Promoting thrift: National Savings to launch prize bond for students

ISLAMABAD:

The Central Directorate of National Savings (CDNS) is all set to launch student prize bonds of Rs100 denomination by next month, with an aim to promote a savings culture among the young generation of the country.

“The Directorate has made all necessary arrangements for launching the prize bond on November 15, to inculcate a habit of thrift among people, particularly students,” a CDNS official told APP here Wednesday. He said that the overall savings ratio in the country was just 10-12%, which should be at least 20% to ensure socio-economic development in the country.

“By launching such schemes, the government aims to promote savings, which in return would result in a cut in inflation and economic development in the country,” he said.  The official said that first draw of the student bond will be held on February 15, 2013, under procedures laid down by CDNS. He added that the first prize will be Rs700,000, Rs200,000 each will given to three winners of the second prize.

Published in The Express Tribune, October 11^th, 2012.