National Savings is Working on Multiple New Products and Schemes

National Savings (NSS) is working on new products which include Shuhada bahbood accounts, products for special people, overseas Pakistanis and those interested in Islamic Investment.

This was stated by National Saving Director General Zafar Masud in a seminar on the topic of “National Savings Role in Promotion of Saving, Social Security and Financial Inclusion” on the occasion of world saving day held at IBP Karachi. Prominent bankers Hussain Lawai , Hassan Bilgrami, Irfan Siddique, CDC Aftab Dewan, Sindh Government investment advisor Syed Shahnwaz Nadir also delivered speeches in seminar.

Zafar Masud said that currently NSS is managing Rs 3.5 trillion savings of vulnerable segment of society like pensioners, the retired, widows, orphans and senior citizens etc. Out of 7 million investors and savers, more the 50 percent are women.

After a long time, NSS is going to introduce new saving products. Zafar Masud said that the NSS is working on 4 new products; 2 related to bahbood and 2 will be common saving products.

“For the families of Shuhadas whether military or civilian, special saving account will be introduced. This account will provide special rate on investment and very attractive and easy terms and conditions.” Zafar added.

Special people will be allowed to invest in Bahbood Certificate and get special rates. NSS is also working on an Islamic product called Sarva Islamic account. This will be linked with government development projects, will launch during current financial year and will last till May 2018. For overseas Pakistanis, special investment products are also under process.

“Due to changing world financial environment, parking money overseas will not be beneficial for Pakistanis. For overseas Pakistanis, dollar and Pak rupee investment scheme is under consideration.” Zafar added.

Zafar said that overseas Pakistani product will be outsourced just like prize bonds are outsourced to SBP.

Digitization of NSS

Zafar Masud said that NSS has been left behind in technology upgradation. In the last few years, out of 376 branches, only 220 have been computerized. World Bank has provided grants to obtain a payment gate way and that money will also be used to build blockchain based products and digital certificates.

For computerization, Karandaaz is going to provide $2.3 million.

“With this, NSS will be able to launch ATM cards and internet and mobile financial services. People can buy and withdraw profits directly without visiting NSS office. “ Zafar said.

Chief Executive of Institute of Bankers Pakistan (IBP) Hussain Lawai said in his speech that government wishes to increase financial inclusion but the policies are not supportive.

“SBP issued a report that after imposing tax on bank transactions, currency in circulation increased. This means that people are avoiding banking channels. “ Hssain said.


  • National Savings bank ny jis din atm de deya wo is ka akhri din ho ga … sara kam kagzi hai koi online kam ni hai in k pass … PMLN walo ko agg say kuch khas payar hai agar yaha agg lagi to gareeb awam ka pasa khatam


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