Budget 2024-25

Additional charges for deposits exceeding Tk 10 Lakhs

Business Desk

Published: June 6, 2024, 09:52 PM

Additional charges for deposits exceeding Tk 10 Lakhs

Representational Photo/Collected

A proposal has been made to levy additional charges on bank customers holding deposits exceeding Tk 10 lakhs. However, this will not affect small depositors but will impact larger ones.

Thursday afternoon saw the commencement of the budget presentation. This marks the largest budget in the country‍‍`s history. It is Bangladesh‍‍`s 53rd budget and the 21st budget under the leadership of Prime Minister Sheikh Hasina‍‍`s government.

After two fiscal years, there is again a proposal to increase interest charges on deposited money in banks. While there were six tiers of charges previously, the proposed budget suggests eight tiers. If a customer‍‍`s deposit exceeds Tk 10 lakhs, additional charges will apply.

The proposed budget size is Tk 7.97 trillion, which is more than Tk 36 billion compared to the previous fiscal year (2023-24). The budget size for the current fiscal year was Tk 7.61 trillion.

The theme of the proposed budget is ‍‍`Building a Prosperous, Developed, and Smart Bangladesh.‍‍`

The inflation target for the upcoming budget is set at 6.5%. A similar target was set for the current fiscal year but was later increased to 7.5%. However, inflation surpassed 9% during the current fiscal year. For the next fiscal year, a GDP growth rate of 6.75% is targeted. While the growth rate for the current fiscal year was initially set at 7.5%, it was later revised to 6.5%.

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