CDNS generates Rs.16 billion in savings

The Central Directorate of National Savings (CDNS) has achieved Rs.16 billion savings by the second month of the first quarter of the current fiscal year, from July 1 to August 20, 2018.

The CDNS has set Rs.210 billion net target for fiscal year (2018-19), a senior official of CDNS told APP on Friday.

Central Directorate of National Savings (CDNS) has notified about the enhancement of profit rates for various saving certificates from July 1, 2018, to benefit its investors especially the widows and pensioners.

“The enhancement in previous profit rates was made in the backdrop of current market scenario and in accordance with the government’s policy to provide a market-based competitive rate of return to the investors of National Savings”, he said.

He said, as per the notification issued by the federal government, the rates for Defence Savings Certificate, Special Saving Certificate and Account, Regular Income Certificate and Savings Accounts had been revised upward at an average of 8.30 percent, 7.10 percent, 8.04 percent and 5.00 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 10.20 percent to provide a safety net to the specialized segments of the society.

The CDNS had launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers, he added.

He said that around 800 branches would be computerized and linked with modern Information Technology (IT) tools by October  30, 2018.

APP