ISLAMABAD – Rs 240 billion withdrawn from Central Directorate of NationalSavings over Rs 40,000 prize bonds.
The Central Directorate of National Savings (CDNS) has revealed that theinvestors of Rs. 40,000 prize bonds have encashed Rs. 240 billion byDecember 20, 2019, out of the overall reserve of Rs. 259 billion.
It is worth mentioning that CDNS had discontinued this specific bond onJune 24, 2019.
The State Bank of Pakistan (SBP) had directed that national prize bondsworth Rs. 40,000 denominations should not be sold after June 24, and wouldnot be encashed or redeemed after March 31, 2020.
The bondholders were given the option of either replacing them with SpecialSavings Certificate (SSC) or Defence Saving Certificate (DSC) premium bondsthrough State Bank of Pakistan’s (SBP) field offices or National Bank ofPakistan, United Bank, Habib Bank, Bank Alfalah Ltd, and Allied Bank orencash them at face value.
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The National Savings is expecting that the total amount that will be drawnby the investors will be around Rs. 250 billion by the end of December, outof which Rs. 50 billion was drawn in November and Rs. 20 billion inDecember, said an official.
Replying to a question, he said CDNS had decided not to change the rates ofdifferent certificates for November 2019 to promote the culture of savingsin the country.
