By Moaaz Manzoor

Pakistan’s national savings schemes mobilised Rs22.88 billion in March 2026, reflecting continued public reliance on government-backed savings instruments despite fluctuations in returns and changing liquidity conditions, according to data released by the State Bank of Pakistan (SBP).

The latest SBP figures showed that total mobilisation under national savings schemes stood at Rs22,881.24 million in March 2026 compared with Rs20,693.03 million in February 2026.

However, the figure remained below the Rs27,007.55 million recorded in January 2026 and was significantly lower than the Rs27,328.50 million mobilised in October 2025.

The data suggest that savings mobilisation remained volatile during the first quarter of 2026 as investors adjusted their portfolios in response to changing interest-rate expectations and evolving liquidity conditions.

Among the major instruments, Regular Income Certificates remained one of the largest contributors to savings mobilisation. Mobilisation under the scheme stood at Rs3,162.97 million in March 2026 compared with Rs4,167.09 million in February 2026 and Rs5,688.28 million in January 2026.

Special Savings Certificates (Registered) recorded mobilisation of Rs1,293.72 million in March 2026, compared with Rs861.36 million in February 2026.

Prize Bonds mobilised Rs788.40 million during March 2026, down from Rs1,190.01 million in February 2026 and Rs2,553.61 million in January 2026.

Meanwhile, Defence Saving Certificates returned to positive territory in March 2026, recording mobilisation of Rs90.61 million after negative flows of Rs2,189.24 million in January 2026 and Rs80.11 million in February 2026.

The National Savings Schemes “Other” category remained the largest contributor overall, mobilising Rs17,545.54 million in March 2026 compared with Rs14,394.46 million in February 2026.

The latest figures come amid broader shifts in Pakistan’s financial and macroeconomic environment during FY2025-26.

The easing cycle in interest rates and an improving inflation outlook during much of the fiscal year influenced investment decisions across savings instruments and banking products.

Lower policy rates generally reduce returns on fixed-income savings products, slowing the pace of fresh inflows into national savings schemes.

At the same time, national savings instruments continue to remain important for small savers and pensioners seeking relatively secure government-backed investment options.

The data also reflected changing liquidity conditions within the economy as banking activity and private-sector credit expanded during FY2025-26.

Pakistan’s broader economic environment improved during the fiscal year, supported by lower inflation, industrial recovery and relative exchange-rate stability.

However, rising global oil prices and renewed inflationary pressures in recent months increased uncertainty regarding future interest-rate movements and household savings behaviour.

The latest SBP figures indicate that although inflows into national savings schemes remain uneven on a monthly basis, government-backed savings instruments continue to attract significant public investment.

Credit: INP-WealthPk