Staff Correspondent

Shanchayapatra or national savings certificate has long served as a reliable saving scheme, providing a dependable path toward financial stability for the people of Bangladesh. Upon reaching maturity, some holders may find it necessary to withdraw their funds, whether for personal expenses, medical needs, or investment opportunities. For others, however, the renewal option of their Sanchayapatra offers a chance to continue growing their savings. Let’s explore what steps to take when it reaches maturity.

Sanchayapatra Encashment Process

Completing the encashment of Sanchayapatra typically requires around 2 to 3 business days after maturity depending on the issuing bank. For certain banks, processing may even take a few additional days.

Each bank maintains its unique form to carry out the process. The first step in withdrawing funds is to fill out a form. After completing it, the form must be manually signed and submitted to the branch of the bank from where the Sanchayapatra was purchased.

If the investor cannot appear at the bank or sign the form due to physical limitations, a nominee can carry out the procedure on his/her behalf. In such cases, the investor must provide a medical certificate that verifies their physical condition.

In addition to the investor, the nominee may withdraw only the profit earned from the Sanchayapatra. However, this requires explicit written authorization from the investor, including their signature and a discharge of the profit coupon. The initial deposit value, however, cannot be accessed solely through an authorization letter or permit.

For Sanchayapatra purchased online, this procedure becomes much simpler. This online context refers to the National Savings Scheme Online Management System. In this regard, Bangladesh Bank recently issued directives to all its branches and scheduled banks. The principal of Sanchayapatra bought via the system will be credited directly to the investor’s account upon the exact day of maturity.
Additionally, any profits will be transferred in installments on schedule. All transactions will be processed through the Electronic Fund Transfer (EFT) system. It means neither the investor nor their nominee will need to visit the bank to receive the profits or maturity value.

Sanchayapatra Renewal Process

With the automation of the new system, paperwork-related complications are set to reduce significantly. Here are the updated renewal guidelines for Sanchayapatra as per the directives of Bangladesh Bank:

• For Family Sanchayapatra, Three-Month Profit-Based Sanchayapatra, and Pensioner Sanchayapatra, only the original invested amount will be automatically reinvested.
  - For five-year Sanchayapatra and Post Office Sanchayapatra, both the principal and the profits will be automatically reinvested.
• 
  In these cases, the maximum investment limit will be applied from the date of reinvestment.
  Profits from Pensioner Sanchayapatra will now be disbursed monthly rather than quarterly.

In a Nutshell

The recent advancements in Shanchayapatra’s encashment and renewal processes offer a streamlined, hassle-free experience. By utilizing the National Savings Scheme's online management system, investors gain seamless access to renew or encash Sanchayapatra. Thanks to the EFT system, funds are deposited directly into the account on maturity day, eliminating the need for in-person visits or form submissions. With automatic renewal options, holders can effortlessly reinvest, avoiding administrative delays and potential complications. Together, these improvements ensure a smoother, more accessible experience for all Sanchayapatra holders.