Sanchayapatra : A Beginner’s Guide to Investing

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When the epidemic struck in 2020, stock values all across the world plummeted. Stock markets aren’t the only place where you might lose money. In fact, practically every investment can cause you to lose money. However, if you want to secure your money while still growing it, there is no better option than investing in sanchayapatra in Bangladesh.

What is sanchayapatra?

Sanchayapatra is a Bangladeshi government-issued savings certificate. It was initially published in 1972 to encourage people to save money, gather tiny savings, and use the money to help the government deal with budget deficits. If the government earns 100 takas and spends 110 takas this year, it may be able to make up the difference by selling sanchayapatra.

Types of sanchayapatra and who can buy which one

Currently, the government’s Directorate of National Savings manages 11 programmes. Five-year Bangladesh sanchayapatra, three-monthly profit bearing sanchayapatra, poribar sanchayapatra, and pensioner sanchayapatra are the four varieties of sanchayapatra.

The first two types of sanchayapatra can be purchased by someone individually, jointly with another person, or on behalf of others. Poribar sanchayapatra is only available to women aged 18 and up, physically challenged people, and people aged 65 and above. Only retired members of particular organizations can purchase pensioner sanchayapatra. Institutions can only invest in Bangladesh sanchayapatra for a period of five years.

How to buy sanchayapatra

Sanchayapatra can only be purchased in person from local National Savings Bureau offices, all post offices, Bangladesh Bank, and a few select banks. There is currently no option to purchase it online. To purchase a sanchayapatra, you must complete the relevant paperwork and submit the required documentation to the local office. You will receive two computer-generated vouchers in exchange. You can deposit cash or a check in the bank with one. A new confirmation voucher will be mailed to you by the bank. You will receive the sanchayapatra if you submit this confirmation voucher along with the preceding coupon to the office.

If you presented a cheque, you would receive a token and would not receive the sanchayapatra until the money was transferred.

How much can I invest in sanchayapatra

10 taka is the smallest amount that can be invested in a 5-year Bangladesh sanchayapatra or poribar sanchayapatra. Sanchayapatra for a 3-monthly profit bearing sanchaypatra is 1 lac taka, while sanchayapatra for pensioners is 50 thousand takas. For a 5-year Bangladesh sanchayapatra and a 3-monthly profit bearing sanchayapatra, the maximum ceiling is 30 lac taka. Poribar sanchayapatra and pensioner sanchayapatra have respective limits of 45 and 50 lac taka.

Individuals who purchase various varieties of sanchayapatra will be subject to the limit of the sanchayapatra with the greatest limit. This indicates that if you buy 5-year Bangladesh and poribar sanchayapatra at the same time, you can invest a total of 45 lac taka. If you’re investing with someone else, though, the limitations are higher. Institutions and provident funds have no restrictions.

How much can I profit from sanchayapatra

The maximum rate of return for poribar sanchayapatra is 11.52 percent, and profits are split monthly. For 3-monthly profit bearing and pensioner sanchayapatra, profits are shared every three months, with maximum rates of return of 11.04 percent and 11.76 percent, respectively. In Bangladesh, the highest rate of return for a 5-year sanchayapatra is 11.28 percent. All profits from sanchayapatra, on the other hand, are tax deductible. Profits are taxed at a rate of 5% if your entire investment in sanchayapatra is less than 5 lac taka. If the amount invested surpasses 5 lac taka, the rate is 10%.

Currently, the capital and profit (less the tax) are put into your bank account automatically. Profits are lowered if the sanchayapatra is cashed before it matures. In reality, if a sanchayapatra is cashed within one year of purchase, there will be no profit.

It should be noted that several sanchayapatra rules, such as the requirement of an e-TIN certificate, are susceptible to change.

Requirements to buy sanchayapatra

The following are the conditions for purchasing sanchaypatra:

2 copies of the buyer’s passport-size pictures (attested by a 1st class gazetted officer)

2 copies of the nominee’s passport photo (attested by the buyer)

1 photocopy of both the buyer’s and nominee’s NID

1 photocopy of the buyer’s bank check

If you’re buying sanchayapatra for more than 1 lac taka, you’ll also need a copy of your e-TIN certificate, and the money will have to be paid with a check. Documents relating to pension or gratuity are necessary for pensioner sanchayapatra. For minors, birth certificates will be required instead of NIDs.

The Daily Star’s Report

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