Rs 40,000 prize bonds worth Rs 240 billion encashed.

ISLAMABAD -- Central Directorate of National Savings (CDNS) has said the investors of Rs 40,000 prize bonds have withdrawn Rs 240 billion by December 20, 2019 out of overall reserve of Rs 259 billion investments in CDNS in these prize bonds.

After the decision taken by the Federal government, CDNS had discontinued the specific bond by June 24, 2019, senior official of CDNS told reporter here.

The State Bank of Pakistan (SBP) had directed that national prize bonds worth Rs 40, 000 denominations should not be sold after June 24, and would not be encashed or redeemed after March 31, 2020.

The bond holders had been given the option of either replacing them with Special Savings Certificates (SSC) or Defence Saving Certificates (DSC), premium prize bonds through State Bank of Pakistan (SBP) field offices or National Bank of Pakistan, United Bank, Habib Bank, Bank Alfalah Ltd, and Allied Bank or encash them at the face value.

The National Savings is expecting that total amount to be drawn by the investors, would be around to Rs 250 billion by end of December, out of which Rs 50 billion were drawn in November and Rs 20 billion in this months of December, he informed.

Replying to a question, he said CDNS had decided not to change the rates of different certificates for November, 2019 to promote the culture of savings in the country.

The CDNS has already increased rates on various savings certificates aimed at persuading the customers to invest with CDNS.

"In previous board meeting, the CDNS notified the upward revision in the profit rates for various saving certificates with effect from September...

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