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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

Law drafted to examine national saving schemes investments for money laundering, terror financing

Dec 19

Money & Banking

Law drafted to examine national saving schemes investments for money laundering, terror financing

ISLAMABAD: The government has draft law to examine involvement of money laundering and terror financing in investment made in national saving schemes. The ministry of finance on Thursday issued draft rules namely National Saving Schemes (AML and CFT) Rules, 2019. Under the draft rules, the Central Directorate of National Savings (CDNS) would conduct customers due […]

by Mrs. Anjum Shahnawaz

Nov 6

Finance

Profit rates on saving schemes reduced

KARACHI: The government has reduced the profit rates on saving certificates effect from November 01, 2019. According to notifications issued by Central Directorate of National Savings (CDNS) on Tuesday, the profit rate on Defence Saving Certificate reduced by 2.33 percent to 10.68 percent. The profit rate on Pension Behbood has been slashed by 2.28 percent […]

by Mrs. Anjum Shahnawaz

National Savings to issue registered prize bonds in all denominations

Jun 11

Budget, Money & Banking

National Savings to issue registered prize bonds in all denominations

ISLAMABAD: The Central Directorate of National Savings (CDNS) to issue scripless registered prize bonds amongst all denominations with objective to document the economy. Economic Survey 2018/2019 released by the finance ministry of Monday, said that in collaboration with SBP, National Savings is in the process of introduction of registered scripless prize bonds amongst all denominations. […]

by Faisal Shahnawaz

Senior citizens allowed investment in national savings on expired CNICs

Apr 17

Finance

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).

by Faisal Shahnawaz