CDNS achieves Rs 225 billion in 8 months

ISLAMABAD, Mar 27:The Central Directorate of National Savings (CDNS) has achieved net target of Rs 225 billion during first eight months (Jul-Feb) 2018-19 as compared to same period  of last year’s collection of Rs 96 billion, showing a surge of 126 percent.

The total savings held by the CDNS stood at Rs 1385 billion by March 20 while the directorate had Rs 726 billion by same date, a year ago, senior official of CDNS told APP here Wednesday.

Due to rationalization of CDNS certificates’ rates, the directorate is more than expected collection, therefore it will revise set target of Rs 224 billion for April 2019, upward.

The official said that the CDNS notified upward revision in the profit rates for various saving certificates which has been applicable from January 1, 2019, which increased the people’s trend of investing more with CDNS.

“The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of National Savings”, the official said.

He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare account have been revised upward at an  average of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent,14.28 percent respectively.

The official said the profit rate of return for specialized Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised upward and fixed at 14.28 percent respectively in order to provide safety net to specialized segments of the society.

He said that the proposal to launch registered prize bonds which offer coupons as well as prizes was also under consideration.

(APP)