The investment portfolio of National Saving Schemes (NSS) has been enhanced significantly from Rs 1000 billion to Rs 1500 billion within a period of last one year, Director General National Savings Zafar Sheikh said. Talking to Aaj TV he said while quoting a recent survey that as many as 90 percent investors of National Savings are maintaining Rs 10 million or even below amounts and mostly belongs to middle class or low income individuals.
The NSS has 370 branches and over 6 million customers. The target is small and middle class savers. While special rate is being offered to widows and pensioners, he added. Describing the launching of NSS Bonds as a wonderful initiative, saying it is aimed at to give opportunity to public for investment. The Director General National Savings said the Bonds offer competitive rates that compare favourably with other forms of savings.
Profit on these bonds shall be paid bi-annually. The Bonds will be issued to individuals, mutual funds, provident, pension, gratuity funds or trusts excluding body corporate and banks. He said the holders of the bonds will get profit of 12.50 percent per annum on three years maturity, 12.55 percent on five years and 12.60 percent per annum on ten years maturity.