Banks instructed to clear cheques for saving certificate purchase within a day

The Bangladesh Bank has instructed the banks to clear cheques, deposited by customers with the application for buying saving certificates, within one working day.

At the same time, it also ordered issuing the saving instruments in favour of the customers on the cheque clearance day.

The central bank on Wednesday issued a circular in this regard, in which it provided banks with some other guidelines on saving certificate-related before-sale and after-sale services.

The move came at a time when many customers are facing hassles in buying saving certificates from scheduled banks. The directives are issued to ease saving tools purchase, according to officials familiar with the matter. 

The circular stated that the interest of the instruments and the capital on maturity must be paid on due dates.

"In case of after-sale services such as changing nominees, mobile or bank account numbers, necessary steps have to be taken within three working days after the filing of customers' applications," it reads, adding that banks must inform their activities to the offices concerned of the Department of National Savings from time to time.

Cheques presented for the purchase of savings certificates cannot be returned without any valid reason, the circular noted.