Have bank deposits over Tk50 lakh? Be ready to pay more to the govt
Currently, no excise duty is applicable on balances of up to Tk1 lakh annually.
Keeping money in the country's banking system is set to get more expensive as the finance minister proposed to further increase excise duty on bank deposits in the upcoming fiscal year (FY25) after three fiscal years.
If you have bank deposits over Tk50 lakh, you have to pay more to the government as excise duty.
Currently, no excise duty is applicable on balances of up to Tk1 lakh annually.
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Excise duty of Tk150 on balances above Tk1 lakh to Tk5 lakh and Tk500 on balances above Tk5 lakh to Tk10 lakh has remained unchanged.
Currently, Tk3,000 is deducted as excise duty on balances above Tk10 lakh to Tk1 crore.
This range may be split into two phases: maintaining the same duty for balances above Tk10 lakh to Tk50 lakh initially, and potentially increasing to Tk5,000 for balances above Tk50 lakh to Tk1 crore.
In summary, for those holding money in these ranges in banks, their excise duty is set to increase by about 67%.
Currently, an excise duty of Tk15,000 applies to bank balances above Tk1 crore to Tk5 crore.
This range may also be divided into two parts.
The duty could rise to Tk20,000 for account holders with balances above Tk2 crore to Tk5 crore, while decreasing to Tk10,000 for balances above Tk1 crore to Tk2 crore.
The existing excise duty of Tk50,000 on balances above Tk5 crore may remain unchanged.
