October 12, 2018: The Central Directorate of National Savings (CDNS) has achieved Rs.284 billion savings till first quarter of current fiscal year, from July 01 to September 30, fiscal year 2018-19. The CDNS has set Rs.963 billion gross target for fiscal year (2018-19), a senior official of CDNS told APP.
The CDNS has collected Rs.202 billion, which is beyond the net target of Rs.154 billion for the fiscal year of 2017-18, he said.
In response to a question, he said the CDNS has launched its modernization plan in collaboration with national Institutional Facilitation Technologies (NIFT) to facilitate the customers. According to the Memorandum of Understanding (MoU) signed with National Institutional Facilitation Technologies (NIFT), now senior citizens and pensioners would get the amount credited in their accounts in National Bank of Pakistan (NBP), he said. After agreement with NIFT, the CDNS would launch registered prize bonds, besides transferring profit to the customers' accounts, he added.
The official said the proposed “Structural Reforms Programme” would be launched gradually in order to provide better service delivery to the customers. Meanwhile the CDNS has notified upward revision in the profit rates for various saving certificates to benefit its investors especially the pensioners, which has been applicable from September 1, 2018. “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 rates for Defense Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts had been revised upward at an average of 9.05 percent, 9.20 percent, 8.78 percent and 6.00 percent respectively.
The official said the profit rate of return for specialized savings schemes like Bahbood Savings certificates and Pensioners’ Benefit Account had also been revised upward respectively at 10.92 percent to provide safety net to specialized segments of the society.