CDNS achieves target of Rs 230 bln set for 2016-17


ISLAMABAD, Jul 11 (APP): Central Directorate of National
Savings (CDNS) has achieved the revised target of Rs 230 billion set
for the financial year 2016-17 by June 30, this year.
The CDNS has set Rs 220 billion target for fiscal year
2017-18, a senior official of CDNS told APP here on Tuesday.
He said the CDNS had notified similar profit rates for various
saving certificates to benefit its investors especially the widow
and pensioners, which had been unchanged from June 1, 2017.
“The consistency in previous rates 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 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 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.