ISLAMABAD - The government plans to launch four new saving schemes in order to reduce dependency on bank borrowing and to generate sufficient funds for development schemes.
Spokesperson of National Savings told state-run Radio in an interview that the new schemes include registered prize bonds‚ Sharia papers‚ child protection certificates and foreign exchange scheme for non-resident Pakistanis.
Sharing distinct features of new schemes‚ the spokesperson said that at present the national savings is offering bearer prize bonds. The owner has no claim if they are lost. However registered prize bonds will be in the name of the purchaser and no other than the owner can claim the holdings. He said the registered prize bonds will not only offer cash prizes but the holder of these prize bonds will also be given profit on quarterly basis.
Hamid Raza Khalid said national savings is working to launch "Sakook" bonds and Hajj bonds under the umbrella of Sharia papers on the demand of the customers who want profit as per the Islamic law and principles. He said consultations are continuing with the Islamic Ideology Council and prominent religious scholars to formulate the Sharia papers scheme totally in accordance with Islamic teachings. The spokesperson said children protection certificates will be another fixed term scheme of national savings. This scheme will encourage the parents save money to meet future education and marriage expenses of their children.
The spokesperson said national savings is also working to encourage overseas Pakistanis to invest in national savings. For this purpose initial work has been started for launch of foreign exchange scheme for non-resident Pakistanis.
Responding to a question‚ Hamid Raza Khalid said national savings plans to expand its network of existing branches from 374 to 500 to provide better services to the customers.
He said our effort is to ensure presence at every Tehsil level in the next one and a half year. He said the government has also approved PC-1 for the computerization of national savings‚ which will also go a long way in providing better customer care services.