National Savings receives funds from domestic savers in DSCs and Behbud funds on special rates of profits for retired, widowed and senior citizens and RIC investment account on normal rate of interest in finance ministry have vision to attract more and more domestic investment in defence and other national schemes, they must increase interest rate on these schemes instead of mortgaging the future of country in hot money pursuit, which has already failed in many countries, including Egypt. National Savings Directorate is not manned by highly professional people. I have faced multiple times loss of profit when my Behbud and RIC matured. The NSC, however, remains silent without sending a reminder. When after nearly two months, we applied for profit, they simply informed us about its expiry and asked for a fresh application. In response to that request, fresh certificates were issued from that date without making payment of profit for the retrospective period in which money was in the books of NSC, whereas examples are there. In a case, for example, NSC decided reinvestment after nearly 3 months but made the fresh certificate from the date of expiry of previous certificate because the funds were in the hands of NSC.
Copyright Business Recorder, 2019
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