Banks told to encash deposits under NDRP

KARACHI: The commercial banks have been advised to facilitate the claimants in the encashment of deposits that are yet to be paid under National Debt Retirement Programme (NDRP) as per respective rules, State Bank of Pakistan (SBP) said on Wednesday. 

“It has come to our notice that some of the deposits with banks under NDRP-II are pending or still unpaid. All such depositors may go to their banks along with the original receipt/certificate for the encashment of deposits under the programme,” a statement issued by the SBP said. 

“The banks after making the payments will claim reimbursement from SBP against the deposit of paid documents and instruments etc.”   The statement pointed out the government had launched NDRP with a view to discharge the ever-increasing national debt liabilities. 

“Amounts in NDRP were to be accepted from an individual, firm, company, body and institutions etc. under the categories of donations (NDRP-I); qarz-e-hasna (NDRP-II) and term deposit (NDRP-III),” the central bank said. 

It must be noted that the deposits under NDRP-I (donations) were non-refundable, whereas deposits under NDRP-II and NDRP-III were for a minimum period of two years. 

Depositors were issued a receipt/certificate against deposits under NDRP-II by banks and special saving certificates and defence saving certificates were issued against deposits under NDRP-III by CDNS, Ministry of Finance.  

After maturity of two years, the depositors were able to encash their amounts at par in case of NDRP-II and as per terms and conditions of special saving certificates and defence saving certificates for deposits under NDRP-III.