CDNS achieves target of Rs 230bln set for 2016-17

Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 230 billion set for the financial year 2016-17 by June 30, this year.

“The CDNS has set Rs 220 billion target for fiscal year 2017-18,” a senior official of CDNS said on Tuesday.

He said, “The CDNS had notified similar profit rates for various saving certificates to benefit its investors especially the widow and pensioners, which had been unchanged from June 1, 2017. The consistency in previous rates 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.”

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 7.54 percent, 6.03 percent, 6.54 percent and 3.95 percent respectively.”

The official said, “The rate of return for specialized savings schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account had also been revised up and fixed at 9.36 percent to provide safety net to specialized segments of the society.”

He said, “The CDNS had launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers.”