National Savings (Pakistan)

The Central Directorate of National Savings (Urdu: National Savings

) is the state-owned savings bank of Pakistan. It operates as an
autonomous governmental agency under the Ministry of Finance and
is managed by Central Directorate of National Savings.[1]
Historically, the operations of National Savings have been geared
towards obtaining funds from individual savers in Pakistan in order to
provide non-bank financing to the government's fiscal deficit.
Towards this aim, the organization offers savings products with
competitive interest rates, along with a 100% guarantee from the
government treasury on all deposits. Native name

Type Government
agency

Contents Industry Financial Services

Founded 1873 as National
History
Savings Bureau
Finances 1972 as National
Operations Savings Organization

Products Headquarters 23-N, Savings

House, G-6
References
Markaz
Islamabad 44000

History Key people Muhammad Khalil,

Director General

The history of the National Savings Organization in Pakistan dates Muhammad

back to the British Raj when the Government Savings Bank Act, 1873 Rafique Sheikh,
[2]
was promulgated. During the First and Second World War, the Director
British government used the then National Savings Bureau (NSB) to Operations
raise funds to meet war-related expenses. After Pakistan acquired Products Savings and
independence in 1947, the organization continued to operate as NSB, Investments
before being renamed to Central Directorate of National Savings Website www.savings.gov
(CDNS) in 1953. In August 1960, the CDNS was given the status of .pk (http://www.savi
an "Attached Department" of the Ministry of Finance and made ngs.gov.pk)
responsible for all policy matters and execution of various National
Savings Schemes (NSS). The present structure of CDNS was set up in early 1972 under the Ministry of
Finance.[3]

In August 2019, the government decided to turn National Savings Organization from a government agency to
a corporation that will run under the government. Relevant legislation in this regard, Pakistan Savings Bill
2019, is prepared and being finalized.[4]

Finances
The organization manages investments worth ₨4.04 trillion (US$24 billion) as of FY 2018-19;[5] an amount
that is 25% of the country's net savings - making it the largest financial institution in Pakistan.[1] It has 7
million customers, of which 47% are female, leading it to become the financial institution that is closest to
gender parity in the country.[6] The organization sets the rate of interests itself, and revises them at its discretion
to offer market-competitive products, and in turn, cheap financing for the government.[7]

Operations
National Savings organizational structure is based on directorates and branches. The Central Directorate, or
headquarters, is located in G-6 Markaz, Islamabad. The organization's regional directorates are located in
Lahore, Gujranwala, Faisalabad, Karachi, Quetta, Hyderabad, Multan, Sukkur, Bahawalpur, Islamabad,
Abbotabad, and Peshawar.[8] Under these regional directorates, there are 376 branches of National Savings
Centers across the country.[1]

Products
The organization offers several savings and investment products; including prize bonds, saving certificates,
and saving accounts. Most products are available to resident and non-resident Pakistanis, however, some
products have restricted access and require specified criteria to be met before they are offered.[9] These
restricted access products are italicized in the following products list:

Prize Bonds
Premium Prize Bonds
Regular Income Certificates
Behbood Savings Certificates
Defence Savings Certificates
Special Savings Certificates
Short Term Savings Certificates
Pensioners Benefit Account
Shuhadas Family Welfare Account
Special Savings Account
Savings Account

References
1. "About Us" (http://savings.gov.pk/about-us/). Savings.gov.pk. 28 September 2019.
2. "The Government Savings Banks Act, 1873 (Act No. V of 1873)" (http://nasirlawsite.com/laws/g
sba.htm). nasirlawsite.com. Retrieved 2019-09-28.
3. Financial Stability Review 2009-10 (http://www.sbp.org.pk/FSR/2010/pdf/3RoleofGovernmenti
n.pdff). State Bank of Pakistan. 2010. pp. 37–38.
4. Ansari, Irshad (3 August 2019). "Govt decides to turn CDNS into corporation" (https://tribune.co
m.pk/story/2026919/2-govt-decides-turn-cdns-corporation/). The Express Tribune. Retrieved
28 September 2019.
5. Pakistan Economic Survey 2018-19 (http://finance.gov.pk/survey/chapters_19/Economic_Surv
ey_2018_19.pdf) (PDF). Ministry of Finance, Pakistan. 2019. pp. 148–49.
6. "Digitized National Savings Provides Financial Inclusion for More Pakistanis" (https://www.worl
dbank.org/en/news/feature/2018/11/15/digitized-national-savings-provides-financial-inclusion-
more-pakistanis). World Bank. Retrieved 2020-01-12.
 7. "Profit rates on savings schemes raised by up to 2.3 percent" (https://www.thenews.com.pk/prin
t/493773-profit-rates-on-savings-schemes-raised-by-up-to-2-3-percent). www.thenews.com.pk.
Retrieved 2019-09-28.
8. "Organogram" (http://savings.gov.pk/organogram/). Savings.gov.pk. 28 September 2019.
9. "Products Summary" (http://savings.gov.pk/national-savings-products-summary/).
Savings.gov.pk. 28 September 2019.

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This page was last edited on 12 September 2020, at 15:37 (UTC).

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