Aug 7

National Savings stops profit coupons after August 31, 2022

ISLAMABAD: The Central Directorate of National Savings (CDNS) has announced that it will not issue profit for various savings schemes through coupons. In a public notice, the CDNS said that laws have been amended related to regular income certificates, Behbood Saving Certificates and Pensioners Benefit Account. READ MORE: Pakistan increases profit rates for saving accounts […]

by Hamza Shah

Pakistan increases profit rates for saving accounts

Aug 7

Money & Banking

Pakistan increases profit rates for saving accounts

Pakistan has increased profit rates for saving accounts to 13.50 per cent per annum from 12.25 per cent. The Central Directorate of National Savings (CDNS), the authority to manage the saving schemes in Pakistan, has announced the increase in profit rates on various schemes. READ MORE: Pakistan hikes key policy rate by 125 basis points […]

by Anjum Shah

Prize bonds (bearer) to become worthless after Sept 30

Sep 26

Money & Banking

Prize bonds (bearer) to become worthless after Sept 30

Bearer prize bonds of major denominations including Rs40,000/-, Rs25,000/- and Rs15,000/- will become worthless after September 30, 2021 if no date extension announcement comes from the government. The last date for encashment or exchanging the bearer prize bonds with denominations of Rs40,000/-, Rs25,000/- and Rs15,000 is September 30, 2021, which was already extended from May […]

by Faisal Shah

Applications invited for post of DG National Savings

May 9

Money & Banking, National

Applications invited for post of DG National Savings

ISLAMABAD: The ministry of finance on Sunday invited applications for the post of Director General, Central Directorate of National Savings, Islamabad. The ministry said that prescribed qualification, experience, age limit and other terms of contract appointment under Management Position Scales Policy, 2020 (MP-I) scale are given as under: Qualification: Master degree in any of the […]

by Anjum Shah

Investors redeem Rs115 billion against suspended Rs25,000 prize bonds

Mar 2

Money & Banking

Investors redeem Rs115 billion against suspended Rs25,000 prize bonds

ISLAMABAD: Investors have redeemed/enchased to the tune of Rs115 billion against bearer prize bonds of Rs25,000 denomination which were suspended by the government in December 2020. According to state media on Tuesday, the Central Directorate of National Savings (CDNS) had paid encashment of Rs 115 billion by February 28 to the investors against the suspension […]

by Anjum Shah

KCCI expresses concerns over sudden stoppage of National Saving payments

Feb 6

Trade & Industry

KCCI expresses concerns over sudden stoppage of National Saving payments

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Saturday expressed deep concerns over sudden stoppage of payments by National Saving Centers (NSCs) and urged the government take immediate action in this regard. KCCI President Shariq Vohra in a statement, while expressing deep concerns over the sudden stoppage of payments by NSCs, urged the government […]

by Anjum Shah

National Savings tightens checks on investors

Dec 10

Finance

National Savings tightens checks on investors

ISLAMABAD: The government has tightened monitoring of investors of national savings to comply with conditions of Financial Action Task Force (FATF) and prevent transactions related to money laundering and terror financing. The Central Directorate of National Savings (CDNS) has prepared a comprehensive plan to examine the customers and issued instructions to all its regional offices […]

by Anjum Shah

National Savings: Rules notified for identification of customers, beneficial owners

Oct 21

Finance

National Savings: Rules notified for identification of customers, beneficial owners

ISLAMABAD: National Savings (AML and CFT) Supervisory Board for National Savings Schemes has issued SRO 956(I)/2020 for identification and verification of customers, beneficial owners of saving schemes. According to the SRO regulations shall be called the National Savings (AML and CFT) Regulations, 2020. The chapter III of the regulations explained the identification and verification of […]

by Anjum Shah

Interest rates on saving certificates slashed up to 100 basis points

Jun 3

Finance

Interest rates on saving certificates slashed up to 100 basis points

ISLAMABAD: The profit rate on saving certificates have been reduced up to 100 basis points due to sharp cut in key policy rate by the State Bank of Pakistan (SBP). The new rate of return on national saving certificates are applicable from June 02, 2020. According to Central Directorate of National Savings (CDNS), the interest […]

by Anjum Shah

Biometric verification of all saving scheme investors to be conducted under FATF recommendations

Jan 18

Finance

Biometric verification of all saving scheme investors to be conducted under FATF recommendations

ISLAMABAD: The government will conduct biometric verification of all investors of National Saving Schemes in order to make compliance with recommendations of Financial Action Task Force (FATF), a statement issued by Finance Division said on Saturday. Asia Pacific Group in its recently published Mutual Evaluation Report (MER 2019), has pointed out number of deficiencies on […]

by Anjum Shah