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Savings mobilized under NSS remain negative in July’21

September 7, 2021 (MLN): Investors withdrew Rs26.115billion on a net basis from National Savings Schemes (NSS) during the month of July’21 compared to the outflow of Rs1495bn in the same month last year, Central bank data showed on Monday.

In FY21, NSS witnessed a huge outflow of investments of Rs317.25bn for the first time since 2004-05.

The huge outflow was attributable to the ban on financial institutions to invest in NSS, registration requirement for prize bonds of higher denominations, and strict implementation of anti-money laundering laws and know-your-customer (KYC) conditions.

According to SBP’s data, the outflow of investments from NSS during the previous month (June’21) alone amounted to Rs123.78billion, indicating that the outflows declined by 79% MoM.

During July’21, most of the outflows were recorded in Prize Bonds (Rs25.28bn against Rs474bn in Jul’20) followed by Special Saving Certificates (Rs3.4bn) and Defense Saving Certificates (Rs991.6mn).

While the Regular Income Certificates remained the major source inflows during the month as they attracted Rs2.98bn.

Copyright Mettis Link News

Posted on: 2021-09-07T11:15:00+05:00

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