Banks told to ensure uninterrupted savings certificate services

Bangladesh Bank has instructed all scheduled banks to maintain uninterrupted savings certificate services.

In a circular issued on June 24, the central bank said it had recently received complaints from customers regarding difficulties in purchasing savings certificates through banks.

As a result, it reminded banks of their responsibilities as authorised issuing offices for the instruments.

The directive follows concerns that some branches were not providing the required level of support to investors seeking to buy savings certificates.

To address the issue, the central bank asked banks to strengthen customer service and ensure that eligible investors can access the instruments without unnecessary obstacles.

Under the Savings Certificate Rules, 1977, banks act as issuing authorities and are required to facilitate the sale of savings certificates to investors.

Bangladesh Bank said branches must continue to discharge these responsibilities properly in order to maintain service standards and support government savings programmes.

The central bank also instructed banks to regularly monitor their savings certificate operations and take prompt action to resolve customer complaints.

In addition, it asked lenders to display complaint submission procedures prominently at branch premises so that customers can easily seek assistance when needed.

The move is expected to improve customer access to savings certificates and reinforce confidence in one of the country's most popular savings instruments.