CDNS achieves collection target of Rs 110 billion by Dec 16

December 18, 2019: The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs. 110 billion by December 16 of  fiscal year 2019-20.

The CDNS has set Rs. 350 billion annual collection target for the year 2019-20 as compared to Rs. 324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, senior officials of CDNS told APP here on Wednesday.

The directorate has also revised and increased the gross target of Rs1570 billion for the fiscal year 2019-20, he said.

Replying to a question, he said that CDNS had collected Rs. 410 billion by June 30, 2019, exceeding the target of Rs. 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs. 155 billion.

The total savings held by the CDNS stood at Rs. 1,150 billion by June 30 while the directorate had Rs. 774 billion savings by the same date, a year ago, he said.

The senior official said that due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs. 224 to 324 billion for FY 2018-19.

Replying to a question, he said the CDNS has decreased the interest rate on the investment bonds due to the current market situation.

The CDNS interest rates were decreased due to lower rates of Pakistan Investment Board (PIB), he said.

“The National Savings interest rates are linked with the policy of PIB set by State Bank of Pakistan (SBP)”, said a senior official of CDNS said.

CDNS has decided to change and lower the rates of different Certificates for November 1, 2019, he said.

The senior official said that the new rate for Defence Savings Certificate has been increased from 13.01 percent to 10.68  while the rate of Special Saving Certificate from 12.90 to 11.13,  Regular Income Certificate from 12.96 to 10.92 percent.

Likewise, the rates of savings accounts have been decreased from 10.25 to 8.20 percent while the rates of Bahbood Savings Certificates and Pensioners’ Benefit Account were decreased from 14.76 to 12.48 percent.

He said that the government had also decided to keep the short-term (3mo12nths), medium-term (6 months) and long-term (12months) certificates unchanged.

Short-term certificates rates have been retained at percent to 12.08 percent, medium-term at 12.18, while the rate of the long-term certificate has been the same at 12.28 percent.

APP