CDNS achieves Rs 171 bln upto May 8

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ISLAMABAD, May 12 (APP): Central Directorate of National Savings (CDNS) has achieved Rs 171 billion savings till second months of last quarter of current fiscal year, from July 1 to May 08,2016-17.
The target for the year 2016-17 was Rs 228 billion, while the Directorate managed to achieve Rs 218 billion for the previous fiscal year, a CDNS official told APP here on Friday.
He said the CDNS had notified upward revision in the profit rates for various saving certificates to benefit its investors especially the widow and pensioners, which had been applicable from February 1, 2017.
“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”, he said.
He said as per notification issued by the federal government, the new 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 CDNS had launched its modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT), for facilitating the customers, he said.