Wednesday, 15 January, 2025
Sales of national savings certificates have been suspended for six days due to a server glitch, with a resolution expected within a few more days.
Mohammad Shariful Islam, Director of the National Savings Directorate, confirmed that the finance ministry’s IT department is actively working to resolve the issue. He anticipates that the problem will be fixed within a couple of days, allowing savings certificate transactions to resume as usual.
A senior official from the directorate mentioned that the server is expected to be repaired by Thursday, with normal services likely resuming either that afternoon or by Sunday morning.
The server malfunction has halted new purchases of savings certificates since Thursday and also disrupted the distribution of investment profits. While the issue was initially expected to be resolved by Monday, repairs were still underway as of Tuesday.
Shariful explained that the problem occurred during the upgrade of certain system templates. Under the new system, profits from savings certificates are automatically transferred to customers' accounts, but this has been delayed due to the server issue.
Although new purchases are suspended, applications for the reinvestment or renewal of expired certificates are still being accepted at Bangladesh Bank. Typically, the central bank handles the sale and renewal of savings certificates, with long queues observed until 2 pm. However, on Tuesday, the counters were noticeably empty, with no customers in sight.
Nazrul Islam, a Dhaka resident from Khilgaon, visited the bank to purchase a new savings certificate and renew his old one but was informed of the suspension due to the software issue. He opted to submit a renewal application instead.
In addition to scheduled banks, savings certificates are available at post offices, although most customers in the capital prefer visiting the central bank.
The government offers various savings certificate schemes targeting the lower middle class, women, people with disabilities, and retired individuals, all categorized under the social security budget. The National Savings Directorate manages monthly profit distributions for previously sold certificates and ensures the repayment of principal amounts at maturity.
The government’s interest payments on these certificates are considered liabilities, contributing to state debt, and the funds are used to support government programs as necessary.
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Sales of national savings certificates have been suspended for six days due to a server glitch, with a resolution expected within a few more days.
Mohammad Shariful Islam, Director of the National Savings Directorate, confirmed that the finance ministry’s IT department is actively working to resolve the issue. He anticipates that the problem will be fixed within a couple of days, allowing savings certificate transactions to resume as usual.
A senior official from the directorate mentioned that the server is expected to be repaired by Thursday, with normal services likely resuming either that afternoon or by Sunday morning.
The server malfunction has halted new purchases of savings certificates since Thursday and also disrupted the distribution of investment profits. While the issue was initially expected to be resolved by Monday, repairs were still underway as of Tuesday.
Shariful explained that the problem occurred during the upgrade of certain system templates. Under the new system, profits from savings certificates are automatically transferred to customers' accounts, but this has been delayed due to the server issue.
Although new purchases are suspended, applications for the reinvestment or renewal of expired certificates are still being accepted at Bangladesh Bank. Typically, the central bank handles the sale and renewal of savings certificates, with long queues observed until 2 pm. However, on Tuesday, the counters were noticeably empty, with no customers in sight.
Nazrul Islam, a Dhaka resident from Khilgaon, visited the bank to purchase a new savings certificate and renew his old one but was informed of the suspension due to the software issue. He opted to submit a renewal application instead.
In addition to scheduled banks, savings certificates are available at post offices, although most customers in the capital prefer visiting the central bank.
The government offers various savings certificate schemes targeting the lower middle class, women, people with disabilities, and retired individuals, all categorized under the social security budget. The National Savings Directorate manages monthly profit distributions for previously sold certificates and ensures the repayment of principal amounts at maturity.
The government’s interest payments on these certificates are considered liabilities, contributing to state debt, and the funds are used to support government programs as necessary.
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