Investors of National Savings can now withdraw their monthly profits from their bank accounts rather than visiting National Saving Centers.
On Wednesday, State Bank of Pakistan (SBP) announced that Central Directorate of National Savings (CDNS) has been allowed clearinghouse membership.
The bank further revealed that it had formally instructed all the banks to accept profit coupons (or withdrawals slips) related to Pensioners Benefit Account (PBA), Behbood Saving Certificate (BSC) and Saving Account (SA) of CDNS.
The central bank added,
The investors can now deposit these instruments directly into their bank accounts, located anywhere in Pakistan. These instruments will be cleared by CDNS through NIFT.
Upon receipt of successful clearance from National Savings, banks will then credit respective accounts of such investors.
The reason behind this initiative is to provide a proficient and a safe mechanism for the general public to withdraw their profits from National Savings.
It is important to note that previously investors had to personally visit National Saving Centers (NSCs) to collect their monthly profits. The long queues were often time consuming and for widows and senior citizens, it was a huge inconvenience.
This initiative was also backed by SBP as it aligned with their personal goal of the SBP Strategic Plan 2016-2020. Under the strategic plan, the central bank aims to create a modern and a robust payment system which will make things easier for the general public in terms of providing efficient, secure and low cost payment services.