Rs 40,000 Prize Bonds Worth Rs 200 Billion Withdrawn By Sep, 30
Mohammad Ali (@ChaudhryMAli88) Published October 08, 2019 | 11:46 PM
Central Directorate of National Savings (CDNS) Tuesday said that the investors of Rs 40,000 prize bonds have withdrawn Rs180 billion by September 30, out of overall reserve of Rs 259 billion investments in CDNS in these prize bonds
After the decision taken by the Federal government, CDNS had discontinued the specific bond by June 24, 2019, senior official of CDNS told APP here Tuesday.
The State Bank of Pakistan (SBP) had directed that national Prize Bonds worth Rs 40, 000 denominations should not be sold after June 24, and would not be encashed or redeemed after March 31, 2020.
The bond holders had been given the option of either replacing them with Special Savings Certificates (SSC) or Defence Saving Certificates (DSC), premium prize bonds through State Bank of Pakistan (SBP) field offices or National Bank of Pakistan, United Bank, Habib Bank, Bank Alfalah Ltd, and Allied Bank or encash them at the face value.
The National Savings is expecting that total amount to be drawn by the investors, would be around to Rs 194 billion by end of September, out of which Rs. 40 billion were drawn in July and Rs 112 billion in August, he informed.
Replying to a question, he said CDNS has decided not to change the rates of different Certificates for September, 2019 to promote the culture of savings in the country.
The CDNS has already increased rates on various savings certificates aimed at persuading the customers to invest with CDNS.
"In previous board meeting the CDNS notified the upward revision in the profit rates for various saving certificates with effect from July 1st (2019), encouraging people to invest in various schemes of the Directorate," he said.
The official was of the view that the upward revision of these certificates would generate more revenues that could be utilized as budgetary support by the government to overcome budget deficit problems.
He informed that the new rate for Defense Savings Certificate has been increased from 12.47 percent to 13.01 percent while the rate of Special Saving Certificate from 11.57 to 12.90, Regular Income Certificate from 12 percent to 12.96 percent.
Likewise, the rates of Savings Accounts have been increased from 8.5 percent to 10.25 percent while the rates of Bahbood Savings Certificates and Pensioners' Benefit Account were increased from 14.28 percent to 14.76 percent.
He informed that the government had also increased the short-term (3 months), medium-term (6 months) and long-term (12months) certificates to attract more people towards savings and investments with CDNS.
The official said the new rates for short-term certificates have been increased from 9.8 percent to 12.08 percent, medium-term from 9.88percent to 12.18 percent while the rate of long-term certificate has been enhanced from 9.98 percent to 12.28 percent.
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
5 hours ago -
Pak-US officials engage to enhance trade, investment ties
6 hours ago -
Stocks fall as tech shares sink, US economy slows
7 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
8 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
8 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
8 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
8 hours ago -
Zhao Shirin calls on Punjab Industries Minister
8 hours ago -
CEO APM Terminals calls on Finance Minister
8 hours ago -
SACM visits GTVC checks attendance register
9 hours ago -
CEO APM Terminals meets Commerce Minister
9 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
9 hours ago