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| March 3, 2006 | Friday | Safar 2, 1427 |
Banks allowed to deal in national saving schemes
ISLAMABAD, March 2: The federal government has restored agency function of commercial banks with immediate effect, allowing them sale of Defence Savings Certificates and Special Savings Certificates (registered) through their outlets, said an announcement of the Central Directorate of National Savings, Finance Division, issued here on Thursday.
The government has already been providing facility of investment in government securities through outlets of national savings and selected post offices.
After this decision huge network of scheduled banks will start offering similar facilities to the general public, which will be helpful for investors of the national saving schemes.
It said the government was taking care of the segments of society who deserved special attention. The Pensioners’ Benefit Account and the Bahbood Savings Certificates for widows and senior citizens were helpful to reduce the economic burden on pensioners, widows and senior citizens simultaneously. The schemes provided them an opportunity to keep their money in safe custody.
The announcement said the government was committed to provide social security network to these segments of the society.
In this regard, the government had recently reduced the service charges on Pensioners’ Benefit Account and Bahbood Savings Certificate scheme from 2 per cent, 1.5 per cent, 1 per cent and 0.5 per cent to 1 per cent, 0.75 per cent, 0.5 per cent, and 0.25 per cent respectively on principle amount, if encashed or withdrawn before completion of one year, two year, three years and four years respectively from the date of deposit.
Similarly, for larger interest of general investors, the service charges on Regular Income Certificate have been reduced from 3 per cent, 2 per cent, 1 per cent and 0.5 per cent to 2 per cent, 1.5 per cent, 1 per cent and 0.5 per cent respectively, if encashed before completion of one, two, three and four years respectively.
Moreover, the government has allowed charities and non-profit organisations to invest in Defence Savings Certificate, Special Savings Certificate (registered), Regular Income Certificate and Savings Account up to Rs10 million.
“The decision to allow commercial banks to sell these certificates is in line with the government’s policy to facilitate the general public to the maximum possible extent”, the announcement added.
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