Pakistan National Savings (PNS) has revised the rates of profit on savings schemes to achieve the Rs 150 billion saving target the federal government has given to PNS for fiscal year 2008-09.
"We have been given a target of Rs 150 billion of non-bank borrowing during next fiscal, as we have inching towards revised target of Rs 80 billion for current fiscal", said Zafar Sheikh, Director General, National Savings here on Tuesday.
He said that the target for current fiscal was Rs 43 billion in the beginning which was revised to Rs 80 billion later and we have collected Rs 78 billion till the end of May.
National Savings is biggest non-bank borrowing institution for the government and it has deposits of more than Rs 1200 billion at present having more than 6 million customers, Zafar Sheikh said.
Talking about revised rates of profit, Zafar Sheikh said that rate was increased from 10.15 percent to 12.15 percent on Defence Savings Certificates, 9.25 percent to 10.25 percent on Special Savings Certificate, 9.54 percent to 11.52 percent for Regular Income Certificate, 11.64 percent to 13.56 percent on Behbud Savings Certificate/Pensioners Benefit Account, 9.25 percent to 10.25 percent on Special Savings Account and 6.5 percent to 8.5 percent on Savings Account. These rates will be implemented from June 24, 2008.
He said it was decided to launch Sharia compliant products, short term products and specialised products for non-resident Pakistanis. These multi-purpose new saving schemes of short duration for general public aims at minimising reliance on bank borrowing by the government, he added.
"We are introducing papers of short duration of three months, six months and one month on which general public will be given return in proportion to periods of Treasury Bills rates determined by the market", he said, adding that with the launching of these new schemes, majority of current accountholders would draw their amounts from banks to invest in new schemes. To a question, he said the launch of these schemes would take almost three months time.
He said for ensuring complete transparency in the system and to attract more people towards its schemes, the National Savings has prepared an aggressive plan of office automation, revival of profits rates quarterly.
Zafar Sheikh, who recently took charge of National Savings, told reporters that Rs 500 million were allocated in PDSP of next fiscal for automation of all offices across the country having 368 in number and would be increased to 500 by the end of the year 2009 and a tailor-made software has been developed for the organisation.
He said that the automation of entire system would grossly facilitate the investors besides maintaining transparency in the financial system. He said that a customer support centre has also been opened at each Regional Directorate to facilitate the investors. The number of prizes and prize money on all denominations of prize bonds has also been increased. To a question regarding making the National Savings a corporation he said that matter is under consideration of Finance Ministry.
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