National Savings deposits are projected to rise to Rs1.49 trillion, driven by higher inflows into savings accounts and Islamic savings products.
(more…)Tag: National Saving Schemes
-
Pakistan finalises launch of Digital Prize Bonds
National Savings completes preparations for paperless prize bonds with direct credit of winnings and enhanced digital services
(more…) -
CDNS Reduces Interest Rates on Key Savings Schemes
Islamabad, May 14, 2024 – The Central Directorate of National Savings (CDNS) has implemented adjustments to the interest rates on several significant savings schemes, with some witnessing reductions while others experience increases.
(more…) -
CDNS Adjusts Profit Rates of Saving Schemes for March 2024
Karachi, March 23, 2024 – The Central Directorate of National Savings (CDNS) has announced adjustments to the profit rates across various saving schemes, aiming to align them with prevailing economic trends and monetary policy objectives.
(more…) -
Investment in Saving Certificates Drops by 12% in Pakistan
Karachi, March 11, 2024 – Pakistan has witnessed a substantial decline of 12 percent in investment in saving certificates during February 2024, compared to the same month a year ago, according to official statistics released by the State Bank of Pakistan (SBP).
(more…) -
Pakistan Sharply Cuts Interest Rates on Saving Schemes
Karachi, December 20, 2023 – Pakistan has implemented substantial cuts to the interest rates on saving schemes, despite maintaining a higher benchmark policy rate.
(more…) -
National Saving Schemes facilitation portal launched
KARACHI: The State Bank of Pakistan (SBP) has launched a portal in order to facilitate investors of national savings schemes.
(more…) -
NSS: tax rate at 10% on profit subject to furnishing certificate
ISLAMABAD: Persons deriving profit less than Rs500,000 on national saving schemes are required to provide a certificate in order to get reduced income tax rate at 10 percent, official sources said.
(more…) -
Banks directed to apply AML/CFT rules on issuance of saving certificates
KARACHI: State Bank of Pakistan (SBP) on Thursday directed banks to implement anti-money laundering (AML) and Counter Financing for Terrorism (CFT) rules related to issuance of National Saving Schemes (NSS).
The SBP said that commercial banks are performing functions of sale, encashment, profit payment etc. of various NSS such as prize bonds, SSC and DSC.
In this connection, your attention is invited towards National Savings Schemes (AML & CFT) Rules, 2019 promulgated by the Ministry of Finance, Government of Pakistan vide Notification No. F.No.16(1)GS-I/2019-98 dated January 23, 2020, sub-rule (3) of Rule 1 whereof reads as:
“These rules shall apply to all offices and persons responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue.”
In light of the cited rule, being the office of issue, the said Rules are also applicable on the commercial banks. Therefore, it is advised to ensure implementation of and compliance with the enclosed NSS (AML&CFT) Rules, 2019 and arrange for necessary dissemination to the concerned officials and branches, the SBP said.
-
SBP asks banks not to accept institutional investment in saving schemes
KARACHI: State Bank of Pakistan (SBP) on Thursday informed banks about restriction imposed on institutional investment in saving schemes.
The central bank said that the Central Directorate of National Savings (CDNS) on July 01, 2020 restricted participation of institutional investors in national saving schemes.
In this connection, the SBP advised all authorized commercial banks to review the instructions contained in the above mentioned letters and ensure that no institutional investment of any kind should be accepted in National Savings Schemes (NSS) dealt by banks i.e. Special Savings Certificate (SSC) / Defence Savings Certificate (DSC) on or after July 01, 2020.
The SBP asked the banks to disseminate necessary instructions down the line to all authorized branches and concerned officials for information and strict compliance.