National Savings Schemes (NSS) witnessed net receipts of Rs29.24 billion in September 2025, according to the latest data released by the State Bank of Pakistan (SBP). This marks a slight decline from Rs29.34 billion recorded in August, but it reflects ongoing investor engagement with government-backed savings instruments.
Breaking down the numbers, Defence Saving Certificates (DSC) experienced a net outflow of Rs249 million in September, suggesting that withdrawals from this category slightly exceeded fresh investments. In contrast, Regular Income Certificates (RIC) recorded a healthy inflow of Rs5.45 billion, while Special Savings Certificates (SSC) attracted Rs1.78 billion. Prize Bonds also saw a net investment of Rs3.13 billion, reinforcing the popularity of diversified savings avenues.
Other categories under NSS collectively mobilized Rs19.13 billion in September, slightly lower than Rs19.25 billion in August. These figures indicate stable, if modest, activity across various savings instruments, highlighting sustained investor interest in secure, government-backed financial products.
Historical trends provide further context for these figures. The fiscal year 2023 witnessed net outflows of Rs381.87 billion from NSS, reflecting persistent withdrawals from savings schemes over several years. Total savings mobilization has experienced notable volatility, peaking at Rs372.44 billion in 2019-20 before turning negative for four consecutive fiscal years from 2020-21 to 2023-24. The nadir was Rs-381.86 billion in 2022-23, but the sector began showing recovery in 2024-25 with positive mobilization of Rs257.12 billion.
Defence Saving Certificates, a historically strong performer, reached Rs92.78 billion in mobilization in 2019-20 but suffered sharp outflows during 2020-23, hitting a low of Rs-38.53 billion in 2022-23. The 2024-25 fiscal year saw a modest recovery with Rs-3.83 billion, indicating ongoing but reduced withdrawals. Regular Income Certificates similarly saw strong mobilization in 2018-19 and 2019-20 but faced significant net outflows in 2022-23 and 2023-24. Positive mobilization resumed in 2024-25, totaling Rs52.22 billion.
Special Savings Certificates, which recorded steady gains in earlier years, had negative trends between 2016-17 and 2023-24. In 2024-25, however, SSCs demonstrated renewed investor confidence with Rs24.86 billion in positive mobilization. Prize Bonds, known for their volatility, experienced massive withdrawals during 2020-21 but rebounded to Rs22.36 billion in 2024-25. The “Others” category, which has consistently contributed to total savings, recovered strongly to Rs161.52 billion in 2024-25, becoming the largest single contributor to overall mobilization.
Analysts suggest that the September inflows reflect a cautiously optimistic sentiment among retail and institutional investors in Pakistan’s government-backed saving instruments. While net inflows remain modest compared to historical highs, the recovery trend indicates renewed confidence in stable, low-risk financial products amid ongoing economic uncertainties.
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