NSS mobilises savings worth Rs 7.13 bln in Jul-Aug FY21

October 13, 2020 (MLN): Savings mobilisation by the National Savings Schemes (NSS) during Jul-Aug 2020 clocked in at Rs. 7.135 billion, compared to the withdrawal of Rs. 97.67billion recorded in the same period of previous fiscal year.

According to data released by the State Bank of Pakistan (SBP) on Monday, savings mobilised under the NSS in August’20 alone amounted to Rs. 7.28 billion against the withdrawal of Rs 149.5 million in the previous month and Rs. 25.69 billion in August 2019.

The inflow under NSS schemes during the period mentioned above can be attributable to lower inflation numbers, increased remittances, and higher profits compared to those offered by banks.

During the first 2 months of the current fiscal year, most of the mobilisation went into Special Saving Certificates (Rs 3.9 billion) followed by Prize Bonds (Rs 1.99 billion) and Regular Income Certificates (Rs. 1.43 billion). While the investment in other saving schemes recorded at Rs 1.23 billion.       

On the contrary, holdings in Defense Saving Certificates witnessed a withdrawal of Rs. 1.43 billion during 2MFY1 as opposed to the savings of Rs 3.27 billion Jul-Aug FY20.

While in the month of August’20, most of the investment was witnessed in Other saving schemes (Rs. 3.39 billion) and Prize Bonds (Rs. 2.46 billion), followed by  Regular Income Certificates (Rs 1.1 billion). Whereas, Defense Savings Certificates witnessed disinvestment  of Rs 478.4 million.

Copyright Mettis Link News