National Savings is Government Organization its motive is to inculcate saving habits to Pakistani nation with in country and abroad. It gives opportunity to masses and small money savers to invest in the requirements of Pakistan. As once a wise men said ‘Save for the rainy days’. National Savings saves for the General Public, pensioners, senior citizens, small business men to large business men. It play the role of backbone in country’s economy. It has verity of savings schemes e.g savings certificates, savings accounts and savings prize bonds.
National Savings History:
The history of Organization dates back to the year 1873 when the Government Savings Bank Act, 1873 was promulgated. During the first world war, the British Government introduced several Schemes for collection of funds to meet the expenditure. National Savings Bureau was established in 1943- 44 as an attached department of the Ministry of Finance of the undivided Government of India. In 1953, the Pakistan Savings Control Bureau was re-named as Central Directorate of National Savings. Central Directorate of National Savings has been serving as a strategic backbone savings institution for the state. Although the directorate, under different names and varying roles, has been serving national interest since Pakistan came into being, befitting savings schemes for people from different walks of life and especially those with greater needs has been the mandate of this trusted organization. With 100% sovereign guarantee of the Government of Pakistan, CDNS delivers commitment made, whether its the unmatched profit rate offered or always surpassed financial targets set for its deposit mobilization.
National Savings Branches:
National Savings is an attached department of Finance Ministry. Its main managerial office is Central Directorate of National Savings situated at Islamabad (Address: 23-N, Savings House, Markaz G-6, Islamabad).
- Regional Directorates are in twelve main cities of Pakistan namely Peshawar, Islamabad, Lahore, Multan, Sukkar, Karachi, Abbottabad, Gujranwala, Faislabad, Bahawalpur, Hyderabad, Quetta.
- 370+ National Savings Centers spread throughout the country working under the jurisdiction of their respective Regional Directorates.
National Savings Schemes:
National Savings offers competitive rates in their schemes that are fairly in favor of investors. Schemes are as follows:
i) National Savings Certificates:
- Defence Savings (DSC)
- Special Savings (SSCR)
- Regular Income (RIC)
- Behbood Savings (BSC)
- Short Savings (STSC)
ii) National Savings Accounts:
- Savings Account(SA)
- Special Savings Account (SSA)
- Pensioners Benefit Account (PBA)
iii) National Savings Prize Bonds Denominations:
National Savings Financial Analysis:
Total investment portfolio of National Savings is Rs.2,596,414.14/- and it is approximately 82% of the whole investment gathered by other financial institutions i.e scheduled banks etc. Keeping in view the aforementioned facts and figures it would be worth saying that National Savings and its Investments are the pillars of Pakistan’s Economy.
Role of National Savings in Pakistan’s Economy:
National Savings takes pride in serving millions of investors nation wide with “Unshakeable Trust” and playing a vital role in the promotion of savings and National Development. It offers safe & easy way to boost economy with upside potential of investment and making a solid addition to the economy of Pakistan. National Savings has always been most trusted and preferred choice of individuals and institutional savings. Therefore National savings is a benchmark of all-out excellence.
Future of National Savings:
Investments is not only dependent upon the rate of return, rather it is equally dependent upon the standard of customer services, method of operations, kind of facilities and efficiency & proficiency of organization as well as security of investments. Automation of accounts is also nearing its completion to facilitate the investors. National Savings is continuously improving its basket of savings products.