Dhaka: In Bangladesh, people often invest their savings in various institutions for a sense of financial security. They may invest in banks, or sometimes in the stock market. However, many consider savings bonds to be a hassle-free option, which is why there is a greater interest in investing in them. But can we truly relax after investing in savings bonds? The answer is undoubtedly “No”. Even after investing in savings bonds, we must remain vigilant. Here’s why:
A recent incident at the Bangladesh Bank highlighted how fraudulent activity can lead to someone else withdrawing money from another person’s savings bond. On 23 October, a man purchased savings bonds worth 25 lakh taka from the Motijheel office of Bangladesh Bank, with his bank account at the Agrani Bank National Press Club branch. On 27 October, the savings bond was cashed, and the money was transferred into another person’s account at the NRBC Bank’s Dinajpur sub-branch. Shortly after, the money was withdrawn from NRBC’s Shyamoli branch in the capital.
In a similar way, attempts were made to cash savings bonds worth 30 lakh taka via Dutch-Bangla Bank and 20 lakh taka via NRB Bank on the same day. However, these attempts were blocked when they came to the attention of Bangladesh Bank.
This type of fraud involving savings bonds is precisely why we must always stay alert. The responsibility doesn’t end once we purchase a savings bond. When you buy a savings bond, you are making an investment, and the security and hassle-free management of that investment rests in your hands. Here are a few essential precautions you should take:
Keep Documents Safe:
After purchasing a savings bond, the bank or post office will provide you with the original documents, which will include a QR code. Ensure that you check for the presence of the QR code. It is vital to store these documents securely, as you may need them at any time.
Keep Your Bank Account Active:
The profits and principal of the savings bond are automatically credited to your bank account. Therefore, it’s crucial to make sure your bank account remains active. If your account is closed or inactive, contact the bank to reactivate it immediately.
Changes to Mobile Numbers:
Currently, there is no provision for instant changes to the mobile number linked to your savings bond or bank account. If you need to change your mobile number, you must submit an application to the Savings Directorate for approval.
Avoid Fraud:
For any changes to your information, or to withdraw principal or interest, you must contact the office where you initially purchased the savings bond. Remember, never share a One-Time Password (OTP) or any confidential information received on your mobile with anyone.
Ensure Accurate Nominee Details:
Make sure that the nominee’s name and other details are correctly listed on the documents. In the event of the account holder’s death, the nominee will need these accurate details to easily redeem the savings bond or collect any accrued profits.
Premature Redemption:
In urgent situations, it is possible to cash out your savings bond before its maturity date. However, doing so may result in a lower interest rate or a penalty. It is the responsibility of the investor to be aware of the rules and regulations regarding premature redemption.