Pensioners to get savings returns from banks

Pensioners to get savings returns from banks

KARACHI: The State Bank of Pakistan (SBP) has allowed clearing house membership to the Central Directorate of National Savings (CDNS), which will enable widows and senior citizens to deposit National Savings-issued instruments directly into their bank accounts anywhere in Pakistan.

All banks would now accept profit coupons and withdrawal slips of CDNS-run Pensioners Benefit Accounts, Behbood Saving Certificates and Saving Accounts, the SBP said on Wednesday.

These banking instruments will be cleared through the National Institutional Facilitation Technologies (NIFT) now that the CDNS has got clearing house membership.

A clearing house offers its members banks and saving institutions like the CDNS the facility to exchange cheques and bills at the end of every working day so that only the net balance is finally paid in cash.

NIFT is a joint venture between a consortium of six major banks and the private sector. All commercial banks in Pakistan are members of its clearing system.

“Upon receipt of successful clearance from National Savings, banks will then credit respective accounts of such investors. This initiative will enable the investors of CDNS to receive profit/credit directly into their accounts maintained with their banks, which would serve as proficient and a safe mechanism for the general public,” the statement said.

The absence of clearing house membership meant that CDNS investors had to personally visit the National Saving Centres (NSCs) to receive their monthly profits. This caused inconvenience to investors, particularly widows and senior citizens, who had to queue up at NSCs to receive their profits.

courtesy : dawn news

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