National Savings mobilization slows to Rs18bn in May 2026

July 06, 2026 (MLN): Net savings mobilized through National Savings Schemes (NSS) clocked in at Rs18.4 billion in May 2026, according to data released by the Central Directorate of National Savings (CDNS) and compiled by the State Bank of Pakistan.

The reading marked a broad-based slowdown from the Rs23.9 billion recorded in April 2026 and trails both the Rs27 billion mobilized in January 2026 and the Rs29.3 billion seen in August 2025, two of the stronger months in the current fiscal year.

Breaking Down the May Numbers

The Defence Savings Certificates (DSC) segment registered a net outflow of Rs96 million in May, unchanged from April's outflow and extending a pattern of persistent redemption pressure on this instrument through much of FY2025-26.

DSCs, long-duration certificates designed for capital preservation over the medium term, have struggled to retain investor interest in a rate environment where shorter-duration alternatives have offered competitive returns. The annual trend for FY2025-26 as a whole has DSCs in negative territory at Rs12.2 billion on a cumulative basis.

Regular Income Certificates (RIC), the flagship instrument catering to income-seeking retail investors through regular monthly payouts, contributed a net Rs2.4 billion in May 2026.

This compares to Rs3.8 billion in April, reflecting a meaningful sequential deceleration.

Even so, RIC has remained one of the more consistently positive contributors to mobilization in the current fiscal year, its cumulative net inflow for FY2025-26 stands at Rs51.8 billion, the strongest aggregate across the named instruments for the year.

Special Savings Certificates (SSC) swung into net redemption territory in May, registering an outflow of Rs91 million, a reversal from the net inflow of Rs343 million seen in March.

SSCs, medium-term compounding certificates that offer a lump-sum payout at maturity, have generally oscillated in a modest positive range through FY2025-26, contributing a cumulative Rs12.9 billion for the fiscal year to date despite the May pullback.

Prize Bonds mobilized a net Rs1.7 billion in May, down from Rs2.1 billion in April.

Prize Bonds represent a unique mobilization category where net flows are driven by the balance between new purchases and redemptions of non-interest-bearing lottery-linked instruments.

The moderation in May follows a sharp rebound in April, consistent with the seasonal purchasing patterns typically observed around quarterly prize draws. On a cumulative FY2025-26 basis, Prize Bonds have contributed Rs23.5 billion in net terms.

The largest contributor in May, as has been the case throughout FY2025-26, was the residual Others category, which encompasses instruments including Bahbood Savings Certificates, Pensioners' Benefit Accounts, Shuhada Family Welfare Accounts, and short-duration savings accounts.

This segment contributed Rs14.5 billion in May, down from Rs17.8 billion in April, the largest sequential decline among all instrument categories.

On a cumulative basis for FY2025-26, Others account for the lion's share of total mobilization at Rs193 billion.

Cumulative net mobilization for FY2025-26 through May stands at Rs269 billion, a substantial recovery from the severe negative prints recorded in FY2022-23 and FY2023-24.

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