CDNS collects Rs 84 billion savings by December,28

ISLAMABAD:The Central Directorate of National Savings (CDNS) has achieved Rs 84 billion savings during last month of second quarter of current fiscal year, from July 1 to December 28,2018-19. The CDNS has set Rs 224 billion net target for fiscal year 2018-19, senior official of CDNS told reporter here Monday.

The official said that the CDNS notified upward revision in the profit rates for various saving certificates which has been applicable from November 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 new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare account have been revised upward at an average of 10.03 percent, 8.83 percent, 9.72 percent, 7 percent, 11.88 percent, 11.88 percent respectively.

The official said 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 11.88 percent respectively in order to provide safety net to specialized segments of the society. He said that the proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration.