SBP allows clearinghouse membership to CDNS

KARACHI: The State Bank of Pakistan (SBP) has allowed clearinghouse membership to the Central Directorate of National Savings (CDNS) in order to provide convenience to savers, a statement said on Wednesday.

This initiative will enable the CDNS investors to receive profit / credit directly into their accounts maintained with their banks, which would serve as proficient and a safe mechanism for the general public.

The State Bank has issued instructions to all the banks to accept profit coupon / withdrawal slips pertaining to Pensioners Benefit Account (PBA), Behbood Saving Certificate (BSC) and Saving Account (SA) of CDNS.

“The investors can now deposit these instruments directly into their bank accounts, located anywhere in Pakistan. These instruments will be cleared by CDNS through clearinghouse,” the SBP added. “Upon receipt of successful clearance from the National Savings, the banks will then credit respective accounts of such investors,” it added.