(CDNS) can float Rs twenty five,000 prize bond from February one, 2012 with the aim to push public savings within the country on one facet and encourage non-bank borrowings to manage inflation. Director general CDNS Zafar Shaikh told newsperson Mon that there was a desire for a bond with the denomination of Rs twenty five,000 to cater to plug appetency within the country. we've bonds of virtually all denominations, however there was a spot of 1 bond of Rs twenty five,000 in between Rs fifteen,000 and Rs forty,000, he added.
“Now we tend to area unit issue this bond with the aim to push public savings that is that the main demand of the economic system. If you'll be able to encourage saving within the country you'll be able to take away economic imbalances”, he determined. Shaikh aforementioned that mobilizing cash for the govt. through bonds is non-banking borrowing which might effectively management inflation within the country.
He known that the primary prize on Rs twenty five,000 bond are Rs fifty million, whereas 3 additional prizes of Rs fifteen million every are given to 3 lucky winners followed by one,696 prizes of Rs 312,000 each. Senior analyst of KASB Securities Imtiaz Gadar aforementioned that the rationale that CDNS continues to introduce innovative product to draw in savers is to ease the pressure on “government borrowing” from banks.
As per National Saving directions, we tend to encourage you to examine all the protection live being printed by national saving for fresh declared RS. 25,000 denomination specifications before getting the prize bond of Rs. 25,000
Selling starts in Feburary 2012...1st draw in May 2012
To purchase National Savings Products in UAE please visit or contact Habib Bank and United Bank branches