If more than 10 lakh rupees in the bank, ‘increase duty’

There is a change in the level and rate of excise duty on bank deposits. This will increase the cost of keeping money in the bank. But this stream of change will not affect the small depositors, it will affect the large depositors. Because if the customer has more than 10 lakh rupees in the bank, the additional duty has to be paid.

Finance Minister Abul Hasan Mahmud Ali presented this proposal during the presentation of the national budget for the financial year 2024-25 on Thursday (June 6) under the chairmanship of Speaker Shirin Sharmin Chowdhury and in the presence of Prime Minister Sheikh Hasina.

It is proposed to increase the excise duty on bank deposits again after two fiscal years. At present the levy is levied at six levels but in the proposed budget this level will be eight. Where the customer’s deposit is more than 10 lakh rupees, additional money has to be paid.

In the last financial year 2020-21, the amount of excise duty on banked money was increased. Excise duty has to be paid only if the amount of deposit in any bank is more than 1 lakh rupees in a year. At present the duty level is six, but it is being increased in the budget of the fiscal year 2024-25. Currently there is an excise duty of Tk 150 from Tk 1 lakh to Tk 5 lakh and Tk 500 from Tk 5 lakh to Tk 10 lakh.

At present no excise duty is payable on bank account status upto Rs. Again between one lakh and five lakh taka 150 taka and between five lakh and ten lakh taka 500 taka excise duty has to be paid. There is no change coming at these two levels.

In the proposed fiscal year 2024-25 budget, the tier of excise duty ranging from Tk 10 lakh to Tk 1 crore is being broken into two tiers. In this case, there will be an excise duty of 3000 taka as before on collected money from 10 lakh taka to 50 lakh taka. And from Tk 50 lakh to Tk 1 crore, the duty will be Tk 5 thousand instead of Tk 3 thousand.

And the existing tier of Rs 1 crore to Rs 5 crore is also being dismantled. In the new financial year, between 1 crore and 2 crore, 10 thousand taka, and 20 thousand taka between 2 crore and 5 crore will have to be paid. At present, the excise duty on deposits between one crore and five crore is Tk 15,000. As a bank once in a year if the balance exceeds five crore taka, then the amount of excise duty on that deposit will be taka 50 thousand. At present 40 thousand rupees have to be paid at this level.

Generally, once the amount of deposits in a bank reaches the limit of one lakh rupees or above during the month of January to December, excise duty has to be paid at a fixed rate. Excise duty is deducted from the customer’s account even if it is touched multiple times. Excise duty is not deducted if the amount is less than one lakh rupees.