Miftah directs National savings to extend maximum facilitation to pensioners

Adviser to Prime Minister on Finance Dr Miftah Ismail has directed the National savings management to enable maximum assistance with services catering to retired pensioners, widows and the families of martyrs.

Speaking during a summit organised to review the performance of National Savings in Islamabad,  Miftah also instructed the public welfare institution to hasten work on the upcoming projects.

Director General National Savings Zafar Masud briefed the meeting about automation, customer facilitation, financial inclusion and product development.

Dr Miftah also spoke about monetary fund schemes including the Shuhada Families Welfare Account, the extension of Behbood Certificates for handicapped people, Shariah Compliant Products and Overseas Pakistanis Savings Certificates.

Earlier, various newspapers published news regarding deterioration in national savings growth rate. In this regard, national savings considered it important to clear this confusion through a press release.

Business evacuations have been witnessed in three-year schemes in which the percentage of profit, like other schemes of national savings, correlates with the auction of initial Pakistan Investment Bonds (PIB). PIBs’ bids of the preceding six months have been rejected in auctions while after September 17; no auction took place on T-bills of 1.5 years.

Due to which no change has been made in profit rate of schemes of national savings and it sustains the February 2017 surface. On the other hand, the profit rate in market, including secondary market rates of PIB, have been increasing.

Following this trend, there exists temporary disparity in the market due to which deterioration in investment rate and investment through medium deposits in the national savings have surfaced.