CDNS records Rs.115 billion investment

ISLAMABAD : The National Savings’ investments were recorded at Rs.115 billion net during the first half of current financial year, showing a very positive trend as compared to the investments made during the corresponding period of last year.The investment during July-December (2008-09) stood at Rs.47 billion as against the investments of Rs.115 billion during July-December (2009-10), an official in the Central Directorate of National Savings told APP here on Tuesday.

“The performance of National Savings has improved, particularly during past couple of years as its investments have recorded tremendous growth,” Abdul Ghafoor Baloch, an official of CDNS said.

Baloch said that the National Savings total investments during the last financial year were recorded at Rs.267 billion against the set target of Rs.150 billion.

For the current financial year, the investments target of the National Savings is Rs. 241 billion out of which it has already collected Rs.115 billion till the end of December.

Giving estimated figures of the investments made till January, he said that about 132 billion have been invested till January.

Baloch said that the National Savings aims to launch new schemes including the Sharia Complaint Paper to facilitate those who are interested in Islamic way of savings.

The savings on this assets’-based paper would be on profit-loss sharing basis and it would not include interests. “This scheme would be launched during the current year,” Ghafoor Baloch added.

The National Savings would also launch bonds/papers for overseas Pakistanis in foreign currency to facilitate Pakistanis living abroad to save their incomes adding that the project was in pipeline and under consideration and would be finalized as soon as possible.

To a question, he said that the project of linking all the 371 centers of National Savings through online computerization would be completed during next three to four years adding that the PC-I of the project has already been approved by the government and work was also going on.

He said that the online system would connect all the 371 centers of the National Savings across the country to make the system user-friendly and facilitate the customers.

Baloch said that interest on Defence Saving Certificates (DSC)s from July 1,2009 is 8.00 percent while after 10 years (Compound rate ) is 12.15 percent.

Similarly the profit in Special Saving Certificate Registered (SSCR) in the first five period is 11.60 percent while in the last period the profit rate is 12.00 percent per annum (pa) from July 1,2009.

He said that average compound profit on the scheme is 11.67 percent (pa) from July,1,2009.

Baloch said that on Regular Income Certificates (RIC) is 12.00 percent per annum from July 1,2009.

He added that on saving accounts, the profit with cheque facility is 8.00 percent (pa) while without the check facility is 8.50 percent per annum from July,1,2009.

Similarly, he said that on Pensioners Benefit Accounts and Behbood Saving Certificates the profit per annum is 14.16 percent from July, 1,2009.