SMART ABOUT SAVINGS
Money you save is money you earn
In the absence of a universal public pension scheme, people in Bangladesh have to rely on private savings for a secure life. They look up to banks and non-bank financial institutions for saving their money to meet future needs. To cater to the savers, banks are increasingly bringing innovations to their savings products to meet the needs of savers at every stage of their life.
‘Increase in govt schemes is not the solution for lack of variations in savings schemes’
In conversation with Zahid Hussain, former Lead Economist, Macroeconomics, Trade & Investment Global Practice, World Bank, Dhaka Office.
Tax measures anti-savings
Interest income of savers is not taxed everywhere in the world. Vietnam, a Southeast Asian country, does not slap taxes on interest income from bank deposits, life insurance and government bonds.
Decline in savings downs investment
Each month, Ayesha Amin, a housewife, aims to put Tk 5,000 of the money her husband hands over to her for the running of the house, in her savings account.