Dhaka, Jan 14, (V7N): The National Savings Department’s ongoing server upgrade has disrupted savings certificate sales since Thursday, leaving countless customers in disarray. Many have reported delays in receiving interest payments in their bank accounts. The absence of prior notice has caused confusion and significant inconvenience to investors nationwide.

Scenes from Bangladesh Bank: Frustrated Customers

On Monday, a visit to Bangladesh Bank’s Motijheel branch revealed long queues of customers hoping to purchase savings certificates. Many voiced frustration over the lack of clear communication. Although staff at the help desk assisted with filling out forms, they could not provide a definitive timeline for the server’s restoration.

“I came here to buy savings certificates, but no one can tell me when I’ll be able to do so,” lamented Shah Alam, a customer. “I’ve invested in savings certificates before, and this time, I planned to invest five lakh taka. But for two days, I’ve been going back and forth with no success. Why wasn’t this announced earlier?”

Interest Rate Revision Pending

Adding to the confusion, the Finance Division of the Ministry of Finance sent a proposal last Thursday to the Internal Resources Division (IRD) suggesting an increase in savings certificate interest rates. Despite this, the IRD has not yet issued an official circular, leaving potential buyers uncertain about future rates.

Apology from the National Savings Department

The National Savings Department issued a notice last Thursday, posted only on its official notice board. The notice apologized for the inconvenience, stating that the National Savings Online Management System is undergoing an upgrade. The department assured the public that payment-related activities, such as interest payouts, remain unaffected. However, some customers have reported delays in receiving their interest payments, further compounding their frustrations.

Background and Current Operations

The online savings certificate system was introduced on July 1, 2019, to streamline the management of savings instruments. The system is currently managed under the Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS) by the Finance Division. According to department officials, the server is expected to resume operations by Tuesday, restoring normal services for customers.

Criticism of Poor Communication

Customers have expressed dissatisfaction with the department’s handling of the situation. Many argue that relying solely on notice board announcements was insufficient. “If the issue had been communicated via newspapers and television, we would have been prepared,” said one disgruntled investor.

The lack of proactive communication has left many feeling that the department failed to consider the inconvenience caused to the public. Investors are urging the government to adopt more transparent communication strategies to avoid similar disruptions in the future.The National Savings Department has assured customers that services will normalize soon. 

END/RH/SMA/