, as part of a major move to modernise its operations and strengthen security at its main offices.

The central bank’s Motijheel office will initially cease these services from 30 November. The decision will be rolled out gradually across its divisional offices outside Dhaka.

The five services to be discontinued are:

* Sale of Savings Certificates and Prize Bonds

* Replacement of torn or mutilated currency notes

* Government Treasury Challan (deposit) services

* Providing change for challan-related transactions

*Services Remain Available at Commercial Banks

Bangladesh Bank emphasised that all these services will continue to be offered at commercial bank branches. The central bank will also enhance monitoring to ensure commercial banks provide these services efficiently.

An awareness campaign will soon be launched to inform the public about the changes. The Ministry of Finance has already been briefed on the decision.

The move follows recommendations from a committee formed after Governor Dr Ahsan H. Mansur inspected the Motijheel office’s Cash Department on 22 June and issued directives to modernise the division.

A key factor in the decision is the ‘Key Point Installation (KPI) security guideline,’ which categorises Bangladesh Bank as a high-security institution. Officials said controlling public access to the premises is necessary to implement enhanced security measures.

Central bank officials clarified that the decision is not a direct response to a recent server fraud incident but aligns with broader security enhancements.

Currently, the Motijheel office operates 28 counters providing ten types of government and Bangladesh Bank-related services.

After 30 November:

Twelve counters handling the five discontinued services will close

The office will no longer accept cash for Savings Certificates, Prize Bonds or government treasury challans

Sixteen counters will remain open for services such as:

* Exchanging metallic coins

* Selling commemorative coins

* Settling disputes related to non-standard currency notes

* Bank-to-bank transactions

The Governor has issued instructions on the future phased reduction of even these remaining services, with similar directives given to other divisional offices.

Savings Certificate Scandal

The decision comes after a server fraud was detected at the Motijheel office last month, resulting in the embezzlement of Tk 25 lakh in Savings Certificates. Attempts to misappropriate another Tk 50 lakh by two individuals were foiled. A case has been filed against four people at Motijheel Police Station, and multiple investigations are ongoing. The sale of Savings Certificates at Motijheel has remained suspended since the incident.

Bigger Picture

As of September, customers held Tk 3,40,044.5 crore in Savings Certificates, with over 30% managed through the Bangladesh Bank Motijheel office, highlighting the public’s reliance on its services due to convenience and trust.

Customers will now be directed to alternative channels, including commercial banks, the Department of National Savings and post offices. - UNB