Senior citizens allowed investment in national savings on expired CNICs

Senior citizens allowed investment in national savings on expired CNICs

KARACHI: The Central Directorate of National Savings (CDNS) has issued directives to its zonal offices, instructing them to follow the policy outlined by the central bank to facilitate older citizens aged 65 years and above in making investments using expired Computerized National Identity Cards (CNICs).

The CDNS responded to queries regarding the validity of CNICs for citizens aged 65 years and above who wish to make investments. In a notification, the national savings organization highlighted that the State Bank of Pakistan (SBP) had communicated, through a letter dated October 10, 2018, that all offices of SBP Banking Services Corporation would accept expired CNICs of older citizens aged 65 years and above.

Additionally, the SBP, in a letter dated June 09, 2009, issued instructions to all banks and Development Financial Institutions (DFIs), stating, “Banks/DFIs shall be allowed to open an account on an expired CNIC in case the prospective customer is an older citizen having an age of 65 years or above.”

In light of these communications from the SBP, the CDNS has directed all controlling officers and zonal heads of National Savings to ensure strict adherence to the policy outlined by the central bank. The aim is to ensure that National Savings Certificates (NSCs) under their administrative control follow the policy both in letter and spirit.

The CDNS emphasized the importance of facilitating older citizens in their investment endeavors, particularly when it comes to documentation requirements. The policy allows for the acceptance of expired CNICs for individuals aged 65 years and above, thereby easing the process for older citizens who wish to engage in financial investments through National Savings.

By aligning with the SBP’s directives, the CDNS aims to prevent any inconvenience for valued investors and streamline the investment process for older citizens. The move reflects a commitment to making financial services accessible and accommodating for all citizens, particularly those in the senior demographic, and underscores the collaborative efforts between different financial institutions to uphold customer-centric practices.

The directives from the CDNS serve as a reminder to zonal offices to implement the policy effectively, ensuring that older citizens are not hindered in their investment activities due to expired documentation. This customer-friendly approach contributes to a more inclusive and supportive financial environment, aligning with broader initiatives to enhance financial accessibility and convenience for citizens across different age groups.