CDNS notifies comparable profit rates for saving certificates

ISLAMABAD:Central Directorate of National Savings (CDNS) have notified similar profit rates for various saving certificates from October 1, 2017 to benefit its investors especially the widow and pensioners.

“The consistency in previous rates is 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”, a senior official of CDNS told reporter here on Friday.

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 profit 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.

The Central Directorate of National Savings (CDNS) has achieved Rs 52 billion in first quarter of current fiscal year from July 1 to September 30, 2017-18.

The CDNS has set Rs 250 billion net target for fiscal year (2017-18),The Central Directorate of National Savings (CDNS) had achieved the revised target of Rs 228 billion set for the financial year 2016-17 by June 30, this year,the official said.

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