THIS is with reference to the letter ‘National Savings rule’ (Feb 7). I fully agree with the writer that the requirement of a succession certificate by the National Savings Scheme (NSS) effectively takes Pakistan back by a few decades besides introducing unwarranted agony and torture to millions of its customers.
In doing so, it also broke its own contract with its customers who had already nominated an individual, normally a spouse, for receiving the invested amount after one’s death. This rule needs to be reversed immediately.
Also, despite handing out promises of ‘work in process’ for the last 30 years, the NSS has not been able to make a system whereby every individual’s monthly profit is automatically transferred to the customer’s specified bank account. This could save millions of elderly citizens from visiting NSS centres every month to literally beg for their own money. The NSS seems to be completely unaware that this is how money is transferred in the world for the last over three decades.
THIS is with reference to the letter ‘National Savings rule’ (Feb 7). I fully agree with the suggestion made therein. The very purpose of saving money is either to use it oneself in times of need or to leave a nest egg for a spouse or children in the event of one’s death. The rule imposed by the NSS will have a particularly negative effect on adopted children.
If the NSS management does not respond to the pleas of the investors, we may be forced to find other means of investments so that those that are left behind after our death are not deprived of their rightful share of our savings.
I believe the aim of the NSS should not be to only raise money for the government, but also to make life easier for the investors. The new rules only aim at making life difficult for the investors. I sincerely hope the NSS management will pay heed to the investors’ pleas.
Dr Salma H. Badruddin
Published in Dawn, March 4th, 2021