National Savings collects Rs410 billion by end of FY2018-19

July 5, 2019: Central Directorate of National Savings (CDNS) has achieved a net target of Rs 410 billion by June 30, as compared to last year’s collection of Rs 155 billion.

The total savings held by the CDNS stood at Rs 1,150 billion by June 30, while the directorate had Rs 774 billion by the same date, a year ago, a senior official of the CDNS said on Friday.

Due to the rationalization of CDNS certificates’ rates, the directorate has collected more savings than expected; therefore CDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19.

CDNS also notified an upward revision in the profit rates for various saving certificates, applicable from June 1, in order to increase the trend among people of investing more in the CDNS.

“The instant revision 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”, the official said.

APP