March 24, 2020: The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs155 billion by March, 20 of the fiscal year 2019-20.
The CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, a senior official of CDNS told APP here on Tuesday.
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 CDNS had collected Rs410 billion by June 30, exceeding the target of Rs324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion. The total savings held by the CDNS stood at Rs1,150 billion by June 30 while the directorate had Rs774 billion savings by the same date, a year ago, he said.
The senior official said 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 interest rate on the investment bonds observed no revision of certificates rates due to the current market situation and stand un-changed.
“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 no reversion on interest rates and remain un-changed the rates of different Certificates for March 1, 2020, he said.
The senior official said the rate for Defence Savings Certificate has been un-changed and stands the same at 10.40 while the rate of Special Saving Certificate to 1.13, Regular Income Certificate to10.56 percent.
Likewise, the rates of savings accounts have been unchanged and stand the same at 8.60 percent while the rates of Bahbood Savings Certificates and Pensioners’ Benefit Account also remained unchanged at 12.24 percent.
He said the government had also decided to un-change the short-term (3months), medium-term (6 months) and long-term (12 months) certificates.
Short-term certificates rates have been retained at percent to 19.76 percent, medium-term at 12.60, while the rate of the long-term certificate has been the same at 12.37 percent.