National Savings achieve Rs300 billion target in last nine months

April 11, 2019: The Central Directorate of National Savings (CDNS) has achieved a net target of Rs. 300 billion during the first nine months (Jul-March) 31, 2018-19, i.e. 68 percent higher as compared to the same period last year.

The total savings held by the CDNS stood at Rs. 1659 billion by March 31 while the directorate had Rs. 740 billion by same date a year ago, senior official of CDNS said on Thursday.

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

The CDNS informed that the upward revision in the profit rates for various saving certificates, which has been applicable from January 1, 2019, 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.       

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

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 in order to provide safety net to specialized segments of the society.      

Moreover, proposals to launch registered prize bonds which offer coupons as well as prizes are also under consideration.

(APP)