Automated verification introduced for savings tools payments

Investors will no longer face delays in receiving savings certificate profit and principal due to incorrect bank account numbers, as the government has introduced an automated Account Verification System in the National Savings Scheme Online Management System.

Under the new arrangement, account numbers will be verified for validity and matched against national identity card or passport details before transactions proceed.

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The system, being operationalised from tomorrow through coordination between Bangladesh Bank and scheduled banks, will instantly verify customers’ bank account details when they purchase savings certificates or bonds, according to a press release issued yesterday.

Nine of the government’s 11 national savings schemes are now processed automatically through the system, known as the National Savings Certificate (NSC) system, which has 3,946,224 registered customers.

Around 175,000 electronic fund transfers are made daily, alongside about 8,000 new certificates being issued.

The Department of National Savings expects the system to bring erroneous entries down to almost zero, ensuring investors receive funds securely and promptly.

The initiative has been introduced under the Strengthening Public Financial Management Program to Enable Service Delivery, implemented by the Finance Division under the Ministry of Finance, according to the press release.

Previously, incorrect account numbers caused funds to be returned, requiring officials to correct and reinitiate transfers, creating hardship for investors and risking misdirected deposits.