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  • National Savings to issue registered prize bonds in all denominations

    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.

    The registered prize bonds will be a step towards documentation of the economy while providing facility to the general public.

    The CDNS remained in the process of restructuring and transformation in the Fiscal Year 2019. In this regard, the achievements made in the first nine months and initiatives in the pipeline are as under:

    IT Transformation:

    Starting from 2002-03, National Savings has gone a long way towards computerization and automation of its processes.

    Out of 375 National Savings Centers (NSCs), 222 have been computerized. In the last one year, some more milestones have been achieved for transformation of the organization into an Information Technology enabled entity.

    i. A data center has been established at National Telecommunication Corporation (NTC) and now 205 NSCs are connected to centralized location through Wide Area Network (WAN) whereas NTC is working for provisioning of connectivity at remaining NSCs.

    ii. CDNS Main Application System has been upgraded into state-of-the-art Business Application Solution and deployed at 35 National Savings Centers while remaining NSCs are in the process of migration to the centralized architecture by using the newly upgraded Business Application Solution. The aforesaid achievement has enabled CDNS for provisioning of advance, efficient and value-added services to its customers using Alternative Deliver Channels (ADCs) i.e. Debit/ATM Cards, etc.

    iii. Protocols have been laid down with National Database Registration Authority (NADRA) for obtaining Verisys and Biosys, which are necessary in the new digitized set up of the organization.

    iv. Vendor has been selected for providing the card (ATM/Debit Card) solution for CDNS.

    v. Agreement with 1Linkhas been signed for providing connectivity with banking sector/ATM operations.

    Achievement of Annual Targets:

    CDNS, being the foremost institution providing the avenue to general public to park their savings has been able to not only achieve the targets assigned but also surpassed by a big margin. As of 30.04.2019, the CDNS has achieved 213 % of the Gross and 191% of proportionate targets.

    Initiatives in the Pipeline:

    Sharia Product of National Savings

    There was a persistent demand of Sharia compliant product and CDNS has responded to it and has developed its first-ever Sharia Compliant product called Sarwa Islamic Savings Account (SISA) for those who desire to invest only in the Sharia-compliant scheme of CDNS. The Draft rules for it have been printed in the Gazette of Pakistan and after approval of the Cabinet Committee for Disposal of Legislative Cases (CCLC) and the Federal Cabinet, the proposed SISA Scheme will be introduced across the country.

    Overseas Pakistanis Savings Certificates (OPSCs)

    The Pakistani diaspora abroad wanted to have a secure investment channel for their savings while Government of Pakistan, in order to increase more also looked for bringing remittances into formal money channels which were mostly coming via informal channels. In this regard, to fill the void, OPSCs has been designed as a product by CDNS to be launched for Overseas Pakistanis only. It will be launched initially in the Gulf Cooperation Council (GCC) market and then other countries. The Agreement with Manger To the Issue (MTI) has been almost finalized. Being a scripless security, OPSCs will be offered in both the US$ and rupee currencies. It is expected that they will be launched in the Fiscal Year 2019-20.

    Launch of Rs. 100,000 Premium Prize Bond (Registered)

    After successful launch of Rs.40000, Premium Prize Bond (Registered) National Savings is in the process of launching another registered prize bond for Rs. 100,000

    Debit Card Launch & Membership of 1Link System

    In near future National Savings is launching ATM Debit Cards with the support of the Karandaaz Pakistan.

  • Prize bonds investment soars by 17.07 percent to Rs929.64bn

    Prize bonds investment soars by 17.07 percent to Rs929.64bn

    KARACHI: The investment in prize bonds has soared to Rs929.64 billion by January 2019 as compared with Rs794.09 billion by the same month of the last year, showing an increase of 17.07 percent.

    According to statistics issued by State Bank of Pakistan (SBP), the savings mobilized through prize bonds had increased to Rs929.64 billion January 2019 through different categories of prize bonds.

    The statistics have shown the investment in higher denomination prize bonds increased more rapidly then the lower denomination.

    Following is the position of investments in different prize bonds:

    (Rs in million)

    S. No.Prize BondsJan 2019Jan 2018% Increase
    01Rs1009,7718,79511.09
    02Rs20029,32527,0768.30
    03Rs75098,59086,52013.95
    04Rs1,500105,01990,07816.58
    05Rs7,50096,22175,31727.75
    06Rs15,000173,803144,78020.04
    07Rs25,000156,923135,08016.17
    08Rs40,000259,130225,58614.86

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    Investment in registered prize bonds surges by 30pc

  • Investment in registered prize bonds surges by 30pc

    Investment in registered prize bonds surges by 30pc

    ISLAMABAD: The investment into premium prize bonds of Rs40,000 has registered significant increase of 30 percent owing to attractive avenue for persons having legitimate money.

    The investment into the premium prize bonds increased to Rs5.86 billion by January 2019 as compared with Rs4.52 billion in the same period of the last year.

    In order to promote documentation of economy, the registered bonds with denomination of Rs40,000 was launched two years ago.

    The first prize of the premium bond is Rs80 million and the winner of the draw will get the prize money directly to his bank account.

    The registered bond is only issued against Computerized National Identity Card (CNIC) and account maintenance certificate of the account number mentioned in application.

    The bond has bi-annual profit at three percent per annum for all premium prize bond holders.

  • Investment in unregistered prize bonds increases to Rs922.78 bn

    Investment in unregistered prize bonds increases to Rs922.78 bn

    KARACHI – According to the latest debt statistics issued by the State Bank of Pakistan (SBP), the investment in unregistered prize bonds has witnessed a significant surge, recording an increase of 17 percent to reach Rs922.78 billion by the end of December 2018.

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